Luxury Market Report 2023 Q2

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.

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 2023 Q1 Report >
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 >