Aloha and welcome to The Quarterly Luxury Market Report from LIST Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu. Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments. At the close of 2016, single-family home sales priced from $1 to $2 million are up by 16.4% compared to 2015 sales, with 708 homes sold. There have now been seven straight years of sales increases in this price category. The continued high sales totals have caused a decrease in months’ supply of inventory for this price point, which now stands at 5.8 months, 8.1% lower than last year at this time.
For single-family homes in the $2 to $3 million range, sales increased by 17.9% to 99 homes sold, up from 84 in 2015, and almost even with the lofty 100 sold in 2014. Months’ supply of inventory was down by 36.9% to 11.2 months for the quarter.
market as reported by the Honolulu Board of REALTORS®. During 2016, 3,678 single-family homes were sold on Oahu, up 6.5% compared to 2015. The median sales price for single-family homes closed 2016 at $735,000, up 5.0% over 2015.
Single-family homes priced from $3 to $5 million decreased by 14.0% compared to last year, with 37 homes sold compared to 43 homes in 2015. Months’ supply of inventory increased by 14.6% to 24.9 months.
Meanwhile, 5,449 condominiums were sold in 2016, an increase of 8.4%, with the median sales price for condominiums closing at $390,000, representing an 8.3 increase.
In the fourth quarter of 2016, there were two sales over $5 million, both in the Windward Oahu neighborhood of Lanikai that closed in late December. Before we look at luxury condos, here’s a quick view of Oahu’s overall
Both segments continue to report 2.9 months or less of inventory. The luxury condo market in 2016 showcases the fact that condominium sales had a banner year. In the $800 thousand to $1 million range, sales were up 13.1% over 2015. As with the CONTINUED ON PAGE 3
FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, November 30, 2016
2016
#
$
2015
#
$
2014
#
$
2013
#
$
JAPAN
300
$160,518,454
JAPAN
31
$43,456,250
JAPAN
47
$63,383,000
JAPAN
28
$39,859,700
CHINA
13
$6,601,700
HONG KONG
4
$5,183,725
KOREA
5
$8,050,000
HONG KONG
4
$5,320,000
CANADA
18
$5,402,266
CANADA
4
$4,643,750
CHINA
4
$5,312,566
CHINA
3
$5,120,000
3
$3,795,000
HONG KONG
4
$5,045,600
CANADA
2
$2,601,708
CANADA
3
$4,079,000
SINGAPORE
2
$2,460,000
HONG KONG
9
$3,630,800
CHINA
TAIWAN
4
$3,010,280
KOREA
2
$2,370,000
2016
#
$
2015
#
$
2014
#
$
2013
#
$
JAPAN
49
$165,283,981
JAPAN
18
$50,565,500
JAPAN
38
$113,876,299
JAPAN
21
$56,616,300
HONG KONG
3
$10,068,494
CHINA
2
$7,400,000
SINGAPORE
7
$45,290,355
HONG KONG
4
$9,575,000
CHINA
2
$9,329,600
HONG KONG
3
$7,340,000
CHINA
4
$17,238,890
AUSTRALIA
2
$8,450,000
AUSTRALIA
4
$14,498,800
SINGAPORE
1
$3,300,000
VIRGIN IS.
2
$4,798,600
CANADA
2
$6,183,750
HONG KONG
1
$2,350,000
BRAZIL
1
$3,000,000
$2 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2017 ShowingTime.
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SALES ACTIVITY SINGLE-FAMILY Metric
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
Year
$1 - 2 Million
$2 - 3 Million
$3 - 5 Million
$5 Million +
$800,000 $1 Million
$1 Million +
2011
320
39
28
9
75
113
2012
348
64
34
10
85
117
2013
471
64
32
14
120
150
2014
496
100
46
16
165
182
2015
608
84
43
18
213
164
2016
708
99
37
16
241
335
2011
$1.25
$2.35
$3.40
$6.10
$0.90
$1.55
2012
$1.26
$2.25
$3.51
$6.73
$0.90
$1.35
2013
$1.28
$2.35
$3.48
$9.00
$0.88
$1.31
2014
$1.26
$2.30
$3.86
$6.40
$0.88
$1.43
2015
$1.28
$2.37
$3.50
$7.95
$0.88
$1.32
2016
$1.25
$2.30
$3.65
$6.57
$0.87
$1.70
2011
8.4
19.1
18.6
37.6
10.3
15.7
2012
4.2
9.3
15.2
20.0
7.1
9.2
2013
7.0
14.8
20.2
21.0
7.7
14.2
2014
6.4
9.4
17.0
33.2
7.5
13.8
2015
6.3
17.8
21.8
37.2
8.3
18.6
2016
5.8
11.2
24.9
24.9
5.8
10.8
SINGLE FAMILY & CONDO $1 Million +
CONDO
HISTORICAL GRAPH
Q4 2007
Q4 2010
Q4 2013
Q4 2016
Q4 2010
Q4 2013
Q4 2016
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM $1 Million +
HISTORICAL GRAPH
Q4 2007
Closed Sales Median Sales Price Months Supply of Inventory All Data from the HiCentral MLS, Ltd. Report © 2017 ShowingTime.
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CONTINUED FROM PAGE 1
single-family $1 to $2 million price range, this was the seventh straight year of sales increases. With higher demand, months’ supply of inventory was down 30.1% to 5.8 months. Sales for condos priced at $1 million and higher added many sales in Q4 to round out 2016 at 335, a steep increase above 2015 and the highest mark in this category on record. Months’ of inventory decreased by 41.8% to 10.8 months compared to Q4 2015.
Remember that every home and situation is unique. For specific guidance with your current or future home, visit listsothebysrealty.com. That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest. Sign up for our monthly market newsletter and more at www.ListSothebysRealty.com. 日本語 www.ListHawaii-mls.com.
OAHU LUXURY NEIGHBORHOOD DETAIL
THROUGH THIRD QUARTER 2016
2016 Median Sales Price
2015 Median Sales Price
2014 Median Sales Price
2013 Median Sales Price
2012 Median Sales Price
2011 Median Sales Price
Aina Haina Beach
$1,200,000
$1,395,000
$2,700,000
$900,000
–
$2,000,000
Beachside
$2,537,500
$2,217,500
$1,922,500
$1,807,500
$1,615,000
$1,687,500
Black Point
$2,175,000
$3,350,000
$1,800,000
$6,200,000
$2,400,000
$2,210,000
Diamond Head
$3,200,000
$2,875,000
$2,288,888
$2,200,000
$2,150,000
$2,062,500
Dowsett
$1,350,000
$1,255,000
$1,333,000
$1,015,000
$977,500
$1,155,000
Hawaii Loa Ridge
$2,200,000
$2,100,000
$2,540,000
$1,946,500
$1,781,000
$1,590,000
Hillcrest
$1,050,000
$1,061,000
$1,000,000
$1,200,000
$917,875
$980,000
Kahala Area
$2,648,050
$2,200,000
$2,200,000
$1,940,000
$1,925,000
$1,790,000
Kamehame Ridge
$1,587,500
$1,152,500
$830,000
$1,268,888
$1,250,000
$1,000,300
Koko Kai
$2,041,500
$2,425,000
$2,520,000
$1,990,000
$2,200,000
$1,701,250
Lanikai
$2,272,500
$1,807,500
$2,745,750
$1,665,000
$1,525,000
$1,295,000
Makiki Heights
$1,360,000
$1,575,000
$1,590,000
$1,125,000
$1,078,578
$1,875,000
Manoa Area
$1,180,000
$1,214,617
$999,000
$1,150,000
$999,999
$975,000
Manoa-Woodlawn
$1,245,500
$1,134,750
$1,126,500
$1,049,500
$949,000
$815,000
Maunalani Heights
$1,282,000
$1,100,000
$981,500
$1,150,000
$950,000
$1,425,000
Napali Haweo
$1,445,000
$1,650,000
$1,660,000
$1,670,000
$1,900,000
$1,407,500
Niu Beach
$2,200,000
$3,420,000
$2,408,000
$4,050,000
$1,850,000
$2,400,000
Pacific Heights
$1,002,260
$999,000
$1,499,000
$752,500
$950,000
$720,000
Paiko Lagoon
$1,000,000
$1,155,000
$2,400,000
$1,050,000
$2,270,000
$3,150,000
Portlock
$2,332,500
$2,700,000
–
$2,875,000
$3,100,000
$3,175,000
Puupanini
$1,025,000
$998,500
$1,299,000
$872,000
$970,000
$1,162,500
Tantalus
$1,262,500
$1,700,000
$1,050,000
$1,108,000
$770,000
$1,200,000
Triangle
$1,465,000
$1,312,500
$1,225,000
$1,215,000
$1,059,500
$919,500
Waialae Golf Course
$1,999,999
$2,410,000
$2,125,000
$3,350,000
$1,530,000
$4,650,000
Waialae Iki
$1,667,500
$1,630,000
$1,625,000
$1,487,500
$1,294,375
$1,250,000
Waialae Nui Ridge
$1,525,000
$1,362,500
$1,248,888
$1,220,000
$1,040,000
$940,000
Wailupe Area
$2,100,000
$1,770,000
$2,200,000
$1,775,000
$1,900,000
$1,350,000
Neighborhoods
dash = no sales in the time period
All Data from the HiCentral MLS, Ltd. Report © 2017 ShowingTime.
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LIST Sotheby’s International Realty 4211 Waialae Avenue, Suite 100 | Honolulu, HI 96816 (808) 735-2411
ARTFULLY UNITING EXTRAORDINARY HOMES WITH EXTRAORDINARY LIVES®
CLOSED SALES SINGLE FAMILY
CONDOMINIUM
$1 - $2 MILLION 708
100
608 471 320
2011
496
64
213
+35.3%
+5.3%
+22.6%
+16.4%
2012
2013
2014
2015
2016
$3 - $5 MILLION
2011
120 75 +64.1%
0.0%
+56.3%
-16.0%
+17.9%
2012
2013
2014
2015
2016
$5 MILLION + 46
43 37
32
14 9
2011
+21.4%
-5.9%
+43.8%
-6.5%
-14.0%
2012
2013
2014
2015
2016
2011
85 +13.3%
+41.2%
+37.5%
+29.1%
+13.1%
2012
2013
2014
2015
2016
$1 MILLION +
16
18
335
16
10 113
2011
241
165
64
39
+8.7%
34
99 84
348
28
$800 THOUSAND - $1 MILLION
$2 - $3 MILLION
+11.1%
+40.0%
+14.3%
+12.5%
-11.1%
2012
2013
2014
2015
2016
All Data from the HiCentral MLS, Ltd. Report © 2017 ShowingTime.
2011
117
150
182
164
+3.5%
+28.2%
+21.3%
-9.9%
+104.3%
2012
2013
2014
2015
2016
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