Aloha
and welcome to The Oahu Quarterly Luxury Market Report from List Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu. Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments. Single-family home sales for Q1 2023 priced from $2 to $3 million declined 15.9% compared to Q1 2022, with 37 homes sold in the quarter as compared to 44 homes in the same period a year ago. Months’ supply of inventory decreased 13.6% compared to last year, declining to 3.8 months in Q1 2023 from 4.4 months in Q1 2022. For single-family homes in the $3 to $5 million range, sales fell from 33 in Q1 2022 to 14 in Q1 2023, decreasing 57.6% from the same time last year. Months’ supply of inventory increased 78.6% to 7.5 months from 4.2 months last year.
In the $5 to $10 million range, eight single-family homes sold in Q1 2023, down by half from the sixteen homes sold during the same quarter last year. Months’ supply of inventory increased by 107.1% to 17.6 months from 8.5 months in Q1 2022. Three single-family homes sold at or above $10 million in Q1. One in Kahala, one in Beachside, and one in Diamond Head. The top sale was at $15,000,000 for a home in Kahala. Months’ supply of inventory increased 29.2%, climbing from 11.3 months in Q1 2022 to 14.6 months in the first quarter of 2023. Condo sales in the $1 to $2.5 million range decreased 35.2% in Q1 2023 from Q1 2022, with 94 closed sales in the first quarter this year versus 145 closed sales in the first quarter last year. Months’ supply of inventory increased 36.2% to 7.9 months from 5.8 months in Q1 2022.
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FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, through December 2022.
2022
#
$
2021
#
$
2020
#
$
2019
#
$
JAPAN
79
$106,959,566
JAPAN
64
$86,855,832
JAPAN
9
$14,331,133
JAPAN
68
$98,359,775
KOREA
27
$36,226,100
CANADA
11
$14,210,150
KOREA
3
$3,689,000
KOREA
10
$14,187,000
CANADA
15
$20,052,650
KOREA
7
$10,389,250
HONG KONG
2
$3,030,000
TAIWAN
5
$8,809,000
CHINA
9
$12,502,700
UNITED KINGDOM
6
$7,684,475
CANADA
1
$1,925,000
CANADA
4
$6,106,000
TAIWAN
3
$3,389,000
SINGAPORE
5
$7,255,150
TAIWAN
1
$1,803,100
CHINA
2
$2,443,000
2022
#
$
2021
#
$
2020
#
$
2019
#
$
JAPAN
23
$ 68,461,800
JAPAN
19
$80,643,283
JAPAN
13
$48,241,333
JAPAN
33
$116,429,433
KOREA
7
$ 30,364,460
KOREA
4
$20,150,000
CANADA
4
$11,755,000
KOREA
4
$10,220,900
TAIWAN
2
$13,700,000
CANADA
4
$14,175,200
SINGAPORE
2
$11,800,000
HONG KONG
2
$6,802,000
CHINA
2
$11,550,000
HONG KONG
2
$10,150,000
GUAM
2
$6,925,000
SINGAPORE
1
$3,635,000
HONG KONG
3
$8,613,600
TAIWAN
1
$4,050,000
NEW ZEALAND
2
$5,800,000
CANADA
1
$2,400,000
$2 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2023 ShowingTime.
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