Oahu Luxury Home Market Report For Q4 2022
The Oahu luxury real estate market has largely continued to follow the market as a whole, declining in activity compared to the previous year. Across both the luxury condo and luxury home markets, most price ranges saw an increase in months' supply on inventory. While luxury condos saw a few high-dollar sales, single-family homes didn't see any sales in their highest price segment during Q4.
Luxury Single Family Homes On Oahu
Single family homes in the luxury market saw a decrease in sales across the board when comparing Q4 2022 to Q4 2021. This report breaks sales data down into price segments for luxury single family homes.
In the price segment of $3 million to $5 million, luxury single family homes saw a decrease of 59.1% in sales, with 18 homes sold in Q4 2022, compared to 44 homes sold in Q4 2021. Inventory in this category has increased by 54.8%, up to 6.5 months from 4.2 months last year.
In the price segment of $5 million to $10 million, seven luxury single family homes sold in Q4 2022, a decrease of 36.4% compared to the 11 homes sold in this price segment during Q4 2021. Inventory in this category has increased by 29.6%, up to 12.7 months from 9.8 months in Q4 2021.
Luxury Condos On Oahu
Though the pace has definitely slowed, luxury condo sales are still happening even as the market as a whole decelerates. There are two price segments for luxury condos. Both saw a decrease in sales alongside an increase in months' supply of inventory, but at a reduced rate to the single-family home sector of the market.
In the price segment of $1 million to 2.5 million, luxury condo sales decreased by 21.2% in Q4 2022 when compared to Q4 2021. This breaks down to 118 closed sales during Q4 2021 and 93 closed sales during Q4 2022.
In the price segment of $2.5 million and higher, luxury condo sales decreased by 14.3% year-over-year during Q4 2022 at 18 sales, compared to 21 sales during Q4 2021. Four luxury condos sold at or above $5 million during Q4 2022, including units in both Waiea and Park Lane. The top condo sale for the quarter was a $10,250,000 unit at Park Lane.
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