The first quarter of the year typically sets the pace for the second and third quarters for the luxury real estate market on Oahu. Although the first quarter historically dips compared to the remaining quarters, it is the benchmark for the level of sales that normally follow. If this trend continues in 2016, single-family homes selling for more than $1 million are likely to set new records. The number of single-family home transaction sides that sold in the first quarter was 328 compared to the first quarter last year – that’s a 25 percent increase.
OAHU SINGLE-FAMILY HOME SALES BY QUARTER – VOLUME AND TRANSACTION SIDES
While the bulk of sales remain in the $1 million to $2 million price range, with 79 percent of the sales over $1 million to date, the next tier price range from $2 million to $3 million is gaining traction. In fact, 24 single-family homes sold in this price range compared to only 13 last year. This 85 percent increase in sales is an indication that the market has somewhat adjusted to the higher prices. All price ranges up through $5.99 million recorded sales at or above the number of sales compared to the first quarter of last year, except for the top range of $6 million or more. In this price range to date we have only had two closings, compare to five last year. We are hopeful that we will see a spike in the higher-end over the summer months.
SINGLE-FAMILY HOME SALES ON OAHU BY PRICE RANGE, 2016 vs. 2015
The neighborhoods with the highest sales volume in the first quarter of 2016 were Kahala, Hawaii Loa Ridge, Lanikai, Waialae Iki, and Triangle (Hawaii Kai). The highest number of home sold were in the Kahala, Enchanted Lake, Hawaii Loa Ridge, Lanikai, Waialae Iki, Triangle (Hawaii Kai) and Mariner’s Ridge (Hawaii Kai) neighborhoods. For condominiums, the top three neighborhoods were Kakaako, Waikiki, and Diamond Head.
MARKET SHARE OF LISTINGS GLOSED
(UNITS $1,500,000+, LAST TWELVE MONTHS ENDING MARCH 2016)
Successfully selling a luxury home requires skill, expertise and a wide net of prospective buyers—and that’s what you get when you list your home with Michael Shower (RA). Contact me to get started today.