The number of luxury homes and condominiums that sold for at least $1 million on Oahu rose by 54 percent last month compared to the same time last year, according to a monthly analysis.
In all, 83 luxury homes, defined as those that sold for $1 million or more, changed hands in April — a jump from 54 in April 2014.
The median sales price for those luxury properties dropped to $1.31 million last month compared to $1.4 million in 2014.
“Year-to-date sales of single-family homes over $1 million indicate a strong performance compared to the same period a year ago,”. “Specifically, sales in the $1-million to $2-million price range are up 40 percent while the $2-million to $6-million price range are down by 45 percent.”
In all, a total of 72 homes were sold in the $1 million to $2 million price range. Nine more, meanwhile, were sold in the $2 million to $4 million price range. Only two Oahu properties were sold last month for at least $4 million.
Kakaako led the island in luxury property sales last month with eight closed sales, followed by Diamond Head with five closed sales, and Lanikai and Waikiki with four closed sales for each neighborhood.
“Based on the current rate of sale, we only have four months of inventory remaining for single-family homes in this segment — a balanced market is six months of inventory,” Nakagawa said. “Meanwhile, the higher price ranges in the luxury market have not been selling as briskly. The units in escrow (or forward sales) for single-family homes show that this trend will keep going.”
More luxury properties in $1 to $2 million price range, she explained, would have to be put up for sale to balance out the market and keep up with the “very, very high demand for these properties.”
Though she has seen more of those homes come on the market over the past few months, the number of those selling for at least $4 million has been building over time as fewer sales for those properties take place, Nakagawa said.
The most expensive home sale recording by Multiple Listing Service data last month was a six-bedroom, four-bath, 3,055-square-foot home in Kailua for $10.5 million.