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 Q3 2021 priced from $1 to $2 million increased 95.4% compared to Q3 2020, with 549 homes sold in the quarter versus 281 homes in the same period a year ago. Months’ supply of inventory decreased 40.1% compared to last year, down to 2.8 months from 4.7 months.
For single-family homes in the $2 to $3 million range, sales rose from 32 in Q3 2020 to 77 in Q3 2021, 140.6% higher than the year prior. Months’ supply of inventory decreased 63% to 4.1 months from 11.1 months last year.
In the $3 to $5 million range, 32 single-family homes sold in Q3 2021, 39.1% higher than the same quarter last year. Months’ supply of inventory declined by more than half to 6.5 months from 14.6 months in Q3 2020.
Eleven single-family homes sold at or above $5 million in Q3 2021, an increase of 57.1% from the seven sold in Q3 2020. Months’ supply of inventory fell from 25.6 months in Q3 2020 to 13.9 months in the third quarter of 2021.
As for condominiums, there were three sales in Q1 at or above $5 million which includes units at Park Lane, Waikiki Shore, and Hokua at 1288 Ala Moana. The unit at Park Lane was the top sale at $9,999,999.
Sales in the $800 thousand to $1 million range increased a stunning 352.9% in Q3 2021 from Q3 2020, with 154 closed sales in Q3 2021 versus 34 closed sales in the third quarter last year. Months’ supply of inventory was down 65.1% to 3.5 months from 10.1 months in Q3 2020.
Sales for condos priced at $1 million and higher increased 175% in Q3 2021 compared to Q3 2020, from 48 sales during Q3 2020 to 132 during Q3 2021. Months’ supply of inventory decreased 55% compared to Q3 2020, to 8 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.