Oahu Luxury Market

CONTINUES, REMAINS STRONG

Even as uncertainty looms in the overall real estate market, Oahu continues to see record sales in the luxury sector for single and multi-family homes. This can be attributed to the vigorous competition for a continued low inventory of homes, eager affluent buyers who are ready to move up or purchase their second or third homes, and for those not paying cash, mortgage rates that are still reasonable, despite the recent uptick.

Gregg Antonsen, newly appointed senior vice president of luxury sales for Corcoran Pacific Properties says the company is pleased to present its monthly Luxury Market Report, providing details on real estate trends, new listings, sales ratio and luxury benchmark prices.

“On Oahu, data demonstrates the continuation of a stable, luxury real estate market in both the single family and attached property segments. However, the report also reveals a calmer balance and a slightly slower market due to economic uncertainties. Whether the slowdown continues remains to be seen with the impending return of Asian visitors.”

RECORDED SALES

The Corcoran Pacific Luxury Report identifies the Oahu Luxury Benchmark as single-family homes priced at $1.75 million and above and attached homes (condos, townhomes) priced at $750,000 and higher. The number of sold properties in April 2022, continues to point to a sellers’ market for single family homes with an upward trend of approximately 31% compared to April 2021. Median sales price in this luxury sector was $2.5 million. Attached homes, also in a sellers’ market phase, reported an 84% increase with a median price of $900,000. Sales and median monthly sold prices have been consistently higher over the last six months.

INVENTORY

Overall, listings for luxury residences were down due to a lack of inventory, which is still close to 25% lower than a year ago. Unless this changes, it will impact the lack of opportunity and availability for buyers in the foreseeable future.

If inventory levels remain stable or begin to increase, both the single-family and attached market will outperform and offer prospective buyers both choice and availability. As we head towards the vacation season, an uptick in the number of sales could be the first indicator of rising inventory levels.

To find a knowledgeable luxury real estate agent at any of the 12 Corcoran Pacific offices statewide, or for more information on available inventory, visit corcoranpacific.com.