Oahu Luxury Real Estate Update
Overall, November was a slow month for Oahu luxury real estate. The luxury home market saw another dip in sales volume, dropping 23.6% from October to 29 sales. Median price also saw a sharp decrease from last month, reaching the lowest it has been since April 2020. The pace of sale of luxury homes remained swift, selling after just 47days on market. A slightly higher percentage of luxury homes sold at or above asking price but on average, homes received a lower percentage of their asking price than in October.
As usual, the most active price range was $1,800,000-$2,999,999; the share in November was particularly large with 79.3% of sales in this range. About 24% of sales had price reductions, up from 16% last month. Inventory decreased notably in the $1,800,000-$2,999,999 range, while the $3,000,000-$5,999,999 range saw a slight increase and the other ranges saw little change. Pending sales saw small gains in the $1,800,000-$2,999,999 range, but little movement in other price ranges.
After big gains in the Oahu luxury condo market in October, there was another small boost in sales, up 8.3% to 13 luxury condo sales, tied for the highest this year with April 2024. However, median price decreased significantly, down 41.5% from last month. This is the lowest it’s been since November 2021. Luxury condos took much longer to sell in November than the rest of the year. On average, they sold after 167 days, the longest since January 2022. Nearly 50% of condos sold at or above asking price and condos received a higher percentage of their asking price than they did in October. Only 15.3% of luxury condos had price reductions, compared to 58.3% last month.
Due to the introduction of Victoria Place, the newest residential building in Ward Village, there was a surge in available listings in the $1,800,000-$2,999,999 range and slight increases in the $3,000,000-$5,999,999 range. There was little change in available or pending listings in the other price ranges. Sales at Victoria Place accounted for 38.4% of sales in November. Click through the report below for the full update on what happened in Oahu luxury real estate in October.
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Your Luxury Hawaii Real Estate Experts
Whether you are selling or buying Hawaii luxury real estate, it’s essential to work with an experienced, knowledgeable realtor who can guide you through the current market. Expert pricing and negotiation are key strengths of the realtors at Caron B Realty. These skills have allowed us to bring record-breaking sales and multiple offers on our client’s listings. To discuss the market in your area or the value of your home, please call our office at (808) 593-9826 or email concierge@caronb.com
