Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments.
Single-family home sales for Q4 2018 priced from $1 to $2 million decreased 4.7% compared to Q4 2017, with 205 homes sold. Months’ supply of inventory dropped 18.1% compared to last year at this time to 6.0 months.
For single-family homes in the $2 to $3 million range, sales decreased by 4.3% to 22 homes sold, nearly even with the mark of 23 for both Q4 2017 and Q4 2016. Months’ supply of inventory decreased 13.8% to 11.8 months for the quarter.
Single-family home sales priced from $3 to $5 million decreased by 6.7% compared to last year to 14 homes sold, closely resembling the 15 homes sold in Q4 2017 and Q4 2016. Months’ supply of inventory had a year-over-year decrease of 30.6% to 18.3 months, which was approximately the same value and percentage change as last quarter.
Five single-family homes sold at or above $5 million in Q4 2018, including three East Oahu homes and two Windward Oahu homes. The top sale was at $15,845,000 for an oceanfront residence in Aina Haina.
As for condominiums, five units closed in the fourth quarter at or above $5 million. Three units closed at Park Lane, including the highest sale this quarter at $23,500,000.
Sales in the $800 thousand to $1 million range for Q4 2018 were down 48.4% compared to Q4 2017. The 49 closed sales landed firmly behind last year’s 95 sales. Months’ supply of inventory was up 39.1% to 7.1 months.
Sales for condos priced at $1 million and higher decreased by 79.5% compared to last year at this time, representing a steep drop from 303 sales during Q4 2017 to 62 during Q4 2018. Months’ supply of inventory increased by 109.8% compared to Q4 2017, rising to 12.5 months.
Remember that every home and situation is unique. For specific guidance with your current or future home, visit listsothebysrealty.com.
To learn more, download the companion print report which also showcases market statistics for a number of Oahu luxury neighborhoods including Diamond Head, Waialae-Kahala, Portlock, Lanikai and more, found here: http://bit.ly/2DvJeUj