1st Quarter 2018
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 2018 priced from $1 to $2 million increased 19.2% compared to Q1 2017, with 174 homes sold. This has culminated into 5.4 months’ supply of inventory, a drop of 25.7% compared to last year at this time. Supply for this price point has continued a downward trend for the last few years. For single-family homes in the $2 to $3 million range, sales decreased by 37.9% to 18 homes sold, down from 29 last year. Months’ supply of inventory increased 2.5% to 14.0 months for the quarter, indicating plenty of options for buyers in this price range.
Single-family homes priced from $3 to $5 million increased by 37.5% compared to last year, with 11 homes sold in Q1 2018 compared to 8 homes in Q1 2017. Months’ supply of inventory decreased by 52.2% to 12.6 months. Nine single family homes sold at or above $5 million in Q1 – three Windward Oahu homes and six East Oahu homes – including the top sale at $16,250,000 for a Kahala oceanfront residence. As for condominiums, seven units closed in the first quarter above $5 million, including five at Park Lane and the highest sale this quarter, a $14,500,000 penthouse at Waiea. The luxury condo market for Q1 2018 was about even with last year. Sales in the $800 thousand to $1 million range were down 4.1% compared to Q1 2017, while months’ supply of inventory was up 4.7% to 6.2 months.
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FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, through December 31, 2017.
2016
2017
#
$
JAPAN
82
$111,518,829
JAPAN
#
$
135 8
2015
#
$
2014
#
$
$203,375,491
JAPAN
31
$10,419,000
$43,456,250
JAPAN
47
$63,383,000 $8,050,000
CHINA
10
$14,214,165
CANADA
HONG KONG
4
$5,183,725
KOREA
5
KOREA
3
$4,430,000
CHINA
6
$8,275,100
CANADA
4
$4,643,750
CHINA
4
$5,312,566
TAIWAN
3
$3,466,758
KOREA
3
$6,118,900
CHINA
3
$3,795,000
HONG KONG
4
$5,045,600
CANADA
2
$2,875,000
HONG KONG
4
$5,241,800
KOREA
2
$2,370,000
CANADA
3
$4,079,000
2016
#
$
2015
#
$
2014
#
$
JAPAN
78
$333,303,959
JAPAN
18
$50,565,500
JAPAN
38
$113,876,299
$2 MILLION + 2017
#
$
JAPAN
63
$268,891,006
HONG KONG
11
$66,957,353
HONG KONG
6
$22,209,744
CHINA
2
$7,400,000
SINGAPORE
7
$45,290,355
SINGAPORE
7
$33,980,786
CHINA
5
$20,949,835
HONG KONG
3
$7,340,000
CHINA
4
$17,238,890
CHINA
4
$16,244,754
SINGAPORE
4
$14,649,871
CANADA
2
$6,183,750
AUSTRALIA
4
$14,498,800
KOREA
5
$15,740,000
AUSTRALIA
2
$11,627,100
HONG KONG
1
$2,350,000
HONG KONG
1
$2,350,000
All Data from the HiCentral MLS, Ltd. Report © 2018 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 +
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
795
112
51
14
319
662
2018 YTD
174
18
11
9
70
79
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
$1.25
$2.37
$3.55
$6.59
$0.88
$1.78
2018 YTD
$1.20
$2.56
$3.50
$6.38
$0.89
$1.40
Q1 2013
7.6
17.0
12.5
24.2
9.2
14.1
Q1 2014
8.2
11.1
24.1
20.4
6.1
8.3
Q1 2015
7.1
12.3
16.7
35.5
8.3
16.9
Q1 2016
7.6
13.8
27.5
31.0
7.5
13.6
Q1 2017
7.3
13.6
26.4
32.5
7.8
18.6
Q1 2018
5.4
14.0
12.6
25.6
6.2
6.3
Metric
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
SINGLE FAMILY & CONDO $1 Million +
HISTORICAL GRAPH Q1 2015
Q1 2016
Q1 2017
Q1 2018
Q1 2016
Q1 2017
Q1 2018
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM $1 Million +
HISTORICAL GRAPH Q1 2015
Closed Sales Median Sales Price Months Supply of Inventory
All Data from the HiCentral MLS, Ltd. Report © 2018 ShowingTime.
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Continued from Page 1
Sales for condos priced at $1 million and higher increased by 8.2% compared to last year at this time. The 79 closed sales bested last year’s 73 sales and showed an even greater increase of 35 sales compared to two years ago. Months’ supply of inventory decreased by 31.0% compared to Q1 2017 to land at 6.3 months. 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 or www.ListHawaii-mls.com
OAHU LUXURY NEIGHBORHOOD DETAIL Neighborhoods Aina Haina Beach
2018 YTD Median Sales Price
THROUGH FIRST QUARTER 2018
2017 Median Sales Price
2016 Median Sales Price
2015 Median Sales Price
2014 Median Sales Price
2013 Median Sales Price
–
$1,400,000
$1,200,000
$1,395,000
$2,700,000
$900,000
Beachside
$4,400,000
$2,094,000
$2,537,500
$2,217,500
$1,922,500
$1,807,500
Black Point
$2,500,000
–
$2,175,000
$3,350,000
$1,800,000
$6,200,000
Diamond Head
$5,200,000
$2,375,000
$3,200,000
$2,875,000
$2,288,888
$2,200,000
Dowsett
$1,452,500
$1,622,500
$1,350,000
$1,255,000
$1,333,000
$1,015,000
Hawaii Loa Ridge
$2,602,500
$2,430,000
$2,200,000
$2,100,000
$2,540,000
$1,946,500
Hillcrest
$1,228,000
$1,269,000
$1,050,000
$1,061,000
$1,000,000
$1,200,000
Kahala Area
$2,838,000
$2,435,000
$2,648,050
$2,200,000
$2,200,000
$1,940,000
–
$1,114,000
$1,587,500
$1,152,500
$830,000
$1,268,888
Kamehame Ridge Koko Kai
–
$2,660,000
$2,041,500
$2,425,000
$2,520,000
$1,990,000
$5,240,000
$2,297,826
$2,272,500
$1,807,500
$2,745,750
$1,665,000
$830,000
$1,393,000
$1,360,000
$1,575,000
$1,590,000
$1,125,000
Manoa Area
$1,249,900
$1,279,500
$1,180,000
$1,214,617
$999,000
$1,150,000
Manoa-Woodlawn
$1,300,000
$1,288,000
$1,245,500
$1,134,750
$1,126,500
$1,049,500
Lanikai Makiki Heights
Maunalani Heights
$1,276,500
$1,295,000
$1,282,000
$1,100,000
$981,500
$1,150,000
Napali Haweo
$2,075,000
$1,900,000
$1,445,000
$1,650,000
$1,660,000
$1,670,000
Niu Beach
$1,325,000
$4,300,000
$2,200,000
$3,420,000
$2,408,000
$4,050,000
$799,000
$755,000
$750,000
$747,500
$637,000
$595,000
North Shore Pacific Heights
$1,597,500
$968,000
$1,002,260
$999,000
$1,499,000
$752,500
Paiko Lagoon
$7,000,000
$3,327,500
$1,000,000
$1,155,000
$2,400,000
$1,050,000
Portlock
$1,500,000
$2,650,000
$2,332,500
$2,700,000
–
$2,875,000
Puupanini
–
$3,889,000
$1,025,000
$998,500
$1,299,000
$872,000
Tantalus
–
$1,110,000
$1,262,500
$1,700,000
$1,050,000
$1,108,000
Triangle
$895,000
$835,000
$1,465,000
$1,312,500
$1,225,000
$1,215,000
Waialae Golf Course
$4,095,000
$2,510,000
$1,999,999
$2,410,000
$2,125,000
$3,350,000
Waialae Iki
$1,560,000
$1,662,500
$1,667,500
$1,630,000
$1,625,000
$1,487,500
Waialae Nui Ridge
$1,570,000
$1,400,000
$1,525,000
$1,362,500
$1,248,888
$1,220,000
–
$2,500,000
$2,100,000
$1,770,000
$2,200,000
$1,775,000
Wailupe Area
dash = no sales in the time period
All Data from the HiCentral MLS, Ltd. Report © 2018 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
795
112
100
319
99 84
608 471
$800 THOUSAND - $1 MILLION
$2 - $3 MILLION
496
213
64
241
165 120
174
2013
+5.3%
+22.6%
+16.8%
+12.0%
2014
2015
2016
2017
2018 YTD
$3 - $5 MILLION
70
18 +56.3%
-16.0%
+17.9%
+13.1%
2014
2015
2016
2017
2013
2018 YTD
$5 MILLION +
2013
+37.5%
+29.1%
+13.1%
+32.4%
2014
2015
2016
2017
2018 YTD
$1 MILLION + 662
46
18
51
16
43
32
16
14
37
14
150
11
2013
336
9
+43.8%
-6.5%
-14.0%
+37.8%
2014
2015
2016
2017
2018 YTD
182
164 79
+14.3%
+12.5%
-11.1%
-12.5%
2014
2015
2016
2017
2013
All Data from the HiCentral MLS, Ltd. Report © 2018 ShowingTime.
2018 YTD
2013
+21.3%
-9.9%
+104.9%
+97.0%
2014
2015
2016
2017
2018 YTD
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