Oahu Luxury Home Market Report For Q4 2021
As with the rest of the Oahu real estate market, the Luxury Home market saw significant price increases, very tight inventory and high buyer demand year over year from 2020 to 2021.
Luxury homes on Oahu are largely broken down into four price segments for single-family homes and two price segments for condos. The highest rate of increase was seen in the condo price segment of $1 Million+, with an astounding 206.7% increase of sales in Q4 2021 compared to Q4 2020.
In Q4 2021, the largest individual sale for a single-family home was a $9 Million home in Kahala. The largest individual sale for a condo was a unit in Waiea that sold for $11,500,000.
Single Family Homes
Single-family homes priced from $1 Million to $2 Million during Q4 2021 saw an increase in sales of 50.6% compared to the previous year. This comes out to 491 homes sold in Q4 2021 against 326 homes sold in Q4 2020. Inventory year over year is down 42.4% to 2 months supply, compared to 3.6 months in Q4 2020.
The next price range of $2 Million to $3 Million saw an increase in sales of 88.1% in Q4 2021 compared to Q4 2020. This comes out to 79 homes sold versus to 42 homes sold the previous year. Inventory is down 63.6% to 3 months supply, compared to 8.2 months in Q4 2020.
The price range of $3 Million to $5 Million saw the largest year over year increase for single-family homes in the Luxury Home market, with 131.6% more sold in Q4 2021 versus Q4 2020. Inventory is down 61.9% to 4.5 months supply, compared to 11.8 months in Q4 2020.
The highest tier of $5 Million and up saw 11 sales in Q4 2021. Six of those homes were in the Diamond Head area, with the top sale of Q4 2021 being a $9,000,000 home in Kahala. Inventory is down to 15.3 months supply in Q4 2021, compared to 26.7 months in Q4 2020.
Condos in the price range of $800,000 to $1 Million saw an increase in sales of 125.9% for Q4 2021 year over year. This comes out to 131 closed sales in Q4 2021 compared to 58 closed sales the prior year. Inventory decreased to 2.8 months supply compared to 7.2 months in Q4 2020.
Condos in the price range of $1 Million or more saw an even bigger increase in sales, with a 206.7% increase in closed sales for Q4 2021 compared to Q4 2020. Inventory year over year decreased by 65.5%.
Local markets can vary greatly depending on the neighborhood. If you have questions about a specific neighborhood, reach out and request a consultation - we're happy to help!