Luxury home sales on Oahu rose 26% in the first quarter compared to the same period in 2021, according to Coldwell Banker Realty's new luxury market report. Luxury properties priced at $2 million or more sold 131 in Q1 2021, compared with 104 in Q1 2021. This figure is based on MLS data for single-family homes and condominiums and does not include sales of new developments. Sales of condominiums remained strong, rising to 33 this year from 15 in the first quarter of last year, but single-family home sales rose only 10% quarter-on-quarter, from 89 to 98.
"Since January of this year, sales of luxury single-family homes have been driven by a shortage of inventory to meet strong demand for homes with privacy, security, and spaciousness," said Patti Nakagawa, global luxury director at Coldwell Banker Realty. suppressed,” he explains. Sales in the first quarter included 16 homes in Diamond Head, 11 in Lanikai, 8 in Kakaako, and 5 each in Ala Moana and Hawaii Loa Ridge.
In March alone, 56 luxury properties were sold, up 10% from the 51 recorded in March 2021. The median sales price for luxury homes was $3.2 million, up 14% from the median sales price of $2.8 million in March.
Luxury condos are reported to continue to benefit as the supply of single-family homes is low and prices are being pushed beyond affordability. The number of sales of luxury condominiums is a "significant increase" of 86% compared to 7 sales in March-March. Condos priced between $2 million and $2.99 ​​million were five, the same number as in March last year, but the number of condos priced at $3 million or more increased by 300% to 8 compared to two. On the other hand, the number of luxury detached houses sold was 43 out of 44, a slight decrease of 2% from March. While sales declined in the $2M to $2.99M and $3M to $3.99M price ranges, the $4M to $5.99M price range saw 11 sales last month, compared to 1 in March 2021. It is said that the sales of
"The increase in sales at this price point is primarily driven by buyers from the mainland United States," the report said. Half of them are from California, and the other half are from Texas, New Jersey, and Utah.
"Single-family home sales are tapering off because there isn't enough inventory to meet consumer demand," Nakagawa said. “Condominium sales are driven by buyers who have bounced back from failed single-family purchases or failed to exceed their affordability. less than three months,” he added. Last month, there were eight sales in the Diamond Head area, six in the Lanikai area, and three each in Hawaii Loa Ridge, Kakaako, and Waikiki, all exceeding the $2 million mark.
March's most expensive home sale recorded by the MLS was a 4-bed, 4-full (unit bath), 1-half bath (toilet only) single-family home in Diamond Head, which sold for $19.6 million.
Source：Pacific Business News
