Sales of single-family homes priced at $1 million or higher hit a record in the third quarter of 2016!
For the first three quarters of this year, the number of single-family homes that sold for $1 million or more achieved the highest ever. In the first quarter, 167 homes sold for $1 million or higher; 229 sold in the second quarter, and 244 sold in the third quarter – setting a record high.
Despite the strong activity for the first nine months of this year, 82 percent of the sales were in the $1 million to $2 million price range. The number of single-family home sales over $2 million dropped off in the third quarter of this year. The highest number of sales occurred in the fourth quarter of 2014, followed by the third quarter of 2015. When comparing the third quarter of 2016 with the same period a year ago, the number of sales were 34 compared to 46, reflecting a 26 percent decrease.
SINGLE-FAMILY HOME SALES ON OAHU | $2 MILLION+ BY QUARTER
Source: Based on information from the Multiple Listing Service of HBR MLS for the period January 1, 2013 through September 30, 2016
We began to see softness in the offers submitted in June for properties priced at $2 million and higher. This resulted in a slowdown in closings from the third quarter. The year-to-date results by price range identify two price ranges with sales below last year — $3 million to $4 million (16 vs. 22), and $6 million and higher (1 vs. 5). These higher price ranges are influenced by second home offshore buyers, who appear to be in a “wait and see” mode.
SINGLE-FAMILY HOME SALES ON OAHU | $1 MILLION+ UNIT SALES BY PRICE RANGE
January – September 2016 vs. 2015
Source: Based on information from the Multiple Listing Service of HiCentralMLS, Ltd. for the period January 1 through September 30, 2015, 2016
When you are ready to buy or sell a luxury property, it is critically important for you to work with a trusted advisor who can help you navigate through the process seamlessly. I can provide you with valuable insights regarding the luxury real estate market, and help you achieve your goals. Coldwell Banker’s Previews International continues to dominate the luxury market. It’s not a surprise that we close more luxury sales than our next three competitors combined. Please call me today to discuss your luxury real estate needs.
MARKET SHARE OF LISTING CLOSED | SALES VOLUME BY UNITS ($1,500,000+)
Last Twelve Months Ending September 2016
Source: Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. for the period October 1, 2015 through September 30, 2016. Figures include Oahu single-family homes/condos/vacant land. Excluding project sales. Units include both list and buy sides.