Aloha and welcome to The Oahu Quarterly Luxury Market Report from List Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu.
The Oahu luxury home market report is broken down into four single-family home categories and two condominium price segments.
Single-family home sales for Q1 2024 priced from $2 to $3 million increased 29.7% compared to Q1 2023, with 48 homes sold in the quarter as compared to 37 homes in the same period a year ago. Months’ supply of inventory increased 67.4% compared to last year, rising to 7.2 months in Q1 2024 from 4.3 months in Q1 2023.
For single-family homes in the $3 to $5 million range, sales fell from 14 in Q1 2023 to 10 in Q1 2024, decreasing 28.6% from the same time last year. Months’ supply of inventory increased 42.5% to 11.4 months from eight months last year.
In the $5 to $10 million range, seven single-family homes sold in Q1 2024, one fewer than the eight homes sold during the same quarter last year. Months’ supply of inventory decreased 35.7% to 11.7 months from 18.2 months in Q1 2023.
There were five single-family homes sold at or above $10 million in Q1 2024, 150% more than the two homes sold in Q1 2023. These sales
included one in Kahala, two on the North Shore, one in Diamond Head and one in Beachside. The top sale was at $14,400,000 for a home on
the North Shore. Months’ supply of inventory decreased 16.8%, declining from 13.7 months in Q1 2023 to 11.4 months in the first quarter of 2024.
Condo sales in the $1 to $2.5 million range decreased 35.1% in Q1 2024 from Q1 2023, with 61 closed sales in first quarter this year versus 94
closed sales in the first quarter last year. Months’ supply of inventory increased 27.7% to 10.6 months from 8.3 months in Q1 2023.
Sales for condos priced at $2.5 million and higher rose slightly in Q1 2024 to ten, compared to eight sales in Q1 2023, an increase of 25%. Months’ supply of inventory increased 12.4% compared to Q1 2023, to 17.2 months, from 15.3 months the same quarter last year.
One condo sold at or above $5 million in Q1. It was a unit at Waiea that sold for $7,000,000. That’s the Oahu Quarterly Luxury Market Report for this quarter. Check back soon for the latest.
Remember that every home and situation is unique. For guidance with your current or future home, and get more detailed information about the market activity in your neighborhood, contact me and I'd be happy to help.
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