Market Update: Oahu, Hawaii
A noticeable desire for luxury single-family residences across the island of Oahu, Hawaii marks the starts of a promising year ahead for luxury real estate.
Ending December 2020, sales for single-family homes above $1.5 million rose 134% compared to December 2019. According to LuxuryHomes.com Affiliate and real estate agent, 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.