Luxury Market Report 2023 Q1

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. Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments.

Single-family home sales for Q1 2023 priced from $2 to $3 million declined 15.9% compared to Q1 2022, with 37 homes sold in the quarter as compared to 44 homes in the same period a year ago. Months’ supply of inventory decreased 13.6% compared to last year, declining to 3.8 months in Q1 2023 from 4.4 months in Q1 2022.

For single-family homes in the $3 to $5 million range, sales fell from 33 in Q1 2022 to 14 in Q1 2023, decreasing 57.6% from the same time last year. Months’ supply of inventory increased 78.6% to 7.5 months from 4.2 months last year.

In the $5 to $10 million range, eight single-family homes sold in Q1 2023, down by half from the sixteen homes sold during the same quarter last year. Months’ supply of inventory increased by 107.1% to 17.6 months from 8.5 months in Q1 2022.

Three single-family homes sold at or above $10 million in Q1. One in Kahala, one in Beachside, and one in Diamond Head. The top sale was at $15,000,000 for a home in Kahala. Months’ supply of inventory increased 29.2%, climbing from 11.3 months in Q1 2022 to 14.6 months in the first quarter of 2023.

Condo sales in the $1 to $2.5 million range decreased 35.2% in Q1 2023 from Q1 2022, with 94 closed sales in the first quarter this year versus 145 closed sales in the first quarter last year. Months’ supply of inventory increased 36.2% to 7.9 months from 5.8 months in Q1 2022.

Sales for condos priced at $2.5 million and higher declined to seven in Q1 2023 compared to nineteen sales in Q1 2022, falling 63.2%. Months’ supply of inventory increased 91.6% compared to Q1 2022, to 15.9 months, from 8.3 months the same quarter last year.

Four condos sold at or above $5 million in Q1, all at Park Lane. The top sale was at $9,990,000 for a unit at Park Lane.

Remember that every home and situation is unique. For guidance with your currentor 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.

Past Reports

View 2022 Q4 Report >
View 2022 Q3 Report >
View 2022 Q2 Report >
View 2022 Q1 Report >
View 2021 Q4 Report >
View 2021 Q3 Report >
View 2021 Q2 Report >
View 2021 Q1 Report >