Oahu Luxury Real Estate - Q1 2017

Page 1

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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