Oahu Luxury Home Market Report For Q2 2023
The second quarter of 2023 saw varied dynamics across the single-family home and condominium markets on Oahu. In the single-family home market, a decrease in sales was noted across the price ranges, with a larger drop in homes in the $2 to $3 million and $3 to $5 million categories. Simultaneously, the supply of inventory saw an increase across all price categories.
Oahu Luxury Single-Family Homes | Market Stats
In the $2 to $3 million range, Q2 2023 saw a decline of 42% in single-family home sales compared to Q2 2022, with 47 homes sold this quarter versus 81 homes in the same period last year. Months’ supply of inventory saw a slight increase of 1.9%, rising to 5.3 months in Q2 2023 from 5.2 months in Q2 2022.
The $3 to $5 million category also experienced a drop, with sales falling 63.2% from 38 in Q2 2022 to 14 in Q2 2023. The supply of inventory in this category climbed dramatically, increasing by 124.4% to 10.1 months from 4.5 months last year.
Within the $5 to $10 million range, ten single-family homes were sold in Q2 2023, slightly more than the nine homes sold during the same quarter last year. The top sale was a home in Kailua, sold for $8,675,000. Months’ supply of inventory increased by 65.8% to 19.9 months from 12 months in Q2 2022.
For the homes priced at or above $10 million, there were no sales recorded in Q2 2023, marking a decrease from four homes sold in Q2 2022. The inventory supply for this category increased 62.5%, climbing from 8 months in Q2 2022 to 13 months in Q2 2023.
Oahu Luxury Condos | Market Stats
Our report also delves into two condominium price segments.
For condos in the $1 to $2.5 million range, sales decreased 40.6% in Q2 2023 from Q2 2022. A total of 95 units were sold in the second quarter this year compared to 160 units in the same period last year. The months’ supply of inventory saw a significant increase of 63.5%, growing to 8.5 months from 5.2 months in Q2 2022.
Sales for condos priced at $2.5 million and higher declined by 38.1% to thirteen in Q2 2023 from twenty-one sales in Q2 2022. The supply of inventory increased 72.9% compared to Q2 2022, rising to 16.6 months from 9.6 months in the same quarter last year.
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