Market Update: Oahu, Hawaii November 2022

“There has been a slowdown in luxury home sales but it’s not all doom and gloom.” Says Oahu Luxury Real Estate Agent and LuxuryHomes.com Affiliate, Caron B Davis.

I do believe a lot of that has to do with the continued lack of inventory. I think more properties will come on the market as the year ends and in January as people want to make changes. Of course, we can’t discount the effects of the mortgage rate increases we were seeing this year. However, there was a significant decrease recently so we will keep an eye on that and continue to keep you updated on great programs available.

Single-Family Homes

In October, 24 luxury homes sold at or above $1.8M, a 61.3% decrease from October of 2021. The median price was $2,362,500, a slight decrease compared to last October. Homes sold after an average of on 38 days on market, which is among the fastest DOM on record. Price per square foot was $1,118.14 a significant increase of 20.7% from last year. Homes sold for 99% of their asking price, on average, and 54% of them sold at or above asking price.

October 2022 vs 2021 for SFH $1.8M+

• #sold: 24 vs 62 in 2021 vs (61.3% decrease)
• Median price: $2,362,500 vs $2,547,500 in 2021 (7.2% decrease)
• DOM: 38 vs 55 in 2021 (17 days faster)
• Listing/sold ratio: 99.2% vs 99.6% in 2021
• % sold at or above asking: 54% at or above listing vs 56% in 2021
• Price per sq ft: $1,118.14 vs $925.97 in 2021 (20.7% increase)

Highest Sold Single-Family Home

Sunset Area, North Shore
4 bedrooms | 3.5 baths | 1,378 sq ft living | 8,140 sq ft land

Why this property is spectacular: Set on Banzai Beach, this house is in one of the most sought after locations on Oahu’s North Shore. It boasts 100 feet of oceanfront and 180 degree oceanfront views, including world-famous Pipeline.

Condominiums

As we anticipated, there has been an increase in luxury condo sales over the past few months. There were 17 luxury condo sales in October, a 30.7% increase over October of last year and the highest we’ve seen since August 2021. The median price was $2,800,000, a negligible change from last year. On average, condos received 95.8% of their asking price and sold after 83 days on market. The average price per square foot for luxury condos was $1,819.49.

October 2022 vs 2021 for Condos $1.8M+

• #sold: 17 vs 13 in 2021 (30.7% increase)
• Median price: $2,800,000 vs $2,850,000 in 2021 (1.7% decrease)
• DOM: 83 vs 69 in 2021 (14 days slower)
• Listing/sold ratio: 95.8% vs 97.5% in 2021
• % sold at or above asking: 23% at or above listing vs 46% in 2021
• Price per sq ft: $1,819.49 vs. $1,932.37 in 2021 (5.8% decrease)

Highest Sold Condo

Park Lane, Ala Moana
3 bedrooms | 3.5 baths |2,788 sq ft living

Why this property is spectacular: Welcome home to this one-of-a-kind turn-key residence in Park Lane! Park Lane #6304 is one of only nine units with a private pool, spa, yard and an attached garage. This 3-bedroom, den, 3.5-bathroom provides the best elements of a single-family home with the consummate indoor-outdoor island lifestyle. Enjoy the luxury of having an attached garage which provides direct access to your residence and the private, secure elevator access to the world’s largest open-air luxury shopping destination, Ala Moana Shopping Center that’s only steps away from your residence.

Sold at: $10,250,000 after 20 days on market to an investment company from South Korea.

Source:
CaronBRealty.com – Oahu Luxury Market Update: October 2022 Statistics & Top Sales
State Tax Office & Bureau of Conveyances
Honolulu Board of REALTORS