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As noted by the Board of Realtor’s report, 2022 was a year of transition for Oahu real estate. Inflation, interest rate hikes, continued low inventory, and other factors drove year-end median prices above those of 2021, while sales and new listings declined.
In December, the luxury market saw a decrease in sales for both homes and condos. The number of home sales is still above what we used to see pre-pandemic, while the condo market continues to be variable. Notably, condos sold very quickly in December, the fastest they have sold since May 2022.
Single-Family Homes
There were 30 luxury home sales at or above $1.8M, a 40% decrease from December of 2021. This is, however, a notable increase from last month. The median price was $2,377,000, an 11.9% decrease compared to last December. Homes sold after an average of on 40 days on market. Price per square foot was $988.02. Homes sold for 96.1% of their asking price, on average, and 33% of them sold at or above asking price.
December 2022 vs 2021 for SFH $1.8M+
- #sold: 30 vs 50 in 2021 vs (40% decrease)
- Median price: $2,377,000 vs $2,700,000 in 2021 (11.9% decrease)
- DOM: 40 vs 33 in 2021 (7 days slower)
- Listing/sold ratio: 96.1% vs 101.5% in 2021
- % sold at or above asking: 33% at or above listing vs 66% in 2021
- Price per sq ft: $988.02 vs $1230.72 in 2021 (19.7% decrease)
Highest Sold Single-Family Home in December
Hawaii Loa Ridge, Diamond Head
6 bedrooms | 6.5 bathrooms | 7,643 square feet living | 29,292 sq ft land
Why this property is spectacular: Enjoy stunning Ocean, City, and Mountain view. Indoor/outdoor resort living at its best with multiple covered lanais overlooking the new saltwater heated infinity pool/spa. A separate 840 sq ft 1 bed/1ba guest quarter can be used as an office, private gym, nanny, or private guest quarters.
Sold at: $8,800,000 after 27 days on market to local buyers.
PICTURE COURTESY OF HONOLULU BOARD OF REALTORS
Condominiums
There were 9 luxury condo sales in December, a 35.7% decrease December of last year. The median price was $2,150,000, a 28.3% decrease over last year. On average, condos received 95.5% of their asking price and sold after 35 days on market, 151 days faster than December 2021. The average price per square foot for luxury condos was $1,664.71, 13.4% lower than last year.
December 2022 vs 2021 for Condos $1.8M+
- #sold: 9 vs 14 in 2021 (35.7% decrease)
- Median price: $2,150,000 vs $2,999,500 in 2021 (28.3% decrease)
- DOM: 35 vs 186 in 2021 (151 days faster)
- Listing/sold ratio: 95.5% vs 94.9% in 2021
- % sold at or above asking: 22% at or above listing vs 35% in 2021
- Price per sq ft: $1,664.71 vs. $1,923.01 in 2021 (13.4% decrease)
Highest Sold Condo in December
Waiea, Kaka’ako
4 bedrooms | 4.5 baths | 3,250 square feet living
Why this property is spectacular: Contemporary open-concept floor plan complete with double-height atrium, luxury finishes, and large expansive lanais on each level. Enjoy your own private walkway entry directly from your parking stalls and a spectacular sky lanai with ocean and harbor views, as well as two spacious storage units.
Sold at: $4,400,000 after 8 days on market to local buyers.
PICTURE COURTESY OF HONOLULU BOARD OF REALTORS
This Market Report has been provided by
Caron B Davis, Caron B Realty International
LuxuryHomes.com Affiliate
Sources:
Caron B Realty – Luxury market Update for Oahu & Our Neighbor Islands: December 2022
Honolulu Board of REALTORS
State Tax Office & Bureau of Conveyances
