Oahu Luxury Market Performed Better in 2017 than Previous Year

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Anne Cicero

Locations

anne.cicero@locationshawaii.com

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Oahu Luxury Market Performed Better in 2017 than Previous Year

Luxury home sales increased in 2017 while time to sell dropped

HONOLULU – (January 12, 2018) – Locations – Hawaii’s leading real estate firm – released its mid-month Oahu Residential Real Estate Report for December 2017. The report, which analyzes sales activity for more than 350 Oahu neighborhoods, found the single-family home luxury market was stronger in 2017 than the previous year.

Locations presents the following highlights of the Oahu luxury single-family home market (homes priced at $2M above—about two percent of the entire market):

• Sales of single-family homes increased in every price category from $2M to $5M in 2017. In the $4-5M range, sales nearly doubled to 15 sales over 2016.

• Sales were flat for homes priced above $5M.

• Average Days on Market were also lower in 2017, with DOM for homes above $10 million dropping by more than half to 105 days.

“Last year was a stronger year for Oahu’s luxury market than 2016,” said Scott Higashi, President and CEO of Locations. “Median prices rose while Days on Market fell in most luxury neighborhoods. Even homes in the highest price ranges—$5 million and above—showed strengthening market characteristics, selling more quickly than in 2016 and for much closer to asking price.”

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