Luxury home sales on Oahu drop off in April, but escrows are up
This four-bedroom, 3,952 square-foot home in Lanikai sold in April for $2.76 million.
COURTESY ED MEDERIOS/COLDWELL BANKER PACIFIC PROPERTIES
By Janis L. Magin – Real Estate Editor, Pacific Business News
The number of luxury properties sold on Oahu last month dropped 33 percent, when compared to April 2018, while the median price for single-family homes and condominiums that sold for $1.5 million or more declined by 8 percent, according to a report by Coldwell Banker Pacific Properties.
There were 59 luxury homes and condos sold on Oahu in April, compared to 88 during the same month last year. The median price for those homes was $1.875 million, compared to $1.89 million in April 2018, based on Multiple Listing Service Data, the report said. The report did not include developer sales.
“April sales were sluggish as a result of low activity in escrows during the first quarter of 2019,” Patti Nakagawa, Global Luxury director at Coldwell Banker Pacific Properties, said in a statement. “However, the number of offers written and escrows opened increased in mid-to-late April.”
The number of condos in escrow for $1.5 million or more by the end of April was 30 percent higher than a year ago, while the number of properties in escrow for $3 million rose to five, from three last year, an increase of 67 percent.
Among the luxury homes that sold in April, 10 were for $3 million or more, and seven of those sold for more than $4 million.
The highest price for a resale last month was a four-bedroom new custom home in Kailua for more than $8.7 million.