2nd 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 Q2 2018 priced from $1 to $2 million increased 3.6% compared to Q2 2017, with 229 homes sold. Months’ supply of inventory dropped 13.4% compared to last year at this time to 6.4 months. Supply continues its multiyear downward trend for single-family homes at this price point. For single-family homes in the $2 to $3 million range, sales decreased by 7.4% to 25 homes sold, down from 27 for the last two years. Months’ supply of inventory decreased 4.2% to 13.1 months for the quarter.
Single-family home sales priced from $3 to $5 million decreased by 33.3% compared to last year. Months’ supply of inventory had the largest decrease of all supply measures, down 44.2% to 14.7 months. Six single-family homes sold at or above $5 million during Q2-2018, including two East Oahu homes and three Windward Oahu homes, with the top sale at $18,800,000 for a Beachside oceanfront residence. As for condominiums, six units closed in the second quarter above $5 million, including three at Park Lane and the highest condominium sale this quarter, a $7,495,000 penthouse at Anaha. The luxury condo market for Q2 2018 is only 26 units off of l ast year’s sales pace. Sales in the $800 thousand to $1 million range were up 32.8% compared to Q2 2017. The 89 closed sales were well ahead of last year’s 67 sales. Months’ supply of inventory was down 5.1% to 5.9 months. Continued on Page 3
FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, through April 30, 2018.
2017
#
$
$31,124,888
JAPAN
82
$111,518,829
JAPAN
10
$14,214,165
2018
#
$
JAPAN
22
2016
#
$
2015
#
$
135
$203,375,491
JAPAN
31
$43,456,250
GUAM
1
$1,590,826
CHINA
CANADA
8
$10,419,000
HONG KONG
4
$5,183,725
GERMANY
1
$1,550,000
KOREA
3
$4,430,000
CHINA
6
$8,275,100
CANADA
4
$4,643,750
TAIWAN
3
$3,466,758
KOREA
3
$6,118,900
CHINA
3
$3,795,000
CANADA
2
$2,875,000
HONG KONG
4
$5,241,800
KOREA
2
$2,370,000
2017
#
$
2016
#
$
2015
#
$
JAPAN
78
$333,303,959
JAPAN
18
$50,565,500
$2 MILLION + 2018
#
$
JAPAN
11
$34,893,600
JAPAN
63
$268,891,006
SINGAPORE
1
$16,250,000
HONG KONG
11
$66,957,353
HONG KONG
6
$22,209,744
CHINA
2
$7,400,000
HONG KONG
1
6,547,000
SINGAPORE
7
$33,980,786
CHINA
5
$20,949,835
HONG KONG
3
$7,340,000
CANADA
1
2,600,000
CHINA
4
$16,244,754
SINGAPORE
4
$14,649,871
CANADA
2
$6,183,750
KOREA
5
$15,740,000
AUSTRALIA
2
$11,627,100
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
403
43
21
15
159
195
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
$1.25
$2.38
$3.70
$7.00
$0.89
$1.55
Q2 2013
7.6
17.0
12.5
24.2
9.2
14.1
Q2 2014
8.2
11.1
24.1
20.4
6.1
8.3
Q2 2015
7.1
12.3
16.7
35.5
8.3
16.9
Q2 2016
7.6
13.8
27.5
31.0
7.5
13.6
Q2 2017
7.3
13.6
26.4
32.5
7.8
18.6
Q2 2018
6.4
13.1
14.7
25.0
5.9
6.3
Metric
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
SINGLE FAMILY & CONDO $1 Million +
HISTORICAL GRAPH Q2 2015
Q2 2016
Q2 2017
Q2 2018
Q2 2016
Q2 2017
Q2 2018
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM $1 Million +
HISTORICAL GRAPH Q2 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 decreased by 29.3% compared to last year at this time. Months’ supply of inventory decreased by 24.0% compared to Q2 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.
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OAHU LUXURY NEIGHBORHOOD DETAIL Neighborhoods Aina Haina Beach
2018 YTD Median Sales Price
THROUGH SECOND 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
$4,000,000
$2,094,000
$2,537,500
$2,217,500
$1,922,500
$1,807,500
Black Point
$2,500,000
$0
$2,175,000
$3,350,000
$1,800,000
$6,200,000
Diamond Head
$3,200,000
$2,375,000
$3,200,000
$2,875,000
$2,288,888
$2,200,000
Dowsett
$1,590,000
$1,622,500
$1,350,000
$1,255,000
$1,333,000
$1,015,000
Hawaii Loa Ridge
$2,237,500
$2,430,000
$2,200,000
$2,100,000
$2,540,000
$1,946,500
Hillcrest
$1,295,000
$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
Koko Kai
$1,934,000
$2,660,000
$2,041,500
$2,425,000
$2,520,000
$1,990,000
Lanikai
$3,900,000
$2,297,826
$2,272,500
$1,807,500
$2,745,750
$1,665,000
Makiki Heights
$1,000,000
$1,393,000
$1,360,000
$1,575,000
$1,590,000
$1,125,000
Manoa Area
$1,224,950
$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
Maunalani Heights
$1,305,000
$1,295,000
$1,282,000
$1,100,000
$981,500
$1,150,000
Napali Haweo
$1,814,500
$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
$825,000
$755,000
$750,000
$747,500
$637,000
$595,000
Kamehame Ridge
North Shore Pacific Heights
$1,450,000
$968,000
$1,002,260
$999,000
$1,499,000
$752,500
Paiko Lagoon
$5,800,000
$3,327,500
$1,000,000
$1,155,000
$2,400,000
$1,050,000
Portlock
$1,512,500
$2,650,000
$2,332,500
$2,700,000
–
$2,875,000
Puupanini
$1,500,000
$3,889,000
$1,025,000
$998,500
$1,299,000
$872,000
Tantalus
$1,326,000
$1,110,000
$1,262,500
$1,700,000
$1,050,000
$1,108,000
Triangle
$1,130,000
$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
$1,700,000
$1,662,500
$1,667,500
$1,630,000
$1,625,000
$1,487,500
Waialae Nui Ridge
$1,340,000
$1,400,000
$1,525,000
$1,362,500
$1,248,888
$1,220,000
Wailupe Area
$3,900,000
$2,500,000
$2,100,000
$1,770,000
$2,200,000
$1,775,000
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
2013
112
100
319
99 84
608 471
$800 THOUSAND - $1 MILLION
$2 - $3 MILLION
496 403
+5.3%
+22.6%
+16.8%
+12.0%
2014
2015
2016
2017
2018 YTD
$3 - $5 MILLION
213
64
241
165
+56.3%
-16.0%
+17.9%
+13.1%
2014
2015
2016
2017
2013
43
120
2018 YTD
2013
$5 MILLION +
159
+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
15
336 21
150
2013
+43.8%
-6.5%
-14.0%
+37.8%
2014
2015
2016
2017
2018 YTD
+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
182
195
164
+21.3%
-9.9%
+104.9%
+97.0%
2014
2015
2016
2017
2018 YTD
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