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 2023 priced from $2 to $3 million declined 32.8% compared to Q3 2022, with 43 homes sold in the quarter as compared to 64 homes in the same period a year ago. Months’ supply of inventory increased 26.5% compared to last year, rising to 6.2 months in Q3 2023 from 4.9 months in Q3 2022.
For single-family homes in the $3 to $5 million range, sales fell from 21 in Q3 2022 to 18 in Q3 2023, a decrease of 14.3% from the same time last year. Months’ supply of inventory increased 87.7% to 10.7 months from 5.7 months last year.
In the $5 to $10 million range, twelve single-family homes sold in Q3 2023, up from nine homes sold during the same quarter last year. Months’ supply of inventory decreased slightly to 13.7 months from 13.8 months in Q3 2022.
There was one single-family home sold at or above $10 million in Q3 2023, which matched the single sale in Q3 2022. The only sale was a home in Makiki Heights that sold for $10,500,000. Months’ supply of inventory doubled, climbing from 7 months in Q3 2022 to 14 months in the third quarter of 2023.
Condo sales in the $1 to $2.5 million range increased 8.2% in Q3 2023 from Q3 2022, with 105 closed sales in third quarter this year versus 97 closed sales in the third quarter last year. Months’ supply of inventory increased 27.9% to 7.8 months from 6.1 months in Q3 2022.
Fourteen condos priced at $2.5 million and higher sold in Q3 2023, which equaled the number of sales in Q3 2022. Months’ supply of inventory increased 86.7% compared to Q3 2022, to 18.3 months, from 9.8 months the same quarter last year.
Four condos sold at or above $5 million in Q3. Two at Park Lane and two in the Diamond Head area. The top sale was at $12,000,000 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.
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