Demand for luxury homes on Oahu remained strong in February, according to a new report released by Caldwell Banker Realty. February 2021 and February 2022 luxury home sales are up year-over-year, according to the report, which is based on the MLS (real estate information database system) of all single-family and condominiums sold for $2 million or more in February 2021 and 2022. 25% increase.
In terms of numbers, 40 luxury homes were sold this year, compared with 32 in the same month last year. Of these, 19 were sold in the price range of $2 million to $2.9 million, 10 were sold in the $3 million to $3.9 million range, and 11 were sold in the $4 million and above range.
The median sales price of luxury homes is also up 6%, from $2.8 million in February 2021 to $2.98 million last month.
Single-family homes dominated luxury real estate sales on Oahu throughout 2021, but condos have taken center stage in the luxury market this year, the report notes. This is because sales of luxury condominiums increased 57% to 11 this year, compared to 7 in February last year. However, sales in the $2 million to $3.99 million price range increased 150%, from 4 to 10, while sales of luxury condominiums in the $4 million and above range increased by 4% compared to the same month last year. 67% decrease from 1 to 1.
On the other hand, the number of detached houses sold in February increased from 25 to 29, a 16% increase from the previous year. Also, sales of homes in the $2 million to $2.9 million range fell from 17 to 13, while sales in the higher price range increased. Sales of homes in the $3 million to $3.99 million and $4 million and above price ranges were 6 and 10, respectively, up 200% from the same month last year, while sales of $6 million and above were down from the same period last year. 3 out of 0 cases. The number of condominiums in escrow also increased by 50% to 18 units last month, compared to 12 in February, but the number of single-family homes in escrow showed signs of slowing down for the second consecutive month, reaching 66 last month. It remained at a mere 9% increase from 72 units.
“This decline was not due to a drop in demand, but rather due to demand exceeding supply,” said Patti Nakagawa, global luxury director at Coldwell Banker Real Estate. “Based on current sales rates, we had 2.3 months of inventory remaining for $2 million to $2.99 million and only 1.9 months for $3 million to $3.99 million. It will take about two months to sell out all the sellable inventory."
According to the report, the Waikiki area had the most sales, with four, followed by Diamond Head, Kahala, and Kakaako, with three each.
The highest recorded home sale price in February was a 4 bedroom, 4 full & 1 half bath detached house in Kahala. It was purchased for $17.51 million (about ¥2 billion) 141 days after it hit the market. It will be the second sale of more than $10 million since 2022.
Source：Pacific Business News