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 2024 priced from $2 to $3 million increased 16.3% compared to Q3 2023, with 50 homes sold in the quarter as compared to 43 homes in the same period a year ago.
Months’ supply of inventory increased 21.9% compared to last year, rising to 7.8 months in Q3 2024 from 6.4 months in Q3 2023.
For single-family homes in the $3 to $5 million range, sales rose from 18 in Q3 2023 to 30 in Q3 2024, increasing 66.7% from the same time last year. Months’ supply of inventory decreased 5.3% to 10.8 months from 11.4 months last year.
FOREIGN INVESTMENT
In the $5 to $10 million range, four single-family homes sold in Q3 2024, eight fewer than the twelve homes sold during the same quarter last year. Months’ supply of inventory increased 54.5% to 19 months from 12.3 months in Q3 2023.
There was one single-family home sold at or above $10 million in Q3 2024, which matches the one home sold in Q3 2023. It was a home in Kahaluu that sold for $11,000,000.
Months’ supply of inventory increased 20.0%, from 15.0 months in Q3 2023 to 18.0 months in the third quarter of 2024.
Condo sales in the $1 to $2.5 million range increased 10.5% in Q3 2024 from Q3 2023, with 116 closed sales in third quarter this year versus 105 closed sales in the third quarter last year.
Months’ supply of inventory increased 16.5% to 9.9 months from 8.5 months in Q3 2023.
Sales for condos priced at $2.5 million and higher declined in Q3 2024 to just six, compared to fourteen sales in Q3 2023, a decrease of 57.1%. Months’ supply of inventory increased a slight 2.3% compared to Q3 2023, to 18 months, from 17.6 months the same quarter last year.
Three condos sold at or above $5 million in Q3 2024. All were at Waiea with the top sale being at $8,000,000.
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.
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