For the luxury market, please note that we have started using a new benchmark of $1,800,000. There were 44 luxury single-family home sales in April, a 267% increase compared to April 2020. Since the pandemic’s effect on real estate had started to take hold by April of last year, we also wanted to compare to a “typical year.” The increase in sales volume from 2019 to 2021 was even more dramatic at 389%. The median price of $2,500,000 increased by 24% compared to 2020 but only 3% compared to 2019. Homes sold after an average of 80 days; this is 8 days faster than last year but 26 days slower than 2019. 57% of homes sold at or above listing price in April; this is 3.5 times higher and 5 times higher than in 2020 and 2019, respectively. Overall, homes sold for 99% of their asking price. On average, homes sold for $1019.76 per square foot, a significant increase from $767.16 in 2020 and $837.8.
Highest Sold Single-Family Home
5 bedrooms | 5 baths | 4,847 square feet living | 11,097 sq ft land
Why this property is spectacular: Newly constructed on 99 linear feet of sandy beach with 180-degree views of Kailua Bay. Its luxury features include 146-bottle wine fridge, butler’s pantry, and 12-person hot tub.
Sold at: $9,000,000 to a doctor form California before it was listed.
*Property photo unavailable; photo is of Kailua Beach
There were 8 luxury condo sales in April. This is a 60% increase from the 5 condos that sold in April 2020, but a 27% decrease from 2019. The condo market continues to be slower to recover from the pandemic and this could be reflective of people’s changing needs and wants in housing transitioning from condos to more spacious single-family homes. The median price of $2,445,000 decreased slightly by 2% compared to last year but rose 6% over 2019. Condos sold after 126 days on average; this is 19 days faster than 2020 but 4 days slower than 2019. Condos sold for 94% of their asking price, which is on par with 2020 and 2019’s numbers. On average, they sold for $1,717.08 per square foot compared to $1,986.56 in 2020 and $1,586.39 in 2019
Highest Sold Condo
Ritz-Carlton Residences, Waikiki
3 bedrooms |5 baths | 1 half bath | 3,514 square feet living
Why this property is spectacular: This 2-level corner unit boasts Diamond Head and ocean views. The 2000+ sq ft lanai has a private pool, hot tub, and outdoor kitchen.
Sold at: $6,498,000 to a Japanese corporation after 194 days on market.
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