Market Update: Oahu, Hawaii December 2022

“Luxury homes continued to sell quickly and saw a significant increase in price per square foot in November.” Says Oahu Luxury Real Estate Agent Caron B Davis.

Luxury homes continued to sell quickly and saw a significant increase in price per square foot in November. There is a lot of pivoting happening with interest rates, so not only is it important to work with a knowledgeable realtor, but also one who can connect you with a knowledgeable mortgage broker to help you with great programs.

Single-Family Homes

In November, 35 luxury homes sold at or above $1.8M, a 38.6% decrease from November of 2021. This is, however, a notable increase from last month. The median price was $2,367,500, a 7.8% decrease compared to last November. Homes sold after an average of on 40 days on market. Price per square foot was $1,127.76 a significant increase of 22.7% from last year. Homes sold for 98.9% of their asking price, on average, and 57% of them sold at or above asking price.

November 2022 vs 2021 for SFH $1.8M+

• #sold: 35 vs 57 in 2021 vs (38.6% decrease)
• Median price: $2,367,500 vs $2,570,000 in 2021 (7.8% decrease)
• DOM: 40 vs 36 in 2021 (4 days slower)
• Listing/sold ratio: 98.9% vs 101.6% in 2021
• % sold at or above asking: 57% at or above listing vs 58% in 2021
• Price per sq ft: $1,118.14 vs $918. 82 in 2021 (22.7% increase)

Highest Sold Single-Family Home

Beachside, Kailua
4 bedrooms | 3.5 baths | 2,456 sq ft living | 21,788 sq ft land

Why this property is spectacular:  Situated down a private lane on a sprawling beachfront parcel of 21,788 square feet, rests this beach house which radiates pure rest, relaxation, and so much fun! Swim, sun, and recharge at your back door along the famed sandy shores of Kailua Beach, known for its beautiful tranquil turquoise waters and miles of breathtaking sandy shoreline. This charming home offers open-air living with multiple indoor-outdoor lounge and dining spaces connected to wraparound lanai’s complete with your own tiki bar, creating a true sense of island living!

Condominiums

There were 7 luxury condo sales in November, the same as November of last year. The median price was $2,800,000, a nearly 50% increase over last year. On average, condos received 97.5% of their asking price and sold after 100 days on market, 99 days faster than November 2021. The average price per square foot for luxury condos was $1,668.27, 14.8% higher than last year.

November 2022 vs 2021 for Condos $1.8M+

• #sold: 7 vs 7 in 2021 (no change)
• Median price: $2,800,000 vs $1,900,000 in 2021 (47.3% increase)
• DOM:100 vs 199 in 2021 (99 days faster)
• Listing/sold ratio: 97.5% vs 96.6% in 2021
• % sold at or above asking: 23% at or above listing vs 46% in 2021
• Price per sq ft: $1,668.27 vs. $1,452.61 in 2021 (14.8% increase)

Highest Sold Condo

Waiea, Kaka’ako
3 bedrooms | 3.5 baths |2,673 sq ft living

Why this property is spectacular: Spectacular view of Diamond Head through to the Ewa coast! Enjoy breathtaking views of the ocean, yacht harbor and sunsets. One of the most magnificent views on the island of Oahu! Island living at its finest – pamper yourself with the heated pool, exercise room, BBQ, and allow the concierge to assist you with all of your needs. Fully upgraded with white marble throughout. Sale includes two storage areas totaling approximately 99 sq ft and 2 conveniently located parking spaces.

Sold at: $7,100,000 after 41 days on market to a buyer from Missouri.

Source:
Oahu Luxury Market Update: November 2022 Statistics & Top Sales
Honolulu Board of REALTORS
State Tax Office & Bureau of Conveyances