Market Replace: Oahu, HI August 2022 – LuxuryHomes.com

December 19, 2022

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The Oahu luxurious market continues to see low stock, which has led to decreases within the variety of properties bought, in line with a current luxurious market replace for Oahu, Hawaii.

Regardless of this, the market stays sturdy. When priced accurately, properties are promoting rapidly and nonetheless getting prime greenback. Now we have had six current record-breaking gross sales throughout neighborhoods, with one other one closing subsequent week. Working with an agent who actually is aware of every market, does thorough analysis, and is expert in pricing, is the best way to achieve success in as we speak’s market.

Single-Household Properties

In August, 50 properties bought at or above $1.8M This can be a small lower from August of 2021, however it’s nonetheless excessive in comparison with pre-pandemic ranges, when the typical was 19 luxurious house gross sales. Stock continues to be low, so regardless of there being excessive curiosity from patrons, there should not sufficient properties obtainable. The median value was $2,251,250 down 8.2% in comparison with August 2021. Properties bought after a median of on 30 days on market, tied for the quickest days on market since we began gathering knowledge. Value per sq. foot was $1,034.59, down 11.5% from final 12 months. Properties bought for 99.2% of their asking value, on common, and 46% of them bought at or above asking value.

August 2022 vs 2021 for SFH $1.8M+

#bought: 50 vs 56 in 2021 vs (10.7% lower)
Median value: $2,251,250 vs $2,452,500 in 2021 (8.2% lower)
DOM: 30 vs 39 in 2021 (9 days quicker)
Itemizing/bought ratio: 99.2% vs 99.1% in 2021
% bought at or above asking: 46% at or above itemizing vs 50% in 2021
Value per sq ft: $1,034.59 vs $1,169.54 in 2021 (11.5% lower)

Highest Offered Single-Household Residence

Diamond Head
5 bedrooms | 3.5 baths | 5,166 sq. toes residing | 18,136 sq ft land

Why this property is spectacular: Wake every day to mesmerizing sunrises and wrap round panoramas of lush inexperienced mountain ranges and Pacific Ocean seascapes. Located towards the slopes of iconic Diamond Head, this stately residence affords an expansive flooring plan that seamlessly connect with the outside coated lanai with a BBQ pavilion, solar deck with tiled pool & spa, and outside gardens.

Offered at: $9,280,000 after 71 days on market to an area couple.

Condominiums

There have been 5 luxurious rental gross sales in August, a big lower from final 12 months. Surprisingly, there have been no gross sales on the well-liked buildings reminiscent of Park Lane or Waiea. As of as we speak, there are solely 4 condos on the market at Park Lane and three in escrow. There are 21 luxurious condos in escrow throughout Oahu, so we will anticipate to see a rise in closed gross sales subsequent month. The median value decreased barely to $2,800,000, the best since March. On common, condos obtained 97.6% of their asking value. There have been two condos that have been listed within the $1.9M vary however bought for $1.7M, eradicating them from the luxurious threshold. As talked about earlier, good, market-appropriate pricing is important proper now; the 2 condos that bought above asking value additionally bought a lot quicker than the typical days on market of 80 days. The typical value per sq. foot for luxurious condos was $1,687.41, a negligible enhance over August 2021.

August 2022 vs 2021 for Condos $1.8M+

#bought: 5 vs 22 in 2021 (77.2% lower)
Median value: $2,800,000 vs $2,797,500 in 2021 (no change)
DOM: 80 vs 114 in 2021 (34 days quicker)
Itemizing/bought ratio: 97.6% vs 94.3% in 2021
% bought at or above asking: 40% at or above itemizing vs 18% in 2021
Value per sq ft: $1,687.41 vs $1,664.39 in 2021 (1.3% enhance)

Highest Offered Apartment

Ocean Villas at Turtle Bay, Kuilima
3 bedrooms | 2 baths | 1,538 sq. toes residing

Why this property is spectacular: Immerse your self on this pretty totally furnished 3bdrm/2bath nook finish Villa with ocean views. Excellent inside design & finishes, chestnut hardwood flooring, travertine marble, granite counters and upgraded home equipment. Situated subsequent to the newly renovated Turtle Bay Resort, play golf on the Palmer course, tennis, get pleasure from miles of strolling trails all through the resort, plus eating places, spas, browsing and pristine seashores.

Offered at: $3,580,000 after 120 days on market to a few from California.

This Market Report has been offered by
Caron B Davis, Caron B Realty Worldwide
LuxuryHomes.com Affiliate