Oahu’s luxury housing market set a record in 2014, with a total of 842 single-family homes and condominiums sold for $1 million or more, an increase of nearly 16 percent from 2013.
The previous peak for homes priced $1 million and above was in 2005 when 794 homes and condos were sold in this price range. Last year’s sales also surpassed the record set in 2005 by 6 percent.
“This price point appeals to a broad market including locals, buyers from the U.S. mainland and international second-home buyers,” she said.
The areas with the highest number of sales for homes over $1 million were Kahala and Diamond Head in East Oahu, while condos at this price range sold most significantly in Kakaako and Waikiki.
In the $4 million and above price range, the Lanikai and Beachside neighrborhoods in Kailua had the highest number of sales with 11 total closed sales.
Kahala and Diamond Head followed with eight closed sales each.
The largest transaction in 2014 was the record-breaking sale of a property consisting of two adjacent oceanfront lots on Kahala Avenue for about $19.4 million, which was brokered by Coldwell Banker Pacific Properties’ Team of the Avenue in November. The two parcels were sold before they were listed.
A month-to-month comparison shows a total of 73 luxury properties changed hands last month, compared to 69 in December 2013.
The median sale price for luxury homes in December was $1.45 million, an increase of nearly 8 percent from $1.3 million during the same month in 2013.
Duane Shimogawa Reporter – Pacific Business News