Previews Market Update: Fourth Quarter 2014

MILLION DOLLAR HOMES SET RECORD SALES

The number of luxury real estate market sales on Oahu hit record highs in 2014. A total of 842 single-family homes and condominiums sold over $1 million, an increase of 15.7 percent compared to 2013. The previous peak for this segment of the market was in 2005 when 794 single family home and condominiums sold in this price range. Last year’s sales surpassed that record by 6 percent.

Total sales broke down to 78 percent single-family homes and 22 percent condominiums. Eighty percent of the single-family home sales are in the $1 million to $2 million price range as this is the price point that appeals to a broad market – including locals, buyers from the US mainland, and international second-home buyers.

Oahu Single Family and Condominium Unit Sales | $1 Million+ on Oahu
January – December 2014

Oahu Sales Chart

Source: Number of Sales from HiCentral MLS *2006 condo sales include Hokua new development

2014 TOP TEN NEIGHBORHOODS

The neighborhoods with the highest number of sales in the $1 million and higher price range show a strong demand for luxury condominiums in Kakaako and Waikiki.

Oahu Top Ten Neighborhoods | Single Family Homes and Condominiums | $1 Million+ on Oahu
January – December 2014

Oahu Neighborhoods Chart

Source: Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. For the period January 1-December 31, 2014

KNOWLEDGE MATTERS

Selling a luxury property requires a high level of skill and knowledge that will ultimately translate to a higher yield for you as a seller. That is why the majority of sellers choose to list their property with Coldwell Banker Previews International®.

Coldwell Banker Previews International® independent sales associates continue to outperform others in the luxury home market, delivering results at the highest level through targeted and comprehensive marketing with national and international reach.

Market Share of Listings Closed | Volume $1,500,000+
January – December 2014

market-share

Source: Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. for the period January 1, 2014 through December 31, 2014.
Figures include Oahu SFH/Condos/Vacant Land. Excluding project sales.

By |2018-10-17T08:25:08+00:00January 16, 2015|

Leave A Comment