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 singlefamily home and two condominium price segments. Single-family home sales for Q1 2017 priced from $1 to $2 million increased 10.5% compared to Q1 2016, with 147 homes sold. This price point has 5.9 months’ supply of inventory, a decrease of 12.1 percent compared to last year at this time. Supply continues to trend down on Oahu. For single-family homes in the $2 to $3 million range, sales increased by 20.8% to 29 homes sold, up from 24. Months’ of inventory decreased by 27.8% to 10.9 months for the quarter. Single-family homes priced from $3 to $5 million increased by 14.3% compared to last year, with eight homes sold in Q1 2017
compared to seven during Q1 2016. Months’ of inventory increased by 16.4% to 25.2 months. During Q1 2017, there were seven sales of $5 million or more, including three single-family homes in East Oahu, Windward Oahu and North Shore. There were also four condominiums sold at Waiea, the newest luxury high rise in Kakaako, with sales ranging from $6.5 million to $14.3 million. Before we look at luxury condos, here’s a quick view of Oahu’s overall market for March 2017 as reported by the Honolulu Board of REALTORS®. For the first quarter of 2017, 777 single-family homes were sold on Oahu, up 1.0% compared to the same period last year. The median sales price for single-family homes closed the quarter at $750,000, up 3.5% over last year. Meanwhile, 1,235 condominiums were sold in the first quarter of 2017, an increase of 7.1%, with the median sales price for condominiums closing the quarter $390,000, representing a 2.6% Continued on Page 3
FOREIGN INVESTMENT $1 - $2 MILLION 2016
Source: Title Guaranty Hawaii, 2017
#
$
2015
#
$
2014
#
$
2013
#
$
135
$203,375,491
JAPAN
31
$43,456,250
JAPAN
47
$63,383,000
JAPAN
28
$39,859,700
CANADA
8
$10,419,000
HONG KONG
4
$5,183,725
KOREA
5
$8,050,000
HONG KONG
4
$5,320,000
CHINA
6
$8,275,100
CANADA
4
$4,643,750
CHINA
4
$5,312,566
CHINA
3
$5,120,000
KOREA
3
$6,118,900
CHINA
3
$3,795,000
HONG KONG
4
$5,045,600
CANADA
2
$2,601,708
HONG KONG
4
$5,241,800
KOREA
2
$2,370,000
CANADA
3
$4,079,000
SINGAPORE
2
$2,460,000
2015
#
$
2014
#
$
2013
#
$
JAPAN
38
$113,876,299
JAPAN
21
$56,616,300
SINGAPORE
7
$45,290,355
HONG KONG
4
$9,575,000
CHINA
4
$17,238,890
AUSTRALIA
2
$8,450,000
AUSTRALIA
4
$14,498,800
SINGAPORE
1
$3,300,000
HONG KONG
1
$2,350,000
BRAZIL
1
$3,000,000
JAPAN
$2 MILLION + 2016
#
$
JAPAN
78
$333,303,959
JAPAN
18
$50,565,500
HONG KONG
6
$22,209,744
CHINA
2
$7,400,000
CHINA
5
$20,949,835
HONG KONG
3
$7,340,000
SINGAPORE
4
$14,649,871
CANADA
2
$6,183,750
All Data from the HiCentral MLS, Ltd. Report © 2017 ShowingTime.
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SALES ACTIVITY SINGLE-FAMILY
CONDO
Year
$1 - 2 Million
$2 - 3 Million
$3 - 5 Million
$5 Million +
$800,000 $1 Million
$1 Million +
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
710
99
37
16
241
336
2017 YTD
147
29
8
4
73
71
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
2017 YTD
$1.25
$2.40
$3.43
$6.10
$0.87
$1.40
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
5.4
10.5
22.8
26.6
5.6
10.8
2017 YTD
5.9
10.9
25.2
34.3
5.7
10.3
Metric
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
SINGLE FAMILY & CONDO $1 Million +
HISTORICAL GRAPH Q1 2008
Q1 2011
Q1 2014
Q1 2017
Q1 2011
Q1 2014
Q1 2017
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM $1 Million +
HISTORICAL GRAPH Q1 2008
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
increase compared to last year at this time. Both segments continue to report 2.7 months of inventory. The luxury condo market for Q1 2017 saw sales rocket upward compared with the last two years. Sales in the $800 thousand to $1 million range were up 62.2% over Q1 2016, while months’ of inventory was down 27.9% to 5.7 months. Sales for condos priced at $1 million and higher increased by 61.4% compared to last year at this time. The 71 closed sales dwarfed last year’s 44 sales as well as the 47 sales from Q1 2015. Months’ of inventory dropped to 10.3 months, decreasing 49.1% compared to Q1 2016. Remember that every home and situation is unique. For specific guidance with your current or future home, visit listsothebysrealty.com.
Sign up for our monthly market newsletter and more at: www.ListSothebysRealty.com or www.ListHawaii-mls.com
That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest.
OAHU LUXURY NEIGHBORHOOD DETAIL Neighborhoods Aina Haina Beach Beachside Black Point
THROUGH FIRST QUARTER 2017
2017 YTD Median Sales Price
2016 Median Sales Price
2015 Median Sales Price
2014 Median Sales Price
2013 Median Sales Price
2012 Median Sales Price
–
$1,200,000
$1,395,000
$2,700,000
$900,000
–
$1,825,000
$2,537,500
$2,217,500
$1,922,500
$1,807,500
$1,615,000
–
$2,175,000
$3,350,000
$1,800,000
$6,200,000
$2,400,000
Diamond Head
$2,625,000
$3,200,000
$2,875,000
$2,288,888
$2,200,000
$2,150,000
Dowsett
$2,175,000
$1,350,000
$1,255,000
$1,333,000
$1,015,000
$977,500
Hawaii Loa Ridge
$2,480,000
$2,200,000
$2,100,000
$2,540,000
$1,946,500
$1,781,000
–
$1,050,000
$1,061,000
$1,000,000
$1,200,000
$917,875
Hillcrest
$2,107,500
$2,648,050
$2,200,000
$2,200,000
$1,940,000
$1,925,000
Kamehame Ridge
Kahala Area
–
$1,587,500
$1,152,500
$830,000
$1,268,888
$1,250,000
Koko Kai
–
$2,041,500
$2,425,000
$2,520,000
$1,990,000
$2,200,000
Lanikai
$1,865,000
$2,272,500
$1,807,500
$2,745,750
$1,665,000
$1,525,000
Makiki Heights
$1,950,500
$1,360,000
$1,575,000
$1,590,000
$1,125,000
$1,078,578
Manoa Area
$1,369,000
$1,180,000
$1,214,617
$999,000
$1,150,000
$999,999
Manoa-Woodlawn
$2,292,500
$1,245,500
$1,134,750
$1,126,500
$1,049,500
$949,000
Maunalani Heights
$1,250,000
$1,282,000
$1,100,000
$981,500
$1,150,000
$950,000
Napali Haweo
$1,887,500
$1,445,000
$1,650,000
$1,660,000
$1,670,000
$1,900,000
Niu Beach
–
$2,200,000
$3,420,000
$2,408,000
$4,050,000
$1,850,000
$976,000
$1,002,260
$999,000
$1,499,000
$752,500
$950,000
–
$1,000,000
$1,155,000
$2,400,000
$1,050,000
$2,270,000
$2,465,000
$2,332,500
$2,700,000
–
$2,875,000
$3,100,000
Puupanini
–
$1,025,000
$998,500
$1,299,000
$872,000
$970,000
Tantalus
–
$1,262,500
$1,700,000
$1,050,000
$1,108,000
$770,000
Triangle
$652,000
$1,465,000
$1,312,500
$1,225,000
$1,215,000
$1,059,500
Waialae Golf Course
$3,737,563
$1,999,999
$2,410,000
$2,125,000
$3,350,000
$1,530,000
Waialae Iki
$1,537,000
$1,667,500
$1,630,000
$1,625,000
$1,487,500
$1,294,375
Waialae Nui Ridge
$1,488,000
$1,525,000
$1,362,500
$1,248,888
$1,220,000
$1,040,000
–
$2,100,000
$1,770,000
$2,200,000
$1,775,000
$1,900,000
Pacific Heights Paiko Lagoon Portlock
Wailupe Area 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®
SALES ACTIVITY CONDOMINIUM
SINGLE FAMILY $1 - $2 MILLION
710
100
608 471
$800 THOUSAND - $1 MILLION
$2 - $3 MILLION
99 213
84
496
64
165
64
348
120
29
147
2012
+35.3%
+5.3%
+22.6%
+16.8%
-79.3%
2013
2014
2015
2016
2017 YTD
$3 - $5 MILLION
2012
0.0%
+56.3%
-16.0%
+17.9%
-70.7%
2013
2014
2015
2016
2017 YTD
$5 MILLION + 46
34
85
2012
73 +41.2%
+37.5%
+29.1%
+13.1%
-69.7%
2013
2014
2015
2016
2017 YTD
$1 MILLION + 336
18
43
16
37
16
14
32 10
117
-5.9%
+43.8%
-6.5%
-14.0%
-78.4%
2013
2014
2015
2016
2017 YTD
150
182
164 71
4
8
2012
241
+40.0%
+14.3%
+12.5%
-11.1%
-75.0%
2013
2014
2015
2016
2017 YTD
2012
All Data from the HiCentral MLS, Ltd. Report © 2017 ShowingTime.
2012
+28.2%
+21.3%
-9.9%
+104.9%
-78.9%
2013
2014
2015
2016
2017 YTD
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