Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.

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Luxury condo sales in Honolulu outpace houses in November

Photo: Jack Tyrrell and Company

Photo: Jack Tyrrell and Company

Sales of luxury condominiums outpaced sales of luxury single-family homes in November 2018. .“For condominiums, the $1.5 to $2 million price range had the strongest performance, up 50 percent, six compared to four last year,” Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, said in a statement.

These numbers show that demand and interest for luxury condominiums continue to remain high. We continue to stay ahead of and on-trend in this market, and would love to talk real estate with you about what to look forward to in 2019!

Read more from Pacific Business News, below:

Sales of luxury homes on Oahu were relatively flat overall in November, compared to last year, but sales of high-end condominiums outpaced sales of single-family homes for $1.5 million or more, according to a report by Coldwell Banker Pacific Properties.

Overall, there were 39 residential properties sold for $1.5 million or more, compared to 38 sold in November 2017, an increase of 3 percent. The median price of those single-family homes and condos was $1.98 million, an increase of 9 percent from $1.8 million last year.

Of those, 11 sales were for luxury condos, with the highest sale being for $11.07 million on Nov. 29 for a three-bedroom, 3.5-bath unit at Park Lane Ala Moana. That’s compared to nine luxury condos sold during the same month last year, an increase of 22 percent.

There were 28 single-family homes sold for $1.5 million or more in November, compared to 29 sold in November 2017, a decline of 3 percent. The highest prices last month were $9.88 million for a seven-bedroom, five-bath house in Lanikai that sold before it was listed and $7.2 million for a five-bedroom, 5.5-bath home on Kahala Avenue.

“Single-family home sales in the lower price range of $1.5 to $2 million were down by 24 percent, 16 compared to 21 last November, mainly attributable to a lack of desirable inventory in that price range,” Patti Nakagawa, Global Luxury director for Coldwell Banker Pacific Properties, said in a statement. “For condominiums, the $1.5 to $2 million price range had the strongest performance, up 50 percent, six compared to four last year.”

The report noted that escrow activity for luxury properties at the end of November was 10 percent lower than the same time a year ago.

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Industry News: Oahu home sales rise 6% in 2017 as prices gain 3%

Lobby of Park Lane Ala Moana, completed in 2017. Photo is property of Jack Tyrrell and Company, Inc.

Lobby of Park Lane Ala Moana, completed in 2017. Photo is property of Jack Tyrrell and Company, Inc.

As we wrap up the end of 2017, we reflect on a big year in real estate. Read more from The Pacific Business News, below: 

Home sales on Oahu increased by more than 6 percent in 2017, while prices gained 3 percent, pushing the median price of a single-family home to $755,000 and a condominium over $405,000, according to the Honolulu Board of Realtors.

There were a total of 3,908 homes sold on Oahu last year, which was 6.3 percent more than in 2016. The median price of $755,000 was 2.7 percent higher than in 2016, when it was $735,000, the board said.

The median price of a condominium was 3.8 percent higher than in 2016, when it was $390,000, while the 5,824 sales represented a 6.9 percent increase from the 5,449 sales in 2016.

For December, however, sales fell 12.2 percent to 461 sales, compared to 525 sales in December 2016. The median price of a condo in December was $405,000, an increase of 3.8 percent from $390,000 in December 2016.

“The 12 percent decrease in condominium sales last month is a bit misleading, since the market experienced a nearly 24 percent spike in December 2016; overall condo sales were still very robust in December 2017,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement.

Single-family home sales increased 5.9 percent in December to 361 sales, from 341 sales in the same month the previous year, while the median price increased 2.7 percent to $750,000, from $730,000 in December 2016.

“In terms of inventory, it’s encouraging to see more condominium and townhome units being actively listed,” Lee said. “While Oahu’s residential real estate market experienced record median prices in 2017 for both single-family homes and condos, demand continues for housing at all price points.”

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