Oahu Luxury Home Market Report For Q3 2023
As the third quarter draws to a close, let's take a look at recent real estate activity in the luxury segment of Oahu Real Estate Market with List Sotheby's International Realty. This market report breaks Single-Family Homes down into four price segments, and Condos into two price segments
Oahu Luxury Single-Family Homes | Market Stats
In the first price segment, $2 to $3 Million, there was a decline in sales of 32.8% for this quarter at 43 homes sold compared to 64 during Q3 2022. Months' supply of inventory is up as well, increasing 26.5% compared to last year - up to 6.2 months in Q3 2023 from 4.9 months in Q3 2022.
The second segment of luxury single-family homes, from $3 million to $5 million, saw a decline in sales of 14.3% during Q3 2023 when compared to the previous year. The months ' supply of inventory is up 87.7%, from 5.7 months in Q3 2022 to 10.7 months in Q3 2023.
Bucking the trend, the $5 to $10 million segment saw an increase in closed sales - twelve single-family homes sold in this price range during Q3 2023, compared to nine the year before. Months' supply of inventory for decreased slightly, down to 13.7 months for Q3 2023 from 13.8 months in Q3 2022.
The final luxury home price segment of $10 million plus saw a single sale during this quarter, matching the single sale for this segment in Q3 2022. That home was one in Makiki Heights, which sold for $10,500,000. Months supply of inventory in Q3 2023 has doubled at 14 months compared to 7 months in Q3 2022.
Oahu Luxury Condos | Market Stats
The Oahu luxury condo market segment of $1 to $2.5 million saw an increase in closed sales during Q3 2023, up 8.2% with 105 closed sales compared to the 97 closed sales for Q3 2022. Months supply of inventory has increased for the same time period, up 27.9% to 7.8 months in Q3 2023 when compared to 6.1 months the previous year.
For condos above $2.5 million, there were a total of fourteen closed sales for Q3 2023 - the same number as the year before. Months' supply of inventory has increased by 86.7% to 18.3 months for this quarter when compared to 9.8 months during Q3 2022.
Four breakout luxury condos sold at or above the $5 million mark during Q3. Two of these (including the top sale at $12,000,000) were at the luxurious Park Lane condominium, while the other two were in the Diamond Head area.
If you're considering buying or selling a home or condo in Oahu, now is the time to get in touch. Remember - this post and the information on this website are no substitute for personalized advice. Our team of experienced real estate professionals is ready to guide you through the process and help you make the most of the current market conditions. Contact us today to get started!