1st QTR 2019 Luxury Real Estate Update

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 2019 priced from $1 to $2 million decreased 1.1% compared to Q1 2018, with 172 homes sold. Months’ supply of inventory increased 20.0% compared to last year at this time to 6.3 months.

For single-family homes in the $2 to $3 million range, sales decreased by 11.1% to 16 homes sold, nearly even with the mark of 18 from the year prior. Months’ supply of inventory increased 8.6% to 12.6 months for the quarter.

Single-family home sales priced from $3 to $5 million decreased by 18.2% compared to last year’s nine homes sold, closely resembling

the 11 homes sold in Q1 2018 and eight homes sold in Q1 2017. Months’ supply of inventory had a year-over-year increase of 33.9% to 17.1 months.

Five single family homes sold at or above $5 million in Q1 2019 including four East Oahu homes and one Windward Oahu homes. The top sale was at $12,000,000 for a beachfront residence in Diamond Head.

As for condominiums, two units closed in the first quarter at or above $5 million. One unit sold at Park Lane and one unit sold at Waiea, which was the highest sale at $7,287,500.

Sales in the $800 thousand to $1 million range for Q1 2019 were down 14.3% compared to Q1 2018. The 60 closed sales landed behind last year’s 70 sales. Months’ supply of inventory was up 65.0% to 9.2 months.

Sales for condos priced at $1 million and higher decreased by 23.8% compared to last year at this time, representing a drop from 80 sales during Q1 2018 to 61 during Q1 2019. Months’ supply of inventory increased by triple-digit figures for the second quarter in a row at 134.7% compared to Q1 2018, rising to 14.6 months.

Remember that every home and situation is unique. For guidance with your current or future home, visit listsothebysrealty.com and contact one of our experienced agents.

That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest.