TOM PRESLER

Hawaii Real Estate Investor Guide

OAHU LUXURY REAL ESTATE MARKET REPORT FOR AUGUST 2020 | IS IT A BUYER’S MARKET YET?

Aug 22, 2020Monthly Statistics, Real Estate0 comments

 

The Institute for Luxury Home Marketing (ILHM) published the August report for the North American luxury market.  In this report, the Oahu luxury market is defined as single-family homes above the benchmark price of $1,875,000, and attached homes, also known as condominiums and townhomes, above the benchmark price of $835,000.

 

SINGLE FAMILY HOMES

 

There were 21 single-family home sales on Oahu in the month of July, ranging in price from $1.925 million to $9 million.  Most of the single-family home sales were in the Diamond Head and Kailua regions, with a smaller number of sales in the Hawaii Kai, Kaneohe, and North Shore regions.  This month, most of the luxury single-family homes were purchased by local buyers.  There were also eight mainland buyers – six from California and one each from Washington state and Nevada. There were no international buyers of luxury single family homes in August. The highest sale, at $9 million, was an amazing beachfront estate in the North Shore’s Sunset neighborhood.

The number of homes sold in July is up 91% over June, and up 5% over July 2019.  This level of sales is in line with sales numbers we saw in 2019 and indicates strong demand for luxury single family homes.

The inventory for single-family homes is down 2% from June, and down 11% compared to July 2019.  Inventory continues to be a restraining force in the Oahu luxury single-family home market.  This limited inventory, especially in the types of homes luxury consumers are now looking for, is putting upward pressure on prices.

The July single-family home median price of $3 million is up 15% over the June median price of $2.6 million, and up 34% over the July 2019 median price of $2.24 million.  This $3 million median price is the highest we’ve seen in the last 13 months.  The higher median price is driven by the low inventory as well as the mix of home sales.  Luxury consumers are looking for newer, turn-key, and move-in ready homes as refuge during the pandemic.

 

ATTACHED HOMES (CONDOMINIUMS & TOWNHOMES)

 

There were 22 attached home sales on Oahu in the month of July, ranging in price from $845,000 to $2.1 million.  Most of these sales were in Metro Honolulu region and concentrated in the Kaka’ako and Ala Moana neighborhoods again this month.  Similar to the single-family home market, much of the activity in the luxury attached home market in July was driven by local buyers, with only one buyer each from California, Korea, and Japan.  The highest sale at $2.1 million was a spacious Hokua condominium in Metro Honolulu’s Kaka’ako neighborhood.

The number of attached homes sold in July increased 5% over June, but 53% less than July 2019.  Demand for attached luxury homes continues to be significantly lower than pre-pandemic levels.

The inventory for attached homes is up 1.2% over June and down 2.5% from July 2019.  Attached luxury home inventory is at the highest level so far in 2020 and not too far off 2019 inventory levels.

The attached home median price of $1.045 million is down 2.7% from the June median price of $1.075 million, but up 2.1% over the July 2019 median price of $1.025 million.  The attached home median price is still down significantly from the 13-month high of $1.36 million in December 2019.  With significantly decreased demand and a return to nearly “normal” inventory levels, there is definitely downward pressure on attached home prices.

 

You can click HERE to see more detailed information about the Oahu luxury market as well as a summary of high-level statistics for the other U.S. luxury markets.  If you would like more detailed information about another U.S. luxury market listed in the report, please let me know and I’ll be happy to forward the ILHM report for that market.

 

 

 

 

 

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

To get latest update on Recent News, please Like my Facebook page below…

Oahu Luxury Real Estate Market Report For October 2020 | Are Mainland Buyer’s Back?

https://youtu.be/uezCLuYT9ok   The Institute for Luxury Home Marketing (ILHM) published the October report for the North American luxury market.  In this report, the Oahu luxury market is defined as single-family homes above the benchmark price of $1,875,000, and...

Oahu Real Estate Market Report For September 2020 | Setting Some Records!

https://youtu.be/cF9jqsHxWjk   Wow, it’s sure been an interesting week of headlines!  In the past month, our nation’s leaders continue to focus on partisan theatrics and seem to be ignoring some of the most important issues affecting our country and the world. ...

OAHU LUXURY REAL ESTATE MARKET REPORT FOR SEPTEMBER 2020 | WHAT IS GOING ON WITH PRICES?

https://youtu.be/UtJSsh_JvKA   The Institute for Luxury Home Marketing (ILHM) published the September report for the North American luxury market.  In this report, the Oahu luxury market is defined as single-family homes above the benchmark price of $1,875,000,...

OAHU REAL ESTATE MARKET REPORT FOR AUGUST 2020 | WHAT IS GOING ON WITH THE OAHU MARKET?

https://youtu.be/hku3Fl5Tx84 With everything going on in the world, what is going on in the Oahu real estate market?  The last couple of months have seen positive trends in the Oahu real estate market as the stay-at-home order was lifted and some segments of our local...

OAHU LUXURY REAL ESTATE MARKET REPORT FOR AUGUST 2020 | IS IT A BUYER’S MARKET YET?

https://youtu.be/IKWGASuFA3I   The Institute for Luxury Home Marketing (ILHM) published the August report for the North American luxury market.  In this report, the Oahu luxury market is defined as single-family homes above the benchmark price of $1,875,000, and...

7 Things That Will Boost Your Home’s Value Ahead of Your Appraisal

  Whether you're planning to sell or refinance, a home appraisal is a necessary step in determining the value the lender will use in the lending decision.  This means your home should be in the best possible condition so it will be appraised at the highest...

OAHU REAL ESTATE MARKET REPORT FOR JULY 2020 | IS IT GETTING HOT IN HERE?!

https://youtu.be/uFrJ2ht0MK8 I've been seeing a lot of recent headlines about the real estate market being the only bright spot in the otherwise negative economic reporting.  I've also heard many of my colleagues say the market is HOT!  Yes, all caps and exclamation...

OAHU LUXURY REAL ESTATE MARKET REPORT FOR JULY 2020 | A BUYER’S MARKET?

https://youtu.be/a5N_knGyED8   The Institute for Luxury Home Marketing (ILHM) published the July report for the North American luxury market.  In this report, the Oahu luxury market is defined as single-family homes above the benchmark price of $1,875,000, and...

OAHU REAL ESTATE MARKET REPORT FOR JUNE 2020 | ARE WE RECOVERING ALREADY?!

  New numbers for June came out last week and I apologize for the delay in posting - it's been a busy week! The number of closed sales continues to decline when compared to June 2019. We’re starting to see the results of several months of decreased closed sales,...

7 New Housing Trends In A Post-pandemic World

I hope you and your loved ones are continuing to stay safe and healthy. I also hope life is returning to some version of "normal" for you. As we've all spent a lot more time at home over the last few months, we've been re-introduced to our homes. We're emerging from...

TOM PRESLER

RB-20702, MBA, CLHMS, SRS, SRES

(808) 222-4054
[email protected]

Other posts you might like