Oahu Luxury Home Market Report For Q1 2023

Oahu Q1 2023 Luxury Market Stats with view of sunset in background

The Oahu luxury home market has seen some changes in Q1 2023, with varying trends across different price segments. Here's a breakdown of the performance of single-family homes and condominiums within distinct price brackets.

Oahu Luxury Market Price segments

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Oahu Luxury Single-Family Homes | Market Stats

Oahu Single-Family Home Luxury Stats 1

In the luxury single-family homes segment ranging from $2 to $3 million, there's been a noticeable downturn in sales of15.9% when comparing Q1 2023 to Q1 2022. Breaking it down, that comes to 37 homes sold in this quarter versus the 44 homes sold the previous year. There's also been a contraction in available inventory by 13.6%, which has led to a reduction in the supply timeframe - down to 3.8 months this quarter from a previous 4.4 months in Q1 2022.

Oahu Luxury Condo Stats SFH 2

In the segment of $3 to $5 million, there was a significant decrease in sales. Broken down into numbers, that is only 14 homes sold compared to 33 homes sold in Q1 2022, marking a decrease of 57.6%. Inventory saw a rise of 78.6%, increasing to 7.5 months compared to 4.2 months last year.

Oahu Single-Family Home Luxury Stats 2

In the luxury single-family homes segment ranging from $5 to $10 million, Q1 2023 saw a 50% drop in sales. 8 homes sold in the first quarter compared to 16 in Q1 2022. Inventory saw a substantial increase of 107.1%, rising to 17.6 months from 8.5 months last year.

Oahu April Market Stats SFH 4

The ultra-luxury segment at or above $10 million saw three sales in Q1 2023, located in Kahala, Beachside, and Diamond Head. The top sale was a stunning Kahala home sold for $15,000,000. Inventory rose by 29.2%, increasing from 11.3 months in Q1 2022 to 14.6 months in Q1 2023.

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Oahu Luxury Condos | Market Stats

Oahu Luxury Condo Stats 1

In the luxury condo market, units priced between $1 to $2.5 million saw a decrease of 35.2% in sales, with 94 closed sales this quarter compared to 145 in Q1 2022. Inventory increased by 36.2% to 7.9 months from 5.8 months last year.

Oahu Luxury Condo Stats 2

For the luxury segment at $2.5 million and above, sales declined by 63.2%. Breaking it down, that comes out to only seven sales this quarter compared to nineteen in Q1 2022. The inventory supply saw a significant increase of 91.6%, rising to 15.9 months compared to 8.3 months in Q1 2022.

Four top-tier condos, all located at Park Lane, sold for $5 million or more in Q1 2023. The top sale was a luxury unit at Park Lane, sold for a whopping $9,990,000.

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120 Properties
Page 1 of 10
$7,200,000
Condo: Waiea - 1118 Ala Moana
3
Beds
3F11/2
Baths
2,674
Sq.Ft.
2016
Year Built
2
Days on Site
202403211
MLS
$2,800,000
Condo: Hokua At 1288 Ala Moana
2
Beds
2
Baths
1,524
Sq.Ft.
2006
Year Built
5
Days on Site
202403541
MLS
2
Beds
2F11/2
Baths
1,986
Sq.Ft.
2016
Year Built
12
Days on Site
202403366
MLS
$2,735,000
Condo: Anaha - 1108 Auahi
2
Beds
2
Baths
1,691
Sq.Ft.
2017
Year Built
12
Days on Site
202403695
MLS
$7,400,000
Condo: Waiea - 1118 Ala Moana
3
Beds
3F11/2
Baths
2,659
Sq.Ft.
2016
Year Built
14
Days on Site
202403330
MLS
Open 3/3
47 Kailuana Place Kailua,  HI 96734
$16,880,000
Neighborhood: Beachside
6
Beds
6F21/2
Baths
5,804
Sq.Ft.
2004
Year Built
14
Days on Site
202403516
MLS
Active Under Contract
3005 Kalawao Street #2 Honolulu,  HI 96822
$2,498,000
Neighborhood: Manoa Area
4
Beds
3
Baths
2,420
Sq.Ft.
2022
Year Built
15
Days on Site
202403481
MLS
3
Beds
3
Baths
2,499
Sq.Ft.
2006
Year Built
16
Days on Site
202403324
MLS
Open 3/3
1296 Kapiolani Boulevard Honolulu,  HI 96814
$2,349,998
Condo: Moana Pacific
3
Beds
3
Baths
2,349
Sq.Ft.
2007
Year Built
16
Days on Site
202403422
MLS
Active Under Contract
5576 Poola Street Honolulu,  HI 96821
$2,350,000
Neighborhood: Kahala Kua
4
Beds
3
Baths
2,186
Sq.Ft.
2002
Year Built
16
Days on Site
202400863
MLS
Open 3/3
232 Hanakoa Place #A Honolulu,  HI 96825
$2,000,000
Neighborhood: Koko Head Terrace
6
Beds
4
Baths
2,652
Sq.Ft.
2010
Year Built
17
Days on Site
202403385
MLS
2
Beds
2F11/2
Baths
1,474
Sq.Ft.
2014
Year Built
20
Days on Site
202402903
MLS

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