New report on home sales says the luxury market is heating up
A new report on luxury home sales says that market is heating up. For people keeping track of real estate statistics, the word luxury in luxury homes doesn’t just mean “fancy.” It means more specifically a sale price of $2 million or more.
On Oʻahu, comparing this January to last, sales are up 52%, according to a new monthly luxury report from Coldwell Banker Realty. Thirty-five such properties, a mix of single-family homes and condos, were sold in January 2022 compared to 23 in the same month last year.
Growth was even higher in the $4-million-or-more category, with 11 sales in that range this year versus just two last January.
The neighborhoods where these homes can be found will not surprise you. Diamond Head has the most luxury sales followed by Lanikai and Ala Moana.
According to Patti Nakagawa, global luxury director for Coldwell Banker Realty, the buyers for homes priced between $2 and $4 million were mainly local “move-up” buyers.
Some properties were acquired by mainland buyers as second homes. The category often saw multiple bids driving up prices and sales now are outpacing the number of new listings coming available, which will drive prices even higher.
According to the report, the most expensive home sold in January was in Lanikai. Weighing in at 10 bedrooms and eight full bathrooms, it sold for nearly $10.9 million.