Oahu luxury home sales decline in February
Sales of luxury homes on Oahu that sold for $1.5 million or more declined slightly in February, compared to a year ago, while the median price of those homes fell 20 percent to $1.9 million, according to a report from Coldwell Banker Pacific Properties.
Read more from Pacific Business Journal, as below:
There were a total of 32 single-family homes and condominiums that sold for $1.5 million or more last month, compared to 36 sold in February 2018. The median price of those sales was $1.9 million, compared to $2.375 million in February last year.
Sales of single-family homes for $1.5 million or more were steady at 25, unchanged from last year, but sales of homes on the lower end of the luxury price range, from $1.5 million to $1.9 million, jumped by 45 percent in February to 16 sales, from 11 during the same month last year.
The other price ranges experienced decreases in sales, especially the $3 million to $3.9 million range, which saw a 75 percent drop.
There were two sales above $4 million — including a Lanikai home that sold for $11.15 million — in February, compared to none in February 2018.
For condo sales, sales of those units priced at $1.5 million and above fell 36 percent to seven units sold, compared to 11 units sold in February 2018. The numbers don’t include developer sales of new buildings.
“Although the number of available listings for both luxury single-family homes and condominiums have increased significantly compared to last year, buyers appear to be in a ‘wait and see’ mode,” Patti Nakagawa, Global Luxury director at Coldwell Banker Pacific Properties, said in a statement. “With mortgage interest rates dipping and prices stabilizing, there is a window of opportunity for buyers to take advantage of improved affordability.”