Aloha
and welcome to The Oahu 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 single-family home and two condominium price segments. Single-family home sales for Q1 2020 priced from $1 to $2 million increased 4.7% compared to Q1 2019, with 180 homes sold in the quarter. Months’ supply of inventory decreased 8.9% compared to last year at this time to 5.5 months. For single-family homes in the $2 to $3 million range, sales were up a healthy 9 sales to a total of 25 sales for the quarter, an increase of 56.3% from the year prior. Months’ supply of inventory decreased 4.5% to 11.7 months for the quarter.
Just six single-family home sales priced from $3 to $5 million sold in Q1 2020, a decrease of 33.3% compared to last year’s 9 homes sold in the first quarter. Months’ supply of inventory had a year-over-year increase of 14.3% to 19.8 months. Six single-family homes sold at or above $5 million in Q1 2020, an increase of 20% from Q1 2019. Months’ supply of inventory had a 10.4% year-over-year increase to 33.9 months. This included three East Oahu homes, one Windward Oahu home and two North Shore homes. The top sale was at $8,485,000 for a home in Diamond Head. As for condominiums, three units closed in Q1 at or above $5 million. All three were at Park Lane with the top sale at $10,880,000. Sales in the $800 thousand to $1 million range for Q1 2020 were down 17 units, from 60 in Q1 2019 to 43 in Q1 2020.
Continued on Page 3
FOREIGN INVESTMENT $1 - $2 MILLION 2020
Source: Title Guaranty Hawaii, through March 2020.
#
$
2019
#
$
2018
#
$
2017
#
$
JAPAN
3
$4,950,000
JAPAN
68
$98,359,775
JAPAN
133
$188,796,404
JAPAN
82
$111,518,829
KOREA
2
$3,030,000
KOREA
10
$14,187,000
KOREA
9
$13,176,500
CHINA
10
$14,214,165
5
$8,809,000
CANADA
2
$2,525,000
HONG KONG
TAIWAN
8
$10,728,600
KOREA
3
$4,430,000
SINGAPORE
1
$1,803,100
CANADA
4
$6,106,000
CANADA
8
$10,575,100
TAIWAN
3
$3,466,758
TAIWAN
2
$2,443,000
CHINA
5
$6,057,400
CANADA
2
$2,875,000
2018
#
$
2017
#
$
JAPAN
57
$220,699,504
JAPAN
63
$268,891,006
$2 MILLION + 2020
#
$
JAPAN
2
$19,225,000
SINGAPORE
2
$11,800,000
NEW ZEALAND
1
$2,800,000
2019
#
$
JAPAN
33
$116,429,433
KOREA
4
$10,220,900
SINGAPORE
2
$6,802,000
KOREA
5
$24,808,800
HONG KONG
11
$66,957,353
CANADA
1
$3,635,000
HONG KONG
3
$12,145,800
SINGAPORE
7
$33,980,786
MALAYSIA
1
$2,400,000
SINGAPORE
2
$18,403,800
CHINA
4
$16,244,754
MARIANA ISLANDS
1
$2,500,000
CANADA
2
$5,848,800
KOREA
5
$15,740,000
All Data from the HiCentral MLS, Ltd. Report © 2020 ShowingTime.
Visit www.ListSothebysRealty.com | 1
SALES ACTIVITY SINGLE-FAMILY Metric
CONDO
Year
$1 - 2 Million
$2 - 3 Million
$3 - 5 Million
$5 Million +
$800,000 $1 Million
$1 Million +
2015
608
84
43
18
213
164
2016
710
99
37
16
242
336
2017
795
111
51
14
319
662
2018
848
96
46
28
285
352
2019
832
98
40
23
261
310
2020 YTD
180
25
6
6
43
65
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
$1.26
$2.36
$3.66
$7.35
$0.89
$1.55
2019
$1.25
$2.30
$3.70
$5.80
$0.89
$1.50
2020 YTD
$1.28
$2.30
$3.28
$6.88
$0.88
$1.43
Q1 2015
7.1
12.6
24.6
33.0
7.5
13.5
Q1 2016
6.7
14.9
22.2
37.3
7.8
18.6
Q1 2017
5.7
10.1
23.4
32.3
5.9
9.2
Q1 2018
5.3
11.6
12.8
27.8
5.6
6.2
Q1 2019
6.0
12.2
17.3
30.7
8.9
13.6
Q1 2020
5.5
11.4
19.8
33.9
9.0
11.3
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
SINGLE FAMILY & CONDO $1 Million +
HISTORICAL GRAPH Q1 2017
Q1 2018
Q1 2019
Q1 2020
Q1 2018
Q1 2019
Q1 2020
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM $1 Million +
HISTORICAL GRAPH Q1 2017
Closed Sales Median Sales Price Months Supply of Inventory
All Data from the HiCentral MLS, Ltd. Report © 2020 ShowingTime.
Visit www.ListSothebysRealty.com | 2
Continued from Page 1
This represents a decline in sales of 28.3%. Months’ supply of inventory was up 1.9% to 9 months. Sales for condos priced at $1 million and higher increased by 6.6% compared to last year at this time, from 61 sales during Q1 2019 to 65 during Q1 2020. Months’ supply of inventory decreased 16.7% compared to Q1 2019, to 11.4 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.
OAHU LUXURY NEIGHBORHOOD DETAIL Neighborhoods Aina Haina Beach
Sign up for our monthly market newsletter and more at: www.ListSothebysRealty.com or www.ListHawaii-mls.com
THROUGH FIRST QUARTER 2020
2020 YTD Median Sales Price
2019 Median Sales Price
2018 Median Sales Price
2017 Median Sales Price
2016 Median Sales Price
2015 Median Sales Price
-
$1,222,000
$10,772,500
$1,400,000
$1,200,000
$1,395,000
Beachside
$2,795,000
$2,00,000
$2,800,000
$2,094,000
$2,537,500
$2,217,500
Black Point
-
$4,025,000
$2,500,000
-
$2,175,000
$3,350,000
Diamond Head
$3,962,500
$2,530,000
$2,990,000
$2,375,000
$3,200,000
$2,875,888
Dowsett
$1,250,000
$1,134,000
$1,745,000
$1,622,000
$1,350,000
$1,255,000
Hawaii Loa Ridge
$1,980,000
$2,100,000
$2,175,000
$2,430,000
$2,200,000
$2,100,000
-
$1,236,250
$1,272,500
$2,435,000
$2,648,050
$2,200,000
$2,130,000
$2,617,500
$2,600,000
$2,648,050
$2,200,000
$2,200,000
–
-
$1,437,500
$1,050,000
–
–
Hillcrest Kahala Area Kakaako Kamehame Ridge
-
$1,495,000
$1,750,000
$1,114,000
$1,587,500
$1,152,500
Koko Kai
$1,975,000
$2,392,500
$2,025,000
$2,660,000
$2,041,500
$2,425,000
Lanikai
$2,091,500
$2,200,000
$3,200,000
$2,297,826
$2,272,500
$1,807,500
Makiki Heights
$1,300,000
$1,300,000
$1,125,000
$1,393,000
$1,360,000
$1,575,000
Manoa Area
$1,407,142
$1,249,000
$1,262,500
$1,279,500
$1,180,000
$1,214,617
Manoa-Woodlawn
$1,062,500
$1,093,750
$1,312,500
$1,288,000
$1,245,500
$1,134,750
Maunalani Heights
$1,211,000
$1,275,300
$1,276,500
$1,295,000
$1,282,000
$1,100,000
-
$1,414,500
$1,710,000
$1,900,000
$1,445,000
$1,650,000
$2,537,500
$3,770,000
$1,325,000
$4,300,000
$2,200,000
$3,420,000
Napali Haweo Niu Beach North Shore
$920,000
$785,000
$889,500
$755,000
$750,000
$747,500
Pacific Heights
$1,810,000
$1,060,000
$1,140,000
$968,000
$1,002,260
$998,500
Paiko Lagoon
$1,273,500
$1,075,000
$3,344,000
$3,327,500
$1,000,000
$1,155,000
Portlock
$3,450,000
$2,500,000
$1,525,000
$2,650,000
$2,332,500
$2,700,000
$987,500
$1,075,000
$1,487,500
$3,889,000
$1,025,000
$998,500
Tantalus
-
$1,020,000
$1,326,000
$1,110,000
$1,262,500
$1,700,000
Triangle
$784,500
$1,457,625
$1,400,000
$835,000
$1,465,000
$1,312,500
Waialae Golf Course
$2,750,000
$1,950,000
$3,197,500
$2,510,000
$1,999,999
$2,410,000
Waialae Iki
$1,500,000
$1,650,000
$1,725,000
$1,662,500
$1,667,500
$1,630,000
Waialae Nui Ridge
$1,300,000
$1,347,000
$1,525,000
$1,400,000
$1,525,000
$1,362,500
-
$1,582,500
$2,775,000
$2,500,000
$2,100,000
$1,770,000
Puupanini
Wailupe Area dash = no sales in the time period
All Data from the HiCentral MLS, Ltd. Report © 2020 ShowingTime.
Visit www.ListSothebysRealty.com | 3
List Sotheby’s International Realty 4211 Waialae Avenue, Suite 100 | Honolulu, HI 96816 (808) 735-2411
ARTFULLY UNITING EXCEPTIONAL HAWAII HOMES WITH EXTRAORDINARY LIVES
SALES ACTIVITY CONDOMINIUM
SINGLE FAMILY $1 - $2 MILLION
$2 - $3 MILLION
$800 THOUSAND - $1 MILLION
$3 - $5 MILLION
$5 MILLION +
$1 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2020 ShowingTime.
Visit www.ListSothebysRealty.com | 4