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 Q3 2023 priced from $2 to $3 million declined 32.8% compared to Q3 2022, with 43 homes sold in the quarter as compared to 64 homes in the same period a year ago. Months’ supply of inventory increased 26.5% compared to last year, rising to 6.2 months in Q3 2023 from 4.9 months in Q3 2022. For single-family homes in the $3 to $5 million range, sales fell from 21 in Q3 2022 to 18 in Q3 2023, a decrease of 14.3% from the same time last year. Months’ supply of inventory increased 87.7% to 10.7 months from 5.7 months last year.
In the $5 to $10 million range, twelve single-family homes sold in Q3 2023, up from nine homes sold during the same quarter last year. Months’ supply of inventory decreased slightly to 13.7 months from 13.8 months in Q3 2022. There was one single-family home sold at or above $10 million in Q3 2023, which matched the single sale in Q3 2022. The only sale was a home in Makiki Heights that sold for $10,500,000. Months’ supply of inventory doubled, climbing from 7 months in Q3 2022 to 14 months in the third quarter of 2023. Condo sales in the $1 to $2.5 million range increased 8.2% in Q3 2023 from Q3 2022, with 105 closed sales in third quarter this year versus 97 closed sales in the third quarter last year. Months’ supply of inventory increased 27.9% to 7.8 months from 6.1 months in Q3 2022.
Continued on Page 2
FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, through June 2023.
2023
#
$
2022
#
$
2021
#
$
2020
#
JAPAN
22
$30.554.750
JAPAN
49
$65,003,850
JAPAN
64
$86,855,832
JAPAN
9
$14,331,133
KOREA
2
$3,084,000
KOREA
21
$28,081,200
CANADA
11
$14,210,150
KOREA
3
$3,689,000
CANADA
1
$1,385,000
CANADA
15
$20,052,650
KOREA
7
$10,389,250
HONG KONG
2
$3,030,000
NEW ZEALAND
1
$1,330,000
TAIWAN
3
$3,389,000
UNITED KINGDOM
6
$7,684,475
CANADA
1
$1,925,000
AMERICAN SAMOA
1
$1,275,000
GUAM
2
$2,315,000
SINGAPORE
5
$7,255,150
TAIWAN
1
$1,803,100
2023
#
$
2022
#
$
2021
#
$
2020
#
$
JAPAN
13
$53,182,000
JAPAN
13
$40,011,000
JAPAN
19
$80,643,283
JAPAN
13
$48,241,333
KOREA
2
$5,200,000
KOREA
4
$15,750,000
KOREA
4
$20,150,000
CANADA
4
$11,755,000
HONG KONG
3
$8,613,600
CANADA
4
$14,175,200
SINGAPORE
2
$11,800,000
CHINA
2
$11,550,000
HONG KONG
2
$10,150,000
GUAM
2
$6,925,000
TAIWAN
1
$9,200,000
TAIWAN
1
$4,050,000
NEW ZEALAND
2
$5,800,000
$
$2 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
Visit www.ListSothebysRealty.com | 1
Continued from Page 1
Fourteen condos priced at $2.5 million and higher sold in Q3 2023, which equaled the number of sales in Q3 2022. Months’ supply of inventory increased 86.7% compared to Q3 2022, to 18.3 months, from 9.8 months the same quarter last year. Four condos sold at or above $5 million in Q3. Two at Park Lane and two in the Diamond Head area. The top sale was at $12,000,000 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.
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That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest.
OAHU LUXURY NEIGHBORHOOD DETAIL FOR SINGLE FAMILY HOMES
THROUGH THIRD QUARTER 2023
Neighborhoods
Q-3 2023 Median Sales Price
Q-3 2022 Median Sales Price
Q-3 2021 Median Sales Price
Q-3 2020 Median Sales Price
Q-3 2019 Median Sales Price
Q-3 2018 Median Sales Price
Aina Haina Beach
$1,250,000
--
$975,000
$1,174,444
$1,222,000
$5,700,000
Beachside
$4,800,000
$3,585,000
$2,975,000
$4,000,000
$2,100,000
$2,650,000
Black Point
--
--
--
--
--
--
$5,700,000
$3,575,000
$3,500,000
$2,475,000
$3,475,000
$3,000,000
Diamond Head Dowsett
$1,894,500
--
$1,250,000
--
$1,210,000
--
Hawaii Loa Ridge
$3,000,000
$3,050,000
$2,650,000
$2,400,000
$2,187,500
$2,100,000
Hillcrest
$2,110,000
$1,912,500
$1,685,000
$1,460,000
$1,525,000
$1,560,000
Kahala Area
$3,500,000
$3,925,000
$2,625,000
$3,460,000
$2,617,500
$2,542,500
Kakaako
--
--
--
--
--
$1,650,000
Kamehame Ridge
--
--
--
$1,800,000
$1,495,000
$1,452,500
Koko Kai
$3,412,500
$9,200,000
$2,728,773
$1,800,000
--
$2,956,500
Lanikai
$2,600,000
$2,400,000
$2,600,000
$2,575,000
$3,100,000
$2,750,000
Makiki Heights
$2,425,000
$1,310,000
$1,520,000
--
$1,069,000
$1,275,000
Manoa Area
$1,543,210
$1,441,500
$1,400,000
$1,452,500
$1,200,000
$1,570,000
Manoa-Woodlawn
$1,935,000
$1,650,000
$1,556,694
$1,414,000
$1,047,500
$1,500,000
Maunalani Heights
--
$2,550,000
$1,575,000
--
$2,150,000
$1,130,000
Napali Haweo
--
$2,090,000
$3,150,000
$2,428,500
$1,379,000
--
Niu Beach
--
$2,400,000
$8,500,000
$2,289,000
$3,272,500
--
North Shore
$1,200,000
$1,050,000
$1,299,000
$957,500
$785,000
$894,500
Pacific Heights
$1,045,000
$965,000
$1,850,000
$1,102,500
$1,300,000
$1,350,000
Paiko Lagoon
--
$6,060,000
$2,100,000
$4,290,000
$3,573,000
--
Portlock
--
$4,000,000
$3,845,000
$3,075,000
--
--
Puupanini
--
$2,000,000
$1,750,000
$2,037,500
$1,012,500
$1,487,500
Tantalus
--
--
--
--
--
--
Triangle
$990,000
$1,050,000
$2,405,000
$1,195,000
$1,550,000
$1,895,000
Waialae Golf Course
--
$3,647,500
--
$1,951,000
$2,065,000
$2,300,000
Waialae Iki
$2,280,000
$2,575,000
$2,257,000
$1,800,000
$1,550,000
$1,725,000
Waialae Nui Ridge
$2,092,500
$2,070,000
$1,780,000
$1,330,000
$1,450,000
$1,700,000
Wailupe Area
$5,150,000
$2,200,000
$1,750,000
$1,850,000
$1,540,000
$3,900,000
dash = no sales in the time period
All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
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SALES ACTIVITY SINGLE-FAMILY
CONDO
Year
$2-3 Million
$3-5 Million
$5-10 Million
$10 Million +
$1-2.5 Million
$2.5 Million +
Q3-2018
31
11
5
3
77
14
Q3-2019
31
12
7
1
67
14
Q3-2020
32
23
6
1
36
12
Q3-2021
77
32
10
2
110
22
Q3-2022
64
21
9
1
97
14
Q3-2023
43
18
12
1
105
14
Q3-2018
$2.37
$3.85
$6.30
$15.00
$1.40
$3.45
Q3-2019
$2.20
$3.66
$5.80
$14.80
$1.36
$3.20
Q3-2020
$2.40
$3.50
$7.10
$10.49
$1.29
$3.88
Q3-2021
$2.50
$3.60
$7.69
$12.75
$1.34
$3.18
Q3-2022
$2.34
$3.60
$6.83
$14.00
$1.25
$3.29
Q3-2023
$2.41
$3.81
$6.57
$10.50
$1.26
$3.55
Q3-2018
12.3
17.1
19.5
13.8
5.3
8.9
Q3-2019
14.0
18.9
31.7
23.0
11.6
21.7
Q3-2020
11.1
14.3
18.6
20.0
16.3
21.0
Q3-2021
3.9
5.3
9.7
21.0
6.6
13.2
Q3-2022
4.9
5.7
13.8
7.0
6.1
9.8
Q3-2023
6.2
10.7
13.7
14.0
7.8
18.3
Metric
CLOSED SALES
MEDIAN SALES PRICE (in millions)
MONTHS SUPPLY OF INVENTORY
SINGLE FAMILY & CONDO
HISTORICAL GRAPH
$ 1 Million +
Q3 2020
Q3 2021
Q3 2022
Q3 2023
Q3 2021
Q3 2022
Q3 2023
Closed Sales Median Sales Price Months Supply of Inventory
CONDOMINIUM
HISTORICAL GRAPH
$1 Million +
Q3 2020
Closed Sales Median Sales Price Months Supply of Inventory
All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
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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 CONDOMINIUM
SINGLE FAMILY $2-3 MILLION
$3-5 MILLION
$1-2.5 MILLION
$5-10 MILLION
$10 MILLION +
$2.5 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
Visit www.ListSothebysRealty.com | 4