Oahu Luxury Home Market Report For Q4 2023

Text saying "List Sotheby's International Realty" above an image of waves lapping at the beach with a mountain in the distance

Welcome to the fourth quarter update for Oahu's luxury real estate market, presented by HiEstates with List Sotheby's International Realty. The luxury market as a whole trended downward for Q4 2023, with a few variations depending on price segments. Internationally, Japanese investors continue to lead in foreign real estate investment in Oahu.

As we delve into the last quarter of 2023, let's explore the varied dynamics that have shaped the luxury real estate landscape in paradise over this previous quarter. The Oahu luxury market is usually broken down into the following price segments for single-family homes and condos.

Aerial view from the ocean of Honolulu shoreline on left side with 4th quarter luxury market segments on righthand side

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Luxury Single-Family Homes

SFH Price Segment 1 stats on left side, a living room on the right side

The first price segment in the luxury single-family home market consists of those homes between $2 Million and $3 Million in price. Sales in this category have declined by 20% compared to the same period last year, with 32 homes sold in Q4 2023 versus 40 homes in Q4 2022. Notably, the months’ supply of inventory has increased significantly, up 55.1% to 7.6 months for Q4 2023 compared to 4.9 months for Q4 2022.

A kitchen on the right side of the image and luxury market stats on the left side

The next segment, $3 Million to $5 Million, saw a 22.2% decrease in sales. There were a total of 14 homes sold during Q4 2023, down from 18 homes sold during Q4 2022. Similar to the previous price segment, months' supply of inventory rose - up to 10.4 months, a 48.6% increase for Q4 2023 from the 7 months of the prior year.

Image of an open floor plan home on the right, luxury market stats on the left

The third price segment of $5 Million to $10 Million slightly reversed the trend for the fourth quarter of 2023, up 14.28% with 8 single-family home sales versus 7 closed sales the prior year for the same quarter. Inventory also saw a slight decrease of 8% for Q4 2023, down to 12.6 months from 13.7 months last year. The top single-family home sale for the quarter was in this segment, a home in Makiki that closed at $8,625,000.

Image of an in-home pool on right, oahu luxury market stats on the left

The final price segment of $10 Million and up saw no sales for Q4 2023, consistent with the previous year. Months' supply of inventory for this price segment reached 20 months, an increase from 9.6 months for Q4 2022.

Luxury Condos

Luxury condo sales for Q4 2023 have reflected interesting trends, though at large have dipped in parallel with the single-family home market.

View from a condo unit balcony looking over the ocean and palm trees on left side, luxury market stats on right side

The first segment of luxury condos in the $1 Million to $2.5 Million price range saw an overall decrease of 9.7% for the quarter year-to-year. This comes out to 84 closed sales for Q4 2023, compared to 93 closed sales for the same period the year before. Months' supply of inventory for this segment has slightly, up to 7.8 months from 7.5 months for Q4 2022.

Image of an open floor plan condo unit with kitchen, dining, and living room on left side, luxury condo market stats on right side

The second segment, condos priced at $2.5 Million and up, saw a total of 14 sales for the quarter. This is a 22.2% decrease compared to Q4 2022, which saw 18 closed sales in this price segment. Months' supply of inventory saw a large increase for this category, up 53.6% in Q4 2023 to 16.9 months from 11 months for the same quarter the prior year.

Top Luxury Sales

Of the fourteen luxury condo sales in the $2.5 Million and up segment, six of them were at or above the $5 Million mark. Five of those units were located in the Park Lane luxury condo in Ala Moana, while the last one was at the Ocean Villas in Turtle Bay.

Aerial shot of Oahu coastline and a golf course on right side of image, with luxury market stats on left

The top luxury condo sale for the quarter was a condo in Park Lane that closed at $27,500,000, while the top single-family home sale for the quarter was a home in Makiki that closed at $8,625,000.

Reach Out

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. Reach out at 1-(808) 698-6100 or email me at [email protected] to get started!

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