Everyone now knows that Honolulu home values and sales rose steadily last year, but for the most part, the trends have been reported on housing prices around the median value. What about luxury properties on Oahu?
It turns out that this segment has seen the most impressive movement among them all.
Single-family home sales in excess of $1.5 million on Oahu rose by a whopping total of 18 percent when compared to year over year data. Luxury condo sales can boast an even greater increase, entering 2018 after a 31 percent increase in year over year sales. The latter can thank the success of new condo development buyers being able to flip their properties in record time, and at premium prices.
So what kind of prices are we seeing for these luxury homes on Oahu?
The median sales price for all luxury properties (upscale single-family homes and condos in the $1.5 million+ range) was $1.976 million, marking a 3 percent year over year increase. Sales of condominiums priced between $1.5 million and $3 million rose by 6 percent, but more impressive, is that the number of condos that sold in excess of $3 million increased by 375%.
As we conclude the first month of 2018, we can see a perfect storm (in a good way) forming over the luxury home market, as there is a fresh inventory of new upscale developments and a flurry of activity in the luxury market to boot, with new buyers entering the island market.
So there you have it. If you currently own a luxury house or condo on Oahu, you will be able to sell quickly and get top dollar when workig with a REALTOR team that knows how to take care of its sellers. And if you are ready to join those smart luxury home investors of last year, those who were able to flip their property at a hefty profit, we encourage you to use our buyer services right away.
Ready to start looking? View luxury listings here, including this breathtaking three story home on Sierra Drive, and this Pahoa Beach Estates Oceanfront Estate. Alternatively, you may simply contact us at 808.284.1004 or email firstname.lastname@example.org to let us know what you’re looking for.
~ Richmond Realty Hawaii ~