JUST LISTED! | $950,000
EWA BEACH, HI 96706
Styled by Lisa & Malia
This beautiful 2-story, 3 Bedroom, 2 and 1/2 bathroom home, located in a Cul-de-Sac in the PRESCOTT neighborhood is move-in-ready!
SOLD! | $2,500,000
1065 KOKO KAI PLACE
Styled by Lisa & Malia
Our strategies and negotiation skills obtained a price way over asking, and we obtained another neighborhood highest per square foot price.
The single-family home and condo markets set new median sales price records, with single-family homes reaching $1.153,500 and condos hitting $516,500. While the single-family home market started to cool, with closed sales droppping 15.1% the demand for condos remained steady, with closed sales sising 15.1% compared to last year.
Single-family homes in the $600,000 to $999,999 price range represented the most significant decline in sales activity, droppping 41.2% compared to one year ago. Most regions across O'ahu experienced a dip in sales, expect for the Central region Mililani and Wahiawa. which ended in the month on a high note with a 61.9% increase in sales
Condos in the more affordable price range of $300,000 to %599,999 represented 48.0% of closed sales in May, with a volume increase of 13.4% from one year ago. Condo sales in the $700,00 to $899,999 range more than doubled compared to May 2021, representing 17.6% of May closing. The Metro region accounted for the most significant increase in confo sales, up 21.9% while the Ewa Plain area saw sales decline by: 20.3%
Sales of single-family homes and condos are movig at a near-record place, with properties spending a median of 10 days on the market in May.
Sales closing above the original asking price continued in May, with 217 single-family homes and 313 condos selling for more than the original asking price. For single-family homes, this represents 63% of the month’s sales and 45.5% of May condo sales.
Total contract signings fell in May as single-family home pending sales dipped 17.4%, and condo pending sales dropped 14.0%. Condos in the lower price points marked the most significant decline in the $499,999 and below price range, falling 27.5% compared to the same time last year. However, as pending sales have slowed, so too has the portion of new single-family home listings in escrow or sold by the end of the month, declining to 47.4% in May 2022 compared to 66.7% in May 2021. For condos, 50% of the newly listed condos were in escrow or sold by the end of the month, compared to 55.9% last year.
- Check out the Oahu Events in July, including where you can catch the 4th of July Fireworks show. Read more here.
- Pet-Friendly Fun on O‘ahu Read more here.
- We are excited to share that, again, a photo we curated for one of our luxury listings was chosen for the luxury home report.
- -Luxury home sales on Oahu up 7% in May Pacific Business News
COLDWELL BANKER REALTY AND ANDY LANDGRAF AT 360 PRODUCTIONS. This 5,020-square-foot, six-bedroom, three-full and two-half bath home at 1821 Kumakani Place recently sold for $3.08 million.
Luxury home sales on Oahu continued to grow year-over-year, albeit at a slower rate than in recent months, according to a new luxury market report from Coldwell Banker Realty.
There were 58 homes sold for $2 million or more in May compared to 54 sold in the same month last year, a modest increase of 7%. By the same measurement, luxury sales have increased by double digits every other month this year.
According to the report, figures for which are based on MLS data of single-family homes and condominiums sold for $2 million and higher in May 2021 and 2022, single-family home sales above that threshold declined 2% year-over-year, from 44 in May 2021 to 42.
Although the number of homes sold in the $3 million to $3.99 million price range increased 83% — 11 compared to six — the report noted that the overall single-family home market was affected by a 19% decline in sales in the $2 million to $2.99 million range — 25 compared to 31.
According to the report, the decline within that price range is largely attributed to low inventory levels.
In the higher price ranges year-over-year, the number of homes sold that were priced between $4 million and $5.99 million declined 60%, from five to two, while those in the $6 million to $9.99 million range increased 50%, from two to three.
Two homes priced at more than $10 million were sold last month. None were sold in that price range the prior May.
Luxury condominium sales, however, increased 50% May-over-May, with 15 sold last month and 10 sold in May 2021.
The number of condos sold between $2 million and $2.99 million increased from five to seven, or 40%, while those in the $4 million-plus range climbed from two to five, or 150%, the report noted.
Additionally, 32 of the 58 luxury homes sold were priced between $2 million and $2.99 million, 14 were priced from $3 million to $3.99 million and 12 were priced above $4 million.
Additionally, escrow activity dropped 44% compared to last year, the report noted.
“The lull in escrow activity for both single-family homes and condominiums priced at $2 million and higher reflect the same lull across the board in all price points. Rising home prices and interest rates are impacting affordability,” Patti Nakagawa, Global Luxury director for Coldwell Banker Realty said in a statement. “Having said that, there’s still strong buyer demand and buyers are waiting for new listings to come on the market.”
The Kakaako, Ala Moana and Kahala neighborhoods had the most luxury home sales in May with six, five and four, respectively, according to the report, and the most expensive home sold in May was a five-bedroom, six full- and one half-bath single-family home that sold for nearly $18.12 million.
