HONOLULU – Greater buyer demand in August indicates that sale of luxury homes and condominiums on Oahu continue to be a seller’s market according to Coldwell Banker Pacific Properties (CBP), Hawaii’s leading residential real estate firm and a specialist in high-end real estate sales.
The figures are based on Multiple Listing Service (MLS) data of all single-family homes and condominiums sold for more than $1 million in August 2014 on Oahu.
A total of 71 luxury homes changed hands in August, down from 85 in August 2013. However, the median sales price for the luxury range was $1,400,000 compared to $1,340,000 last year.
“It continues to be a seller’s market, with greater buyer demand,” said Patti Nakagawa, Previews International Director for Coldwell Banker Pacific Properties. “For the month of August, sales in the $1 million and higher price range sold for an average of 97 percent of the list price.”
Of the 71 closed sales last month, 86 percent of the sales were in the $1 million to $2 million price range. There were nine closed sales in the $2 million to $3 million price range, and only one closed sale over $3 million.
With 77 percent of total closed sales $1 million and above, single-family homes continued to dominate Oahu’s luxury home market.
“Buyers in the $1 million and higher price range are stronger than what MLS numbers show, as the new condominium project developments have absorbed a fairly significant number of buyers in this price range. The data will not reflect this activity until the projects close in a few years,” added Nakagawa.
Other key findings based on MLS data:
· With five closed single-family home sales over $1 million, the neighborhood of Diamond Head recorded the most sales in August 2014. Kaimuki, Kakaako and Waikiki followed with four single-family closed sales each;
· The most expensive sale recorded in August 2014 was a 3-bedroom, 4-bath, 4,214 square-foot home in Diamond Head that sold for $3,890,000.
The Coldwell Banker Previews International program has been a world leader in the marketing of luxury homes since 1933. The Previews® program was acquired by Coldwell Banker Real Estate LLC in 1980 and launched as Coldwell Banker Previews International®, the brand’s luxury homes program.