Oahu Luxury Home Market Report For Q3 2022
The market is continuing its deceleration, with the luxury housing market starting to track the rest of the market as a whole. Even still, there are luxury homes and condos both continuing to sell. The highest condo sale during Q3 was $7,500,000 for a unit in Waiea, an ultra luxury condo tower in Ward Village.
Luxury Single Family Homes On Oahu
Single family homes in the luxury market saw less sales across the board when comparing Q3 2022 to Q3 2021. 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 16.9% when compared to the previous year. This comes out to 64 homes sold in this price segment during Q3 2022, versus 77 homes sold during Q3 2021. Inventory for homes in this category has increased approximately 25.7% compared to last year, up to 4.9 months from 3.9 months.
In the price segment of $3 million to $5 million, luxury single family homes saw an decrease in sales of 34.4% compared to the previous year. There were 21 sales in this price segment during Q3 2022, down from from 32 sales in Q3 2021. Inventory for homes in this category has decreased, down 1.4% from 5.3 months in Q3 2021 to 5.2 months in Q3 2022.
In the price segment of $5 million to $10 million, eight luxury single family homes sold in Q3 2022 - down 20% compared to the 10 luxury homes sold in this price segment during Q3 2021. Inventory in this category has increased by 49.9% compared to the previous year, from 9.7 months of inventory in Q3 2021 to 14.5 months of inventory in Q3 2022.
In the price segment of $10 million or above, one single family home sold for $14,000,000 in Q3 2022, down from two sales in this price segment in Q3 2021. Inventory in this price range has decreased significantly, from 21 months in Q3 2021 to 7 months in Q3 2022.
Luxury Condos On Oahu
Luxury condos are largely tracking the luxury single-family home market as real estate as a whole decelerates. There are two price segments for luxury condos.
In the price segment of $1 million to 2.5 million, luxury condo sales decreased by 11.8% in Q3 2022 when compared to Q3 2021. This breaks down to 110 closed sales during Q3 2021 and 97 closed sales during Q3 2022. Inventory in this category decreased by 10.3% during the quarter, down to 5.9 months from 6.5 months last year.
In the price segment of $2.5 million and higher, luxury condo sales decreased by 36.4% during Q3 2022 at 14 sales, compared to 22 sales during Q3 2021. Inventory in this category fell 25.7%, down to 9.9 months from 13.4 months during the same quarter last year.
There were two condo sales higher than $5 million during the quarter, one at Waiea and one at Park Lane.
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