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The Oahu luxury real estate market ended the year with a little more activity among luxury homes and a surge in median price of luxury condos.
Luxury Home Overview
After November’s drop in activity, there was a little more movement in the Oahu luxury home market in December. Sales volume increased about 7% from November. While there was no change in median price from last month, luxury homes received a higher proportion of their asking price, and a greater percentage of homes sold at or above asking price. It took slightly longer for homes to sell in December than in November, but the average days on market was 50, which is still quite fast for the luxury market.
All but five sales were in the $1,800,000-$2,999,999 price range and there were no sales above $6,500,000. A quarter of luxury sales had price reductions. Inventory decreased notably in the $1,800,000-$2,999,999 range, while the $3,000,000-$5,999,999 range saw a slight increase and the other ranges saw little change. Pending sales also decreased significantly in the $1,800,000-$2,999,999 range, but little movement in other price ranges.
Luxury Condo Overview
After a recent high in sales volume of luxury condos in November, sales decreased 23% in December. While median price increased significantly, up 36.8% from last month, luxury condos received a lower percentage of asking price and fewer condos sold at or above asking than in November.
Luxury condos sold 70% faster in December than November, reaching the shortest days on market since September 2023. Note that the DOM in November was artificially high, skewed by a unit at Victoria Place that is listed as having taken 1,808 days to sell. Only one of the ten sales had price reductions. Inventory increased slightly in all price ranges, while there was little change in pending sales.
Click through the report below for the full update on what happened in Oahu luxury real estate in October.
Click here for a quarter 4 report on Oahu’s luxury real estate market. Visit our YouTube channel and subscribe for weekly videos on Oahu’s real estate market, featured properties, and our local community.
This Market Report has been provided by
Caron B Davis, Caron B Realty International
LuxuryHomes.com Affiliate
Sources:
Oahu Luxury Real Estate Market Report: December 2024, CaronBRealty.com
