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 2022 priced from $2 to $3 million decreased 21.8% compared to Q1 2021, with 43 homes sold in the quarter versus 55 homes in the same period a year ago. Months’ supply of inventory decreased 34.1% compared to last year, down to 4.1 months from 6.3 months.
For single-family homes in the $3 to $5 million range, sales rose from 23 in Q1 2021 to 33 in Q1 2022, 43.5% higher than the year prior. Months’ supply of inventory decreased 51.1% to 4.6 months from 9.4 months last year.
In the $5 to $10 million range, 16 single-family homes sold in Q1 2022, 220% higher than the same quarter last year. Months’ supply of inventory declined by 42.5% to 8.0 months from 13.8 months in Q1 2021.
Five single-family homes sold at or above $10 million in Q1 2022—two in Diamond Head and one each in Kahala, Lanikai, and Makiki Heights. The top sale was at $19,600,000 for a home in Diamond Head. Months’ supply of inventory fell from 26.0 months in Q1 2021 to 16.5 months in the first quarter of 2022. Condo sales in the $1 to $2.5 million range increased 123.1% in Q1 2022 from Q1 2021, with 145 closed sales in Q1 2022 versus 65 closed sales in the first quarter last year. Months’ supply of inventory was down 55.1% to 5.6 months from 12.6 months in Q1 2021.
Sales for condos priced at $2.5 million and higher increased 20% in Q1 2022 compared to Q1 2021, from 15 sales during Q1 2021 to 18 sales during Q1 2022. Months’ supply of inventory decreased 60% compared to Q1 2021, from 22.5 months to 9.0 months in Q1 2022.
Four condos sold at or above $5 million in Q1 2022, which included two units at Park Lane, one unit at Waiea, and one in Nauru Tower. The top sale was at $9,000,000 for a unit at Park Lane.
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 © 2022 ShowingTime.