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 Q2 2023 priced from $2 to $3 million declined 42% compared to Q2 2022, with 47 homes sold in the quarter as compared to 81 homes in the same period a year ago. Months’ supply of inventory increased 1.9% compared to last year, rising to 5.3 months in Q2 2023 from 5.2 months in Q2 2022.
For single-family homes in the $3 to $5 million range, sales fell from 38 in Q2 2022 to 14 in Q2 2023, a decrease of 63.2% from the same time last year. Months’ supply of inventory increased 124.4% to 10.1 months from 4.5 months last year.
In the $5 to $10 million range, ten single-family homes sold in Q2 2023, up slightly from the nine homes sold during the same quarter last year. The top sale was at $8,675,000 for a home in Kailua. Months’ supply of inventory increased by 65.8% to 19.9 months from 12 months in Q2 2022.
There were zero single-family homes sold at or above $10 million in Q2 2023, down from four homes sold in Q2 2022. Months’ supply of inventory increased 62.5%, climbing from 8 months in Q2 2022 to 13 months in the second quarter of 2023.
Condo sales in the $1 to $2.5 million range decreased 40.6% in Q2 2023 from Q2 2022, with 95 closed sales in second quarter this year versus 160 closed sales in the second quarter last year. Months’ supply of inventory increased 63.5% to 8.5 months from 5.2 months in Q2 2022.
Sales for condos priced at $2.5 million and higher declined to thirteen in Q2 2023 compared to twenty-one sales in Q2 2022, a decline of 38.1%. Months’ supply of inventory increased 72.9% compared to Q2 2022, to 16.6 months, from 9.6 months the same quarter last year.
Six condos sold at or above $5 million in Q2. Four at Park Lane and two in Waiea, and one at the Ritz-Carlton Residences. The top sale was at $10,000,000 for a unit at Park Lane.
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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.