October was another big month for luxury homes on Oahu. There were 62 homes sold at or above $1.8M, which is the highest we’ve seen since we started tracking data in 2017. This is an increase of 138% over 2020. The median price increased as well, up about 8% over 2020. Price per square foot was $925.97 last month, a modest increase from last October’s 885.54. Homes sold quickly and for a high percentage of asking price. Median days on market was 55 days, which is 22 days faster than 2020. They sold for 99.6% of their asking price, on average, and, 56% of them sold at or above asking price. This is a big proportion and significantly higher than 19% in 2020.
Black Point-Kahala, Diamond Head
5 bedrooms | 7.5 baths | 6,139 square feet living | 31,875 square feet land
Why this property is spectacular: This oceanfront home, designed by Frank Roberts, has 165 linear feet of beach front. It features a resort-style lagoon pool, cabanas, and a poolside veranda. The main house is waiting to be renovated to be a dream Hawaii home.
There was a lot of growth in the luxury condo market. Condo sales increased from the dip they saw in September. There were 13 luxury condo sales, up 333% over October 2020. Median price increased significantly last month, the median price was $2,850,000, up 25% over 2020. As with median price, price per square foot increased to $1,932.37, up 21% 2020. Condos sold after 69 days on average, the second fastest they have sold this year. Finally, we saw a large proportion of condos sell at or above asking price – 46%, which is the highest that we’ve seen recently.
Park Lane, Ala Moana
2 bedrooms | 2 baths | 1,635 square feet living
Why this property is spectacular:This 7th floor unit of luxurious Park Lane includes furnishings by the Henderson Design Group. This unit’s upgrades include an electric car charging station, custom closet systems, and electric blinds.
Sold at: $4,380,000 after 34 days on market to California-based Fortune 500 PV company
Source: State Tax Office & Bureau of Conveyances
To discuss the market in your area or the value of your home, please call our office at (808) 593-9826 or email firstname.lastname@example.org