O'ahu Luxury Market Report - Q3 2024

Q3 2024

REAL ESTATE MARKET 3RD QUARTER 2024 O'AHU LUXURY

As always, it is paramount to align with experienced professionals with deep local knowledge and market acumen. The Berkshire Hathaway HomeServices global brand continues to grow and reach destination markets across the world. Your Berkshire Hathaway HomeServices Hawai’i Realty agent is a valuable advisor for guidance on navigating our complex micro-neighborhoods and a powerful connector to new endeavors outside of our Islands as well.

Kalama Kim President Berkshire Hathaway HomeServices Hawaii Realty

2

Q3 2024 O’ahu Luxury Real Estate Market Report

Berkshire Hathaway HomeServices Hawaii Realty

ABOUT THIS REPORT

Cover Property: 2043 Halekoa Drive | Listed by: Kimmy Brooke

The O’ahu luxury real estate market showed growth in the third quarter of 2024, with promising trends in both condos and single family properties. In Quarter 3, condos and single-family both experienced a nearly 10% sales increase compared with Quarter 2: condos rose from 42 to 46 this quarter, while single family rose from 31 to 34. Notably, the resort community of Ko Olina experienced a 75% rise in sales this quarter, almost equaling its total sales in the first half of the year. For condos, 13% of sales were over $2.5 million. The three highest sales were all in the ultra luxury Waiea project in Ward Village selling between $5.5 to $8 million and taking between 3 to 8 months to go under contract. Over half of luxury single-family sales were between $3 and $4 million, with Kahala homes in this price range going under contract in less than 3 weeks. Two outliers were a 39+-acre property in the hills of Kaneohe selling for $11 million, and an East O’ahu oceanfront home under contract within two weeks, and selling for nearly $6.5 million. The Berkshire Hathaway HomeServices Hawai’i Luxury Collection defines luxury as properties valued over $1,500,000 or more for condominiums and over $3,000,000 or more for single-family homes. The data in this report reflects a study of the sales activity in the luxury market as we define it. We adjust these price parameters when looking at West O’ahu areas: Ko Olina Condominiums and single-family homes and Waianae Oceanfront single-family homes because we find they are significant to a comprehensive analysis of O’ahu’s luxury market as a whole.

While luxury buyers are predominantly local, our main domestic feeder markets are still California, Washington, and Texas (by volume), which have come back at pre-pandemic levels. International markets have been slower to rebound, but Japan and Canada followed by Korea are our main international feeder markets. Hawai'i remains an attractive investment in a unique lifestyle where the conveniences of a metropolitan international city come together with unmatched natural beauty in the middle of the Pacific. All are factors that keep O'ahu top of mind as a sound long-term real estate choice. The real estate world is in flux. With foreign investment rules evolving, tax rates changing, and mortgage interest rates fluctuating, there are many market factors impacting luxury buyers and sellers. But if there’s anything we’ve learned from this quarter, it’s that buyers are still purchasing properties they consider well-priced, that o ff er potential for investment, and feature perks that have become synonymous with the high-end lifestyle. As a destination market, there are many factors that keep local buyers local and draw off-island interest in lifestyle and business:

Attractive Business Environment Easy Access to Asia Security and Protection Low Unemployment Low Taxes Healthy Lifestyle and Longevity Abundant Outdoor Activities

For this report, we have only studied the sales defined as Luxury: >$3 million for Single-Family homes and >$1.5 million for Condominiums. The median sales price you find in this report is the median of only the sales defined as Luxury. It does not represent all of the sales. Sales not defined as Luxury have been excluded. Luxury areas studied in this report are determined by the fact that the area has a high number of properties deemed “Luxury” based on the above definition, or are of interest for Resort or Oceanfront lifestyle. Data is calculated as of December 31 of each year up to 2023 and September 30 of 2024 Berkshire Hathaway HomeServices Hawaii Realty 3 Q3 2024 O’ahu Luxury Real Estate Market Report

SINGLE-FAMILY OVERVIEW O'AHU LUXURY MARKET

Q1-Q3 2024 Single-Family >$3M

Defining the luxury market is subjective. Luxury price points vary by neighborhood and over time. For the purposes of this report, and to look at trends over the entire O'ahu market, we have defined luxury as those properties selling for more than $3,000,000.

SALES 87

LISTINGS 213

SINGLE-FAMILY

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 4

Q3 2024 O’ahu Luxury Real Estate Market Report

SINGLE-FAMILY SALES BY QUARTER O'AHU LUXURY MARKET

SINGLE-FAMILY

Berkshire Hathaway HomeServices Hawaii Realty 5

Q3 2024 O’ahu Luxury Real Estate Market Report

CONDOMINIUM OVERVIEW O'AHU LUXURY MARKET

Q1-Q3 2024 Condominium >$1.5M

The O'ahu Luxury Condominium market is defined as exceptional properties selling for more than $1,500,000.

SALES 116

LISTINGS 295

CONDOMINIUM

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 6

Q3 2024 O’ahu Luxury Real Estate Market Report

CONDOMINIUM SALES BY QUARTER O'AHU LUXURY MARKET

CONDOMINIUM

Berkshire Hathaway HomeServices Hawaii Realty 7

Q3 2024 O’ahu Luxury Real Estate Market Report

Kahala, an exclusive neighborhood nestled along the southern shores of Oʻahu, is a classic example of luxury living in Hawaiʻi. Renowned for its pristine sandy beaches, large estates, and manicured, wide streets, Kahala offers a tranquil escape from the bustling city of Honolulu, just a short drive away. With its picturesque oceanfront properties, dining and shopping areas, and prestigious golf course, Kahala embodies the essence of upscale island living, making it a sought-after destination for those seeking the ultimate in Hawaiian luxury. KAHALA

Q1-Q3 2024 Single-Family >$3M

MEDIAN PRICE $4,269,000 YOY Q3 PRICE 0.12%

SALES

18

LISTINGS 29

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

8

Q3 2024 O’ahu Luxury Real Estate Market Report

Berkshire Hathaway HomeServices Hawaii Realty

Diamond Head, one of O'ahu's most prestigious and iconic neighborhoods, offers an unparalleled blend of natural beauty and upscale living. Nestled beneath the world famous volcanic crater, this exclusive enclave boasts luxurious homes with breathtaking views of the Pacific Ocean and Diamond Head's lush surroundings. Sub-markets in the Diamond Head area include Makalei, Papu Circle, Kaiko’o, and Pu’upanini . DIAMOND HEAD

Q1-Q3 2024 Single-Family >$3M

MEDIAN PRICE $4,850,000 YOY Q3 PRICE -23.33%

SALES 7

LISTINGS 24

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 9

Q3 2024 O’ahu Luxury Real Estate Market Report

EAST OʻAHU OCEANFRONT

Q1-Q3 2024 Single-Family Sales >$3M

East Oahu Oceanfront, a prestigious enclave of homes on the island of Oʻahu, offers an extraordinary blend of opulence and coastal serenity. This exclusive neighborhood boasts luxurious estates and upscale residences perched along the stunning shoreline, providing unobstructed views of the Pacific Ocean. With its pristine beaches, private coves, and proximity to world-class amenities, East Oahu Oceanfront beckons those seeking an unparalleled oceanfront lifestyle in the heart of paradise. Neighborhoods include: Koko Kai, Portlock, Paiko Lagoon, Niu Beach, Aina Haina Beach, Wailupe, and Kalanianeole.

MEDIAN PRICE $5,400,000 YOY Q3 PRICE -20.30%

SALES

12

LISTINGS 18

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 10

Q3 2024 O’ahu Luxury Real Estate Market Report

WINDWARD OCEANFRONT

Q1-Q3 2024 Single-Family Sales >$3M

MEDIAN PRICE $10,375,000 YOY Q3 PRICE N/A - No Sales This Quarter

Luxury along Oʻahu’s Windward coast encompasses the idyllic neighborhoods of Kailua, Lanikai, and Waimanalo . Windward is a haven of luxury living surrounded by natural beauty with slightly cooler temperature thanks to the consistent trade winds. With its white-sand beaches, crystal-clear waters, and lush tropical landscapes, this area offers a retreat-like atmosphere that perfectly complements its upscale residences. From the quaint charm of Kailua to the exclusive beachfront estates of Lanikai and the laid back elegance of Waimanalo, the Windward neighborhood epitomizes the allure of island living at its finest.

SALES

5

LISTINGS 15

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 11

Q3 2024 O’ahu Luxury Real Estate Market Report

NORTH SHORE OCEANFRONT

Q1-Q3 2024 Single-Family >$3M

Nestled along miles of pristine coastline, North Shore Oceanfront is an exclusive neighborhood that offers a rare opportunity to own a piece of Hawaii's breathtaking oceanfront real estate. With its world renowned surf breaks, slower pace out of “Town,” and secluded large properties, North Shore Oceanfront is a dream destination for those seeking more of a neighbor island pace with easy access to bustling Honolulu and the International airport.

MEDIAN PRICE $4,400,000 YOY Q3 PRICE N/A - No Sales Q3 2023

SALES

7

LISTINGS 25

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 12

Q3 2024 O’ahu Luxury Real Estate Market Report

WAIANAE OCEANFRONT

Q1-Q3 2024 Single-Family Sales

Waianae Coast is a picturesque stretch along the western side of the island of Oahu in Hawaii, known for its stunning coastline and rich cultural history. With its rugged mountains, pristine beaches, and vibrant communities, Waianae Coast offers a more laid-back and authentic Hawaiian experience compared to the bustling tourist hubs. Visitors can explore local traditions, enjoy outdoor activities, and savor the beauty of the Pacific Ocean against the backdrop of the Waianae Range.

MEDIAN PRICE $2,225,000 YOY Q3 PRICE N/A - No Sales This Quarter

SALES

6

LISTINGS 11

Median Price is calculated with Single-Family sales. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 13

Q3 2024 O’ahu Luxury Real Estate Market Report

KAKAʻAKO | ALA MOANA

MEDIAN PRICE $1,900,000 Q1-Q3 2024 Condominium Sales >$1.5M YOY Q3 PRICE -35.88%

While The Kakaʻako and Ala Moana neighborhoods on Oʻahu have become synonymous with luxury condo living in the heart of Honolulu, there are a mix of projects in a variety of price ranges. For the purpose of this report we have included data featuring a collection of world-class condominiums including Hokua, Koolani, Waiea, Anaha, Koula, Park Lane, One Ala Moana , and Symphony . These high-rise towers offer residents stunning ocean and city views, impeccable design, and an abundance of amenities. With their proximity to Ala Moana Shopping Center, Ward Village, and Ala Moana Beach Park, these residences provide an unparalleled urban lifestyle infused with convenience and elegance, making them the epitome of modern urban luxury living.

SALES

47

LISTINGS 101

Median Price is calculated with Condominium sales from >$1.5M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 14

Q3 2024 O’ahu Luxury Real Estate Market Report

GOLD COAST

MEDIAN PRICE $2,925,000 Q1-Q3 2024 Condominium Sales >$1.5M YOY Q3 PRICE 19.30%

The Gold Coast condominiums, situated on the shoreline of O'ahu's Diamond Head, are understated, elegant coastal living at its finest. These residences offer a unique blend of modern luxury and timeless charm and boast unobstructed views of the Pacific Ocean and iconic Diamond Head. With direct access to secluded beaches and a short stroll to vibrant Waikiki and Kapiolani Park, the Gold Coast provides an exceptional opportunity for those seeking the ultimate beachfront lifestyle on the island of O'ahu.

SALES

6

LISTINGS 19

Median Price is calculated with Condominium sales from >$1.5M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 15

Q3 2024 O’ahu Luxury Real Estate Market Report

WAIKIKI

MEDIAN PRICE $2,470,000 Q1-Q3 2024 Condominium Sales >$1.5M YOY Q3 PRICE -2.38%

Waikiki is home to a diverse range of condominiums, including luxury residences such as the Watermark, Ka Lai (formerly Trump International Hotel & Tower), and The Ritz-Carlton Residences . These iconic towers make up the luxury market in Waikiki, offering modern sophistication and resort-style amenities, providing residents with panoramic ocean and city views and access to world-class shopping, dining, and entertainment in the heart of Waikiki. With meticulously designed interiors, lavish spa facilities, and unparalleled service, Luxury Waikiki condominiums represent an exclusive and upscale oasis in the vibrant energy of Waikiki.

SALES

10

LISTINGS 50

Median Price is calculated with Condominium sales from >$1.5M. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 16

Q3 2024 O’ahu Luxury Real Estate Market Report

KO OLINA

Q1-Q3 2024 Single-Family and Condominium Sales

MEDIAN PRICE

Ko Olina is a resort community located on the western coast of the island of Oahu in Hawaii. Known for its pristine beaches, lush landscapes, and luxurious accommodations, Ko Olina offers a tranquil escape for visitors seeking a tropical paradise and residents looking for resort-lifestyle all year long. The resort features world-class hotels, golf courses, and a variety of recreational activities, making it a popular destination for both relaxation and adventure.

$1,132,500

YOY Q3 PRICE 0.43%

SALES

42

LISTINGS 70

Median Price is calculated with sales of Single-Family homes and Condominiums. Each bar is one full year of data except for 2024, which is data through September 30.

Each bar is one full year of data except for 2024, which is data through September 30.

Berkshire Hathaway HomeServices Hawaii Realty 17

Q3 2024 O’ahu Luxury Real Estate Market Report

ABOUT OUR COMPANY

At Berkshire Hathaway HomeServices Hawai‘i Realty, we are committed to delivering exceptional service, building rich and trusted relationships, and improving all that we touch. We have partnered with a well-established, universally respected global brand that represents strength and integrity, therefore we are able to provide clients with knowledgeable, trusted, high-touch service that covers all facets of their real estate needs, wherever those needs may take them, like no other real estate company. By providing an environment that enables our agents, sta ff and the company to grow together and truly serve our community, Berkshire Hathaway HomeServices Hawai‘i Realty has built an ‘Ohana of professionals who believe in mutual respect, stability, learning, and innovative thinking. One of the few organizations in the world entrusted to use the Berkshire Hathaway name, Berkshire Hathaway HomeServices Hawai‘i Realty is powered by six local real estate industry leaders with combined centuries of experience in the Hawai‘i market. The team brings creativity, innovation, and best-in-class real estate expertise; they help clients achieve the lifestyle they want in the homes they dream about.

Berkshire Hathaway HomeServices Hawaii Realty 18

Q3 2024 O’ahu Luxury Real Estate Market Report

BERKSHIRE

HATHAWAY

HOMESERVICES

HAWAI’I REALTY BY THE NUMBERS More than $1.6 billion in sales volume since opening our doors in 2015. #1 Berkshire Hathaway HomeServices brokerage in the state of Hawai’i. Top 10 O’ahu real estate brokerage by volume and units sold. More than 150 sales professionals. 3 offices across O’ahu. Serving all Hawaiian Islands.

HAWAI’I-BASED LEADERS Scott Bradley, CEO and Partner Earl Lee, Chairman and Partner

Herb Conley, Partner Tracy Bradley, Partner Richard Lim, Partner Kalama Kim, President

BERKSHIRE HATHAWAY HOMESERVICES 51,000 network sales professionals. 1,550 offices worldwide. 4 continents. Berkshire Hathaway, Inc. has been named to Fortune Magazine’s Top 10 Most Admired Companies in the World for nine consecutive years.

Berkshire Hathaway HomeServices Hawaii Realty 19

Q3 2024 O’ahu Luxury Real Estate Market Report

Inspiring

Exceptional

Living

bhhshawaii.com

808.320.1244

Follow @bhhshawaiirealty

©2024 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity. HI Lic #: RS-83344