17. January 2015 · Comments Off on Oahu Real Estate Update · Categories: Hawaii Real Estate, Oahu Luxury Real Estate

 

LIST Sotheby's International Realty - Hawaii

Oahu Real Estate Update

JANUARY 2015

Oahu Luxury Real Estate Update

Residential sales activity in 2014 continued to demonstrate steady performance with sales closing at about the same pace as in 2013, For the year ending December 31st, 3,285 single family homes sold on Oahu, less than one percent fewer homes than were sold during the previous year. The number of condominium sales on Oahu posted a decline of just over one percent compared with the year before, reflecting in part, the continuing low inventory levels, with less than three months of inventory remaining for both single family homes and condominiums. The median sales price for single family homes reached $675,000, a gain of 3.8 percent and the median price for condominiums posted a 5.4 percent rise to $350,000.

Single Family 2013 2014 +/-
Closed Sales
3,312
3,285
-0.8%
Median Sales Price
$650,000
$675,000
+3.8%
Months Supply of Inventory
2.7
2.6
-3.7%
Condominium
Closed Sales
4,874
4,810
-1.3%
Median Sales Price
$332,000
$350,000
+5.4%
Months Supply of Inventory
2.9
3.0
+3.4%

Luxury Market

The number of luxury home sales continued its upward trend in 2014. The number of sales of single family homes priced between $1.1 million and $1.9 million increased by 3. 2 percent compared with 2013 and the number of sales for single family homes priced at $1.9 million and above was up by a substantial 42.6 percent. ip information . Despite the dramatic increase in the number of sales, the median price in both categories remained fairly stable. The number of condominiums that sold for prices above $700,001 increased by 22.1 percent but the median price mirrored the single family price trend and posted a gain of less than one percent.

Single Family: $1.1M-$1.9M 2013 2014 +/-
Closed Sales
375
387
+3.2%
Median Sales Price
$1,325,000
$1,310,000
-1.1%
Months Supply of Inventory
6.6
5.6
-15.2%

 

Single Family: $1.9M and Above 2013 2014 +/-
Closed Sales 122 174 +42.6%
Median Sales Price $2,582,500 $2,600,000 +0.7%
Months Supply of Inventory 16.1 18.2 +13.0%

 

Condo: $700,001 and Above 2013 2014 +/-
Closed Sales 402 491 +1.22%
Median Sales Price $890,000 $895,000 +1.00%
Months Supply of Inventory 9.3 8.8 -0.94%

 

Download the full Monthly Indicators here.