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 in Q4 2022 priced from $2 to $3 million declined 48.1% compared to Q4 2021, with 41 homes sold in the quarter versus 79 homes in the same period a year ago. Months’ supply of inventory increased 46.7% compared to last year, increasing to 4.4 months from 3.0 months.
For single-family homes in the $3 to $5 million range, sales fell from 44 in Q4 2021 to 18 in Q4 2022, decreasing 59.1% from the same time last year. Months’ supply of inventory increased 54.8% to 6.5 months from 4.2 months last year.
In the $5 to $10 million range, seven single-family homes sold in Q4 2022, down 36.4% from the eleven homes sold during the same quarter last year. Months’ supply of inventory increased by 29.6% to 12.7 months from 9.8 months in Q4 2021.
There were no single-family homes sold at or above $10 million in Q4 2022, matching the same period last year. Months’ supply of inventory fell 48.6%, declining from 21 months in Q4 2021 to 10.8 months in the fourth quarter of 2022.
Condo sales in the $1 to $2.5 million range decreased 21.2% in Q4 2022 from Q4 2021, with 93 closed sales in Q4 2022 versus 118 closed sales in the fourth quarter last year. Months’ supply of inventory increased 9.4% to 7 months from 6.4 months in Q4 2021.
Sales for condos priced at $2.5 million and higher fell to 18 in Q4 2022 compared to 21 sales in Q4 2021, a decline of 14.3%. Months’ supply of inventory increased 2.8% compared to Q4 2021, to 11 months from 10.7 months the same quarter last year.
Four condos sold at or above $5 million in Q4 2022, which include one unit each at Waiea, Park Lane, 3003 Kalakaua, and 3019 Kalakaua Ave Apt. The top sale was at $10,250,000 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.