Last Updated: April 28, 2021
Aloha and welcome to The Oahu Quarterly Luxury Market Report from List Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu.
The Oahu luxury home market report is broken down into four single-family home categories and two condominium price segments.
Single-family home sales for Q1 2021 priced from $1 to $2 million increased 70.6% compared to Q1 2020, with 307 homes sold in the quarter versus 180 homes sold during the same period a year ago. Months’ supply of inventory decreased 50% compared to last year, to just 3 months.
For single-family homes in the $2 to $3 million range, sales increased from 25 homes sold in Q1 2020 to 55 homes in Q1 2021, an increase of 120% from the year prior. Months’ supply of inventory decreased 45.9% to 6.6 months for the quarter.
In the $3 to $5 million range, 24 single-family homes sold in Q1 2021, an astounding 300% increase compared to the same quarter last year. Months’ supply of inventory declined 44.3% to 9.8 months in Q1 2021.
Seven single-family homes sold at or above $5 million in Q1, which includes three in Kahala, two in Diamond Head, one North Shore home, and one Beachside home. The top sale was at $10,400,000 for a home in Diamond Head. Months’ supply of inventory fell from 30.3 months in Q1 2020 to 23.3 months in the first quarter of 2021.
As for condominiums, there were three sales in Q1 at or above $5 million, which includes two units at Park Lane and one unit at Anaha. The unit at Anaha was the top sale at $10,250,000.
Sales in the $800 thousand to $1 million range increased 88.4% in Q1 2021 from Q1 2020, with 81 closed sales in Q1 2021 versus 43 closed sales in the first quarter last year. Months’ supply of inventory was down 28.1% to 6.4 months.
Sales for condos priced at $1 million and higher increased 21.5% in Q1 2021 compared to Q1 2020, from 65 sales reported in Q1 2020 to 79 sales reported in Q1 2021. Months’ supply of inventory increased 41.6% compared to Q1 2020, to 16 months.
Remember that every home and situation is unique. For guidance with your current or future home, visit listsothebysrealty.com and contact one of our experienced agents.
That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest.
All Data from the HiCentral MLS, Ltd. Report © 2021 ShowingTime.