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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