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 attached homes, also known as condominiums and townhomes, above the benchmark price of $835,000.
Single Family Homes
There were 11 single-family home sales on Oahu in the month of June, ranging in price from $1.9 million to $6 million. These single-family home sales were evenly distributed in traditionally popular luxury neighborhoods in the Diamond Head, Kailua, and North Shore regions. Most of the luxury single-family homes were purchased by mainland and international buyers. The highest sale, at $6 million, was a modest home on a nearly 33,000 square foot oceanfront lot in Kailua’s Beachside neighborhood.
The number of homes sold in June is the same as May 2020, but 45% less than June 2019 and down 18% from the 2020 pre-pandemic monthly average number of sales.
The inventory for single-family homes is up 2% from May 2020, but down 2.5% compared to June 2019 and within 1% of the 2020 pre-pandemic monthly levels.
The single-family home median price of $2.6 million is down 10% from the May 2020 median price of $2.89 million, but up 15% over the June 2019 median price of $2.25 million. This June median price of $2.6 million is the fourth highest median price in the last 13 months.
Attached Homes (Condominiums & Townhomes)
There were 21 attached home sales on Oahu in the month of June, ranging in price from $840,000 to $4,575,000. Most of these sales were in Metro Honolulu region and concentrated in the Kaka’ako and Ala Moana neighborhoods. Similar to the single-family home market, much of the activity in the luxury attached home market has been driven mostly by mainland and international buyers. The highest sale at $4.575 million was a beautifully renovated oceanfront Kainalu condominium in the Gold Coast area of Diamond Head.
The number of attached homes sold in June increased 50% over May 2020, but 56% less than June 2019 and down 35% from the 2020 pre-pandemic monthly average number of sales.
The inventory for attached homes is up 8% from May 2020 and up 7% over the 2020 pre-pandemic monthly levels, but down 5% compared to June 2019 inventory levels.
The attached home median price of $1.075 million is up 15% over the May 2020 median price of $938,000 and up 10% over the June 2019 median price of $980,000, but still lower than the 2020 pre-pandemic high median price of $1.225 million in March 2020. That March median price was the second highest median price for attached homes in the last 13 months.
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.