O'ahu Luxury Market Report - Q3 2024

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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