Some buyers may find they have a window of reduced competition now through January, while many buyers are distracted by the holidays. In October, the median time properties spent on the market: 10 days for single-family homes and 11 days for condos. “The current market offers just that with homes selling extremely quickly and buyers paying over asking.” “Many sellers are looking for assurances when they sell their home,” Kim says. “We continue to see a high level of demand for larger homes that provide space and amenities suitable for remote work and study as well as recreation from home,” Nakagawa adds.Įven with the holidays approaching, Kim points out, it is a good time to sell across all price points. With no indication of a slowdown, the number of luxury single-family homes in escrow was up 268% - 70 in September, compared to 19 a year ago. Historically, the month of September slows down in the number of escrows opened, but this year, September high-end sales were robust. Honolulu is perfectly poised to capture that market, especially when international buyers return.”ĭiamond Head recorded 18 sales over $2 million in the third quarter alone, followed by Kakaako with 13, Hawaii Loa Ridge with 12, and Lanikai with 11 closed sales. “The second-home market is driving the higher price points, especially single-family homes, with offshore buyers looking for multiple getaway homes in gateway cities with warmer climates near the beach. mainland buyer segments,” says Patti Nakagawa, Global Luxury director for Coldwell Banker Realty. Buyer demand continues from both the local and the U.S. “The luxury real estate market on Oahu does not appear to be waning. As the third quarter ended, Oahu’s luxury real estate market recorded 330 $2-million-plus sales, compared to 157 in 2020.

Sales of luxury homes at $2 million and above increased 110 percent during the third quarter of 2021 compared to 2020 - and up 188.2% in October. That said, sellers continue to have the leverage in negotiations when multiple offers create a bidding war.”īut another factor may also be pushing prices skyward. However, we are seeing single-digit competing offers instead of twenty-something offers. Kalama Kim, principal broker at Coldwell Banker Realty, explains, “Bidding wars are still prevalent in our market. Oahu real estate prices continue to be fueled by healthy demand and a limited supply of homes for sale, compounded by the fact that fewer people want to move during the pandemic.

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