Market Update: Oahu, Hawaii
A noticeable desire for luxury single-family residences across the island of Oahu, Hawaii marks the start of a promising year ahead for luxury real estate.
Oahu luxury real estate agent and LH Affiliate, Caron B Davis, owner of Caron B Realty International shares her thoughts on the January Oahu Luxury Real Estate Statistics provided by the Honolulu Board of REALTORS®.
“The year has started strong for the Oahu luxury real estate market. 37 single-family homes sold, a 68% increase over January 2019. The median price has also increased since last January – luxury homes are selling at a median of $2,100,000, up 9.6%, and are selling 17 days faster than last year. The average price per square foot for luxury homes was $830.08. The number of sold luxury homes this January is higher than it was from each month January-July 2020.”
“The condo market is continuing to make a slower recovery. There were 5 luxury condos sold last month; this is around what we’ve been seeing for the past several months. Condos sold 34 days faster in January than they did in December. However the median price has decreased compared to both December and last January. The average price per square foot for luxury condos was $1087.59.” – Caron B Davis
Ending December 2020, sales for single-family homes above $1.5 million rose 134% compared to December 2019. According to Caron B Davis, 103 luxury single-family homes were recorded in escrow on January 20th. In addition, the average sale price has risen 5.39% for single-family homes, now sitting at a median price of $1,992,000 according to the Honolulu Board of Realtors.
Caron notes “the luxury condo market suffered a strong hit at the start of the pandemic and is taking longer to recover than single-family homes.” She states, “this could be due to the fact that the pandemic has led to people changing their needs and moving to larger homes with more lifestyle amenities that are not shared.”
The median home price for luxury condominiums increased a total of 16.37% from last year to $2,327,500, with 6 units sold throughout the month of December 2020.