Happy 2014. Homes in all price ranges on Oahu continue to sell in record numbers and for record prices in the fourth quarter of 2013. The latest statistics point to a continued strengthening in the housing market.
Million Dollar Homes in High Demand
The luxury market is back! The number of single-family home sales priced over $1 million for the July through December 2013 period outpaced the previous five years for the same period, almost reaching the peak periods hit in 2005 and 2007.
In 2013, the total number of single family homes that sold for more than $1 million increased by 26 percent from 2012. The number of condominium sales that were priced over $1 million in 2013 exceeded the number sold in 2012 by 37 percent.
In both single-family homes and condominiums, the “sweet spot” remains the $1 million to $2 million-dollar price range. This range appeals to all buyer segments – local, U.S. Mainland, and international buyers. In 2013, 469 homes sold in this price range, as compared with 348 in the previous year. We continue to see a high level of buyer demand in this price range — with only four months of inventory remaining.
In addition to the impressive increase in sales in the $1-$2 million-dollar price range, the $6 million-and-higher price range saw a noteworthy surge in activity — 11 closings in 2013, compared to seven the previous year — a 57 percent increase.
Selling a luxury property requires a high level of skill and knowledge that will translate to a higher yield for you as a seller. That is why the large majority of sellers choose to list their property with Coldwell Banker Previews International. We continue to deliver results at the highest level through our targeted and comprehensive marketing.
That’s all for this quarter – we will be back before you know it with another update.