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Hawaii’s Luxury Home Market Strengthens Month-Over-Month in May 2023

June 14, 2023 Luxury Real Estate Market Report

Home sales and listing prices have increased month-over-month, with the median luxury homes price at its highest since April 2022, according to a recent market update from Caron B Realty International.

Market activity increased in May compared to April; we continue to share statistics that compare last month with the month previous instead of the same month in the previous year. The luxury home market is up compared to April, though interest rates are still affecting buyers. Median price for luxury homes was the highest since April 2022 and since August 2020 for luxury condos.

Single-Family Homes

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

  • #sold: 32 vs 25 (up 28%)
  • Median price: $2,575,000 vs $2,400,000  (up 7.3%)
  • DOM: 61 vs 63 (2 days faster)
  • Listing/sold ratio: 95.8% vs 97.5%
  • % sold at or above asking: 25% at or above listing vs 44%
  • Price per sq ft: $1,103.51 vs $973.22 (up 13.4%)

Highest Sold Single-Family Home

Lanikai, Kailua
6 bedrooms | 4.5 baths | 4,098 sq ft living | 13,309 sq ft land

Why this property is spectacular: Boasting the best and widest white sandy beachfront, this remodeled residence offers unparalleled oceanfront living. Designed with beachside living in mind, seamless indoor-outdoor living with pocket sliding glass door-wall with screens that open to the beachside deck, a perfect space for entertaining.

Sold at: $8,500,000 after 97 days on market.
 

Condominiums

May 2023 vs April 2023 for Condos $1.8M+

  • #sold: 8 vs 9 (down 11.1%)
  • Median price: $3,825,000 vs $2,800,000 (up 36.6%)
  • DOM: 127 vs 83 (44 days slower)
  • Listing/sold ratio: 98.5% vs 97.6%
  • % sold at or above asking: 37% at or above listing vs 44%
  • Price per sq ft: $2,394.13 vs. $1,995.47 (up 20%)

Highest Sold Condo

Park Lane, Ala Moana
3 bedrooms | 3.5 baths | 2,755 sq ft living

Why this property is spectacular: Rarely available high floor residence at Honolulu’s preeminent, luxury residential property! Enjoy Park Lane’s abundant amenities, including barbecue cabanas, a fitness center, steam sauna, pool and hot tub, children’s play area, theatre, and dog park!

Sold at: $10,000,000 after 213 days on market to an investor from California.

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

Click here to learn more.

Source:
Caron B Realty International – Oahu Luxury Market Update & May 2023 Top Sales
State Tax Office & Bureau of Conveyances