Oahu Luxury Home Market Report For Q1 2023

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.

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Oahu Luxury Single-Family Homes | Market Stats

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.

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.

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.

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.

Oahu Luxury Condos | Market Stats

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.

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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