As we wrap up the first half of 2016, Oahu’s luxury residential real estate market continues to be strong.

RECORD BREAKING SALES ON OAHU

Single-family homes selling for $1 million plus set a new record in the second quarter of this year.  A total of 228 single-family homes were sold, a nine percent increase over the same period a year ago.  This increase, coupled with the 18 percent increase in the first quarter of 2016, indicates this could be a record breaking year for luxury home sales. An encouraging sign is the 12 percent increase in sales of luxury single family-homes during the first six months of 2016 compared to last year.

 

OAHU $1M+ SINGLE-FAMILY HOME SALES BY QUARTER
Source: Based on information from the Multiple Listing Service of HiCentralMLS, Ltd. for the period January 1, 2014 through June 30, 2016

Meanwhile, the luxury condominium market is showing even greater strength. Condominiums selling for more than $1 million had a bigger spike in the second quarter with 66 sales, a 57 percent increase compared to second quarter last year. This is a significant turnaround after four consecutive quarters of declines.

 

OAHU $1M+ CONDOMINIUM SALES BY QUARTER
Source: Based on information from the Multiple Listing Service of HiCentralMLS, Ltd. for the period January 1, 2014 through June 30, 2016

The majority of single-family homes selling for $1 million or more continues to be in the $1 million to $2 million price range, which represent 80 percent of the total number of luxury single-family homes sold during the first half of 2016.  Yet it is the $2 million to $2.5 million and $2.5 million to $3 million price ranges that recorded the highest percentage increases compared to last year with 62 percent and 112 percent increases, respectively.  At the higher end of the spectrum, sale of single-family homes at the $3 million and higher price ranges combined is down 33 percent. The most dramatic decline is in the $10 million plus price range which only has one recorded sale so far this year compared to four a year ago.

 

SINGLE-FAMILY HOME SALES ON OAHU — $1M+ UNIT SALES BY PRICE RANGE
Source: Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. for the period January 1 through June 30, 2015, 2016.

EXPERTISE MATTERS

Extraordinary properties require extraordinary expertise.  Coldwell Banker Previews International and I will show you why we are the leader in luxury real estate.  Our unmatched resources and global connections, coupled with expert representation, is our formula for success.  Please call me to find out how I can provide you with the exceptional results you deserve.

 

MARKET SHARE OF LISTING CLOSED – SALES VOLUME ($1,500,000+)
Source: Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. for the period July 1, 2015 through June 30, 2016. Figures include Oahu Single-Family Homes/Condos/Vacant Land. Excluding project sales. Volume includes only list side.