Oahu Luxury Home Market Report For Q2 2022
Overall the market has seen a deceleration. There have been decreases in volume throughout multiple market segments in Q2 2022 compared to Q2 2021. However, it's worth noting that the year of 2021 was an anomaly. 2022 so far is still well up in sales compared to years prior to 2021.
The Oahu luxury market is generally following this trend to varying degrees, depending on the area and the price segment.
Luxury Single Family Homes On Oahu
Single family homes in the luxury market saw mixed results when Q2 2022 is compared to Q2 2021. The top sale during the quarter was $12,800,000, occuring in the Beachside neighborhood of Kailua.
This report breaks sales data down into four price segments of luxury single family homes.
In the price segment of $2 million to $3 million, luxury single family homes saw a decrease in sales of 8% when compared to the previous year. This comes out to 81 homes sold in this price segment during Q2 2022, versus 88 homes sold during Q2 2021. Inventory for homes in this category has increased approximately 28.2% compared to last year, up to 4.7 months from 3.7 months.
In the price segment of $3 million to $5 million, luxury single family homes saw an increase in sales of 26.7% compared to the previous year. There were 38 sales in this price segment during Q2 2022, up from 30 sales in Q2 2021. Inventory for homes in this category has decreased, down 24.8% from 6.9 months in Q2 2021 to 5.2 months in Q2 2022.
In the price segment of $5 million to $10 million, nine luxury single family homes sold in Q2 2022 - down 18.2% compared to Q2 2021. Inventory in this category has slightly declined - down to 12 months compared to 12.5 months in Q2 2021.
In the price segment of $10 million or above, four single family homes sold in Q2 2022. These sales came in the neighborhoods of Beachside in Kailua, Kahala, Diamond Head, and Portlock in Hawaii Kai. Inventory in this price range has decreased significantly, from 30 months in Q2 2021 to 11.1 months in Q2 2022.
Luxury Condos On Oahu
Luxury condos largely increased or remained at the same level in sales during Q2 2022 compared to Q2 2021. Four condos sold for $5 million or more in Q2 2022, consisting of three units at Park Lane and one unit at Hokua. The top sale for a luxury condo during this quarter was $12,150,000 for a unit at Park Lane.
In the price segment of $1 million to 2.5 million, luxury condo sales saw a 40.4% increase in Q2 2022 when compared to Q2 2021. This breaks down to 114 closed sales during Q2 2021 and 160 closed sales during Q2 2022. Inventory in this category decreased by 38.1% during the quarter, down to 5.1 months from 8.3 months last year.
In the price segment of $2.5 million and higher, luxury condo sales remained neutral during Q2 2022, tying with Q2 2021 at 21 sales. Inventory in this category fell 32%, down to 10.3 months from 15.1 months during the same quarter last year.
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