3rd QTR 2018 Oahu Luxury Real Estate Update

3rd 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 Q3 2018 priced from $1 to $2 million increased 11.2% compared to Q3 2017, with 238 homes sold. Months’ supply of inventory dropped 7.0% compared to last year at this time to 6.8 months. Lower year-over-year months of supply are nothing new in all price points. This lower months of supply can be interpreted differently depending on whether you are looking to buy or sell.

For single-family homes in the $2 to $3 million range, sales decreased by 3.1% to 31 homes sold, nearly even with last year’s mark of 32. Months’ supply of inventory decreased 5.4% to 12.9 months for the quarter.

Single-family home sales priced from $3 to $5 million decreased by 15.4% compared to last year. Months’ supply of inventory had the largest year-over-year decrease of all supply measures, down 30.3% to 18.4 months.

Eight single-family homes sold at or above $5 million in Q3, including four East Oahu homes and three Windward Oahu homes. The top sale was priced at $15,651,750 for a Beachside oceanfront residence.

As for condominiums, four units closed in the third quarter above $5 million. Two units sold at Waiea and two units sold at Park Lane. The highest condo sale this quarter was at Park Lane for $9,800,000.

Sales in the $800 thousand to $1 million range for Q3 2018 were down 8.3% compared to Q3 2017. The 77 closed sales were behind last year’s 84 sales but ahead of the 66 sales in Q3 2016. Months’ supply of inventory was up 3.4% to 5.7 months.

Sales for condos priced at $1 million and higher decreased by 26.2% compared to last year at this time. Months’ supply of inventory decreased by 7.1% compared to Q3 2017 to land at 6.5 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.