Sales of luxury homes on Oahu up double digits from last year

The most expensive property in September went for nearly $15.7 million.

Sales of luxury homes on Oahu up double digits from last year

HONOLULU (HawaiiNewsNow) - The sales of luxury homes on Oahu are up 11 percent since this time last year, according to a new report Monday.

That means a total of 417 luxury properties changed hands – up from 375 during this same period in 2017.

According to the Multiple Listing services, these single-family homes and condos were all sold for at least $1.5 million or more.

However, high-end properties in different price ranges yielded a mix of sales.

In the $1.5 to $3.9 million range, sales were down by 6 percent; in the $4 million to $9.9 million range, sales skyrocketed to 79 percent; and finally, homes in the $10 million plus range recorded a large hike in sales with nine closings compared to only one in 2017.

"The increase in prices, coupled with rising interest rates, have especially impacted the lower price ranges where there is a greater likelihood of buyers purchasing with a loan,” said Patti Nakagawa, global luxury director for Coldwell Banker Pacific Properties.

One expansive Kailua Beach property was not in the lower price range – as it went for nearly $15.7 million.

According to MLS, this was the most expensive home resale in Sept. 2018. The 10,675 interior-square-foot home featured eight bedrooms, eight full bathrooms and three half-bathrooms.

Copyright 2018 Hawaii News Now. All rights reserved.