The number of homes priced at $1.5 million and above sold on Oahu last month was twice the number sold in January 2016, according to Coldwell Banker Pacific Properties.
A total of 35 luxury homes were sold last month, up from 17 in January 2016, an increase of 106 percent, while the median sales price was flat from last year at $2.2 million.
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According to Previews International Director Patti Nakagawa, the sweet spot for single-family homes is still in the $1.5 million to $2.5 million price range, which experienced a 67 percent increase to 20 sales in January.
Of the 35 closed single-family home sales in January, there were 16 luxury properties that sold in the $1.5 million to $1.9 million price range, 12 sales in the $2 million to $2.9 million price range, three sales in the $3 million to $3.9 million price range, and four sales in the $5 million and above price range.
“January is typically a soft month, but 2017 is off to a great start this year with robust sales of luxury properties in both single-family homes and condominiums,” Nakagawa said in a statement.
The monthly report is based on Multiple Listing Service data of all single-family homes and condominiums sold for $1.5 million and above during January on Oahu.
“Luxury condominium sales also were strong, with eight closings compared to only two last year. All of these closings were in the $1.5 million to $3.3 million price range,” Nakagawa said. “There were, however, three closings for new development sales in the brand new 1118 Ala Moana, known as Waiea. These closings ranged from $7.5 million to $14.3 million.”
The most expensive MLS-recorded home sale of January 2017 was a four-bedroom, four-full and one-half bath condominium in Kakaako for $14.3 million in Waiea, The Howard Hughes Corp.’s luxury condominium tower in Ward Village.
Strong sales are expected to continue in the upcoming months due to the number of luxury properties in escrow at the end of January. Single-family homes in escrow were up 57 percent, 58 compared to 37 the same period last year. Meanwhile, the number of condominiums in escrow declined to 13 compared to 14 last year.
Reprinted from Pacific Business News, February 21, 2016.