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Market Update: Oahu, Hawaii May 2023

May 19, 2023 FEATURED, Luxury Real Estate Market Report

Due to the rapid changes in the market, we continue to share statistics that compare last month with the month previous instead of the same month in the previous year. The reduction in luxury home sales from March to April is not an indication of a quiet market but rather a shortage of inventory. There are some neighborhoods with over 2000 homes but with only one listing.
 

The number of condo sales did not change month to month. Interestingly, the percentage of both condos and homes that sold above at or above asking price increased about 10 percentage points from March to April. This could be an indication that pricing is leveling off and we will see more competitive offers moving forward.

Single-Family Homes

April 2023 vs. March 2023 for SFH $1.8M+

  • #sold: 25 vs 38 (down 34.2%)
  • Median price: $2,400,000 vs $2,375,000 (up 1%)
  • DOM: 63 vs 70 (7 days faster)
  • Listing/sold ratio: 97.5% vs 96.6%
  • % sold at or above asking: 44% at or above listing vs 34%
  • Price per sq ft: $973.22 vs $1,088.83 (down 10.6%)

Highest Sold Single-Family Home

Kaimalino, Kailua
5 bedrooms | 4 baths | 3,018 sq ft living | 15,419 sq ft land

Why this property is spectacular:  This spacious home sits oceanfront on Kailua Bay with beautiful ocean, mountain, and garden views.

 Sold at: $8,675,000 after 49 days on the market to a lawyer from California.

Condominiums

April 2023 vs March 2023 for Condos $1.8M+

  • #sold: 9 vs 9 (no change)
  • Median price: $2,800,000 vs $2,430,000 (up 15.2%)
  • DOM:83 vs 87 (4 days faster)
  • Listing/sold ratio: 97.6% vs 96.9%
  • % sold at or above asking: 44% at or above listing vs 33%
  • Price per sq ft: $1,995.47 vs. $2,145.42 (down 6.9%)

Highest Sold Condo

Waiea, Kaka’ako
3 bedrooms | 3.5 baths | 2,664 sq ft living

Why this property is spectacular: Unobstructed oceanfront views from the iconic Diamond Head to the Ewa coast!  Enjoy resort-like amenities and services or explore the neighborhood, Waiea’s central location wedged between the Kakaako and Ala Moana districts and across from Ala Moana beach park offers convenience at its finest.

Sold at:  $6,800,000 after 81 days on the market to an investor from Japan.

 

This Market Report has been provided by
Caron B Davis, Caron B Realty International
LuxuryHomes.com Affiliate

Click here to learn more.

Sources:
Caron B Realty – Oahu Luxury Market Update & April 2023 Top Sales
Honolulu Board of REALTORS
State Tax Office & Bureau of Conveyances