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.
The Oahu luxury home market report is broken down into four singlefamily home categories and two condominium price segments.
Single-family home sales for Q2 2023 priced from $2 to $3 million declined 42% compared to Q2 2022, with 47 homes sold in the quarter as compared to 81 homes in the same period a year ago. Months’ supply of inventory increased 1.9% compared to last year, rising to 5.3 months in Q2 2023 from 5.2 months in Q2 2022.
For single-family homes in the $3 to $5 million range, sales fell from 38 in Q2 2022 to 14 in Q2 2023, a decrease of 63.2% from the same time last year. Months’ supply of inventory increased 124.4% to 10.1 months from 4.5 months last year.
FOREIGN INVESTMENT
In the $5 to $10 million range, ten single-family homes sold in Q2 2023, up slightly from the nine homes sold during the same quarter last year. The top sale was at $8,675,000 for a home in Kailua. Months’ supply of inventory increased by 65.8% to 19.9 months from 12 months in Q2 2022.
There were zero single-family homes sold at or above $10 million in Q2 2023, down from four homes sold in Q2 2022. Months’ supply of inventory increased 62.5%, climbing from 8 months in Q2 2022 to 13 months in the second quarter of 2023.
Condo sales in the $1 to $2.5 million range decreased 40.6% in Q2 2023 from Q2 2022, with 95 closed sales in second quarter this year versus 160 closed sales in the second quarter last year. Months’ supply of inventory increased 63.5% to 8.5 months from 5.2 months in Q2 2022.
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Visit www.ListSothebysRealty.com | 1 All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
2021#$ JAPAN 64$86,855,832 CANADA 11$14,210,150 KOREA 7 $10,389,250 UNITED KINGDOM 6 $7,684,475 SINGAPORE 5 $7,255,150 $1 - $2 MILLION $2 MILLION + 2020#$ JAPAN 13 $48,241,333 CANADA 4 $11,755,000 SINGAPORE 2 $11,800,000 GUAM 2 $6,925,000 NEW ZEALAND 2 $5,800,000 2020#$ JAPAN 9 $14,331,133 KOREA 3 $3,689,000 HONG KONG 2 $3,030,000 CANADA 1 $1,925,000 TAIWAN 1 $1,803,100 2022#$ JAPAN 49 $65,003,850 KOREA 21$28,081,200 CANADA 15$20,052,650 TAIWAN 3 $3,389,000 GUAM 2 $2,315,000 2023#$ JAPAN 9 $12,151,550 NEW ZEALAND 1 $1,330,000 AMERICAN SAMOA 1 $1,275,000 CHINA 1 $1,036,950 2021#$ JAPAN 19 $80,643,283 KOREA 4 $20,150,000 CANADA 4 $14,175,200 HONG KONG 2 $10,150,000 TAIWAN 1 $4,050,000 2022#$ JAPAN 13 $40,011,000 KOREA 4 $15,750,000 HONG KONG 3 $8,613,600 CHINA 2 $11,550,000 TAIWAN 1 $9,200,000 2023#$ JAPAN 6 $18,195,000 KOREA 1 $2,050,000
Source: Title Guaranty Hawaii, through March 2023.
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Sales for condos priced at $2.5 million and higher declined to thirteen in Q2 2023 compared to twenty-one sales in Q2 2022, a decline of 38.1%. Months’ supply of inventory increased 72.9% compared to Q2 2022, to 16.6 months, from 9.6 months the same quarter last year.
Six condos sold at or above $5 million in Q2. Four at Park Lane and two in Waiea, and one at the Ritz-Carlton Residences. The top sale was at $10,000,000 for a unit at Park Lane.
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.
Visit www.ListSothebysRealty.com | 2 All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
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dash = no sales in the time period
OAHU LUXURY NEIGHBORHOOD DETAIL FOR SINGLE FAMILY HOMES THROUGHSECONDQUARTER2023
Neighborhoods Q-2 2023 Median Sales Price Q-2 2022 Median Sales Price Q-2 2021 Median Sales Price Q-2 2020 Median Sales Price Q-2 2019 Median Sales Price Q-2 2018 Median Sales Price Aina Haina Beach $2,035,000 Beachside $5,647,500 $8,320,000 $2,995,000 $12,350,000 $1,901,950 $4,000,000 Black Point $7,695,000 $3,030,000 $2,500,000 Diamond Head $3,200,000 $2,939,000 $3,200,000 $2,275,000 $2,610,000 $3,200,000 Dowsett $2,400,000 $1,887,500 $1,500,000 $2,025,000 Hawaii Loa Ridge $2,625,000 $3,255,000 $2,515,000 $1,735,000 $1,630,000 $2,212,500 Hillcrest $1,656,000 $1,800,000 $1,601,000 $1,500,000 $1,190,000 $1,358,750 Kahala Area $3,250,000 $3,855,000 $2,768,750 $2,849,000 $3,225,000 $2,900,000 Kakaako $1,250,000 $1,243,000 Kamehame Ridge $1,930,000 Koko Kai $4,250,000 $2,895,000 $4,049,500 $2,300,000 $1,818,000 Lanikai $3,587,000 $2,750,000 $2,865,000 $1,672,500 $2,200,000 $2,735,000 Makiki Heights $1,902,000 $3,028,750 $1,770,000 $1,290,000 $2,400,000 $1,150,000 Manoa Area $1,280,000 $1,800,000 $1,425,000 $1,300,000 $1,380,000 $1,260,000 Manoa-Woodlawn $1,480,000 $1,965,000 $1,800,000 $1,322,500 $1,086,250 $1,312,500 Maunalani Heights $1,765,000 $1,799,000 $1,995,000 $1,424,000 $2,005,000 Napali Haweo $2,432,000 $1,814,500 Niu Beach $3,150,000 $2,800,000 $1,788,000 North Shore $1,610,000 $1,250,000 $1,250,000 $808,000 $800,000 $850,500 Pacific Heights $1,700,000 $1,993,500 $1,066,000 $1,022,500 $1,450,000 Paiko Lagoon $1,470,000 $1,150,000 $1,000,000 $3,344,000 Portlock $7,300,000 $7,336,213 $5,375,000 $2,500,000 $2,500,000 $1,525,000 Puupanini $2,800,000 $910,000 $1,300,000 Tantalus $1,870,000 $1,610,000 $1,020,000 $1,326,000 Triangle $1,801,250 $1,325,000 $2,450,000 $672,000 $1,457,625 $1,406,500 Waialae Golf Course $3,150,000 $2,750,000 $1,812,500 $4,095,000 Waialae Iki $2,187,500 $2,150,000 $2,025,000 $1,304,000 $1,400,000 $1,850,000 Waialae Nui Ridge $2,210,000 $1,707,500 $1,760,000 $1,875,000 $1,228,888 $1,075,000 Wailupe Area $3,275,000 $1,900,000
SALES ACTIVITY
SINGLE-FAMILY
Visit www.ListSothebysRealty.com | 3 All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime. Metric Year $2-3 Million $3-5 Million $5-10 Million $10 Million + $1-2.5 Million $2.5 Million + CLOSED SALES Q2-2018 25 10 2 4 89 27 Q2-2019 23 6 5 0 70 15 Q2-2020 15 7 2 1 23 5 Q2-2021 88 30 11 0 114 21 Q2-2022 81 38 9 4 160 21 Q2-2023 47 14 10 0 95 13 MEDIAN SALES PRICE (in millions) Q2-2018 $2.28 $4.00 $7.48 $15.50 $1.29 $3.35 Q2-2019 $2.40 $3.62 $5.60 $1.44 $4.80 Q2-2020 $2.37 $3.50 $5.50 $18.70 $1.20 $4.58 Q2-2021 $2.43 $3.78 $6.25 $1.28 $3.30 Q2-2022 $2.40 $3.42 $7.30 $11.63 $1.36 $3.50 Q2-2023 $2.35 $3.54 $7.50 $1.32 $3.50 MONTHS SUPPLY OF INVENTORY Q2-2018 12.8 13.8 24.8 13.3 6.1 5.9 Q2-2019 12.6 17.9 27.5 20.0 11.1 21.8 Q2-2020 13.5 18.1 22.6 22.0 13.1 18.8 Q2-2021 3.6 6.6 12.8 26.0 8.3 15.0 Q2-2022 5.2 4.5 12.0 8.0 5.2 9.6 Q2-2023 5.3 10.1 19.9 13.0 8.5 16.6
CONDO $ 1 Million + Q2 2020 Q2 2021 Q2 2022 Q2 2023 Closed Sales Median Sales Price Months Supply of Inventory $1 Million + Q2 2020 Q2 2021 Q2 2022 Q2 2023 Closed Sales Median Sales Price Months Supply of Inventory
SINGLE FAMILY & CONDO HISTORICAL GRAPH CONDOMINIUM HISTORICAL GRAPH
Visit www.ListSothebysRealty.com | 4 All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime. SINGLE FAMILY CONDOMINIUM $2-3 MILLION $1-2.5 MILLION $3-5 MILLION List Sotheby’s International Realty 4211 Waialae Avenue, Suite 8060 | Honolulu, HI 96816 (808) 735-2411 ARTFULLY UNITING EXCEPTIONAL HAWAII HOMES WITH EXTRAORDINARY LIVES SALES ACTIVITY
