Prices declined for luxury single-family and condo homes on Oahu for the month of May 2019 compared to May 2018, but prices continue to increase for luxury condos. In May 2019, prices for condos selling over $1.5 million or more rose by 36% from 19 units sold in May 2019 to 14 units sold in May 2018.
This shows the continued demand for condos in the luxury market, most of which are concentrated in the Ward Village and East Kakaako area.
Read more from Pacific Business News, below:
Sales and median prices of all luxury homes on Oahu declined by 4% in May, compared to a year ago, but the number of condominiums that sold for $1.5 million or more last month rose by 36%, according to a report from Coldwell Banker Pacific Properties.
There were a total of 46 luxury single-family homes and condominiums sold for $1.5 million or more in May, compared to 48 sales in May 2018. Of the total, 19 sales were condominium units, a 36% increase from 14 units sold in May 2018.
The median price of all luxury homes sold was $1.89 million, which was 4% less than the median price a year ago, which was $1.97 million.
The bulk of those sales, 26 properties, sold for between $1.5 million and $1.9 million, with the other 20 selling for $2 million or more — 12 sold for between $2 million and $2.9 million, three sold for between $3 million and $3.9 million and five sold for more than $4 million.
The highest price for a luxury property last month was $8.7 million for one of two new custom homes built on Kailua beach.
Coldwell Banker Pacific Properties also noted that the number of pending single-family home and condo sales in escrow increased in May, when compared to previous months.
“Escrow activity for both single-family homes and condominiums have improved over previous months, a positive sign for the market,” said Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, in a statement. “We continue to see offers being written for single-family homes and condominiums, especially for properties that are priced well.”