2015 was a banner year for sales of single-family homes priced at $1 million or higher. A combination of the healthy economy and historically low interest rates motivated buyers to jump in to Oahu’s hot luxury real estate market. The available inventory of homes improved slightly from a year ago, allowing for more choices, but the market continues to be a seller’s market with greater demand than supply.
In fact, the total number of sales hit a record high. Sales in 2014 hit a record at 660 compared to the peak in 2006, with 655 closings. The number of sales in 2015 outpaced 2014 with 751 closings, a 14-percent increase.
OAHU SINGLE FAMILY HOME UNIT SALES BY YEAR – $1 MILLION AND HIGHER
Source: HBR MLS – Information is deemed reliable but not guaranteed
Most of the luxury market’s sales activity came from the highest and lowest price ranges. The total performance is highly attributable to the demand in the $1 million to $2 million price range. This price range represents 81 percent of the number of homes sold at a price of $1 million or more.
However in 2015, sales in the $6 million and higher price range was also strong with 15 sales compared to 9 in 2014, a 67-percent increase.
Neighborhoods with the highest number of sales for single-family homes priced at $1 million or higher include Kahala area, Diamond Head, Kailua Beachside, Hawaii Loa Ridge, and Lanikai, respectively. The highest sale of the year was an oceanfront property in Black Point that closed for more than $19 million. For the properties that sold for $6 million or more, most of the buyers came from the U.S. Mainland, and about one third came had a local tax address.
OAHU SINGLE FAMILY HOME SALES BY PRICE RANGE – $1 MILLION AND HIGHER, 2015 vs. 2014
Source: Based on information from the Multiple Listing Service of HI Central MLS, Ltd. for the period January 1 through December 31, 2015
Most of the luxury market’s sales activity came from the highest and lowest price ranges. The total performance is highly attributable to the demand in the $1 million to $2 million price range. This price range represents 81 percent of the number of homes sold at a price of $1 million or more.
However in 2015, sales in the $6 million and higher price range was also strong with 15 sales compared to 9 in 2014, a 67-percent increase.
Neighborhoods with the highest number of sales for single-family homes priced at $1 million or higher include Kahala area, Diamond Head, Kailua Beachside, Hawaii Loa Ridge, and Lanikai, respectively. The highest sale of the year was an oceanfront property in Black Point that closed for more than $19 million. For the properties that sold for $6 million or more, most of the buyers came from the U.S. Mainland, and about one third came had a local tax address.
SKILL MATTERS
You have a choice on who to work with when it comes time to sell or buy a luxury home. This is an important undertaking that requires skill and expertise to navigate the process toward a successful closing. There is a difference in real estate companies and the luxury market specialist who represents you. The results speak volumes and Coldwell Banker Pacific Properties would love to help you develop the best strategy to buy or sell your home.
MARKET SHARE OF LISTINGS CLOSED – SALES VOLUME – $1.5 MILLION AND HIGHER, 2015
Source: Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. for the period January 1, 2015 through December 31, 2015. Figures include Oahu Single Family Homes/Condos/Vacant Land . Excluding project sales. Volume includes only list side.
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