Luxury home, condo sales booming on Oahu

Luxury home, condo sales booming on Oahu

HONOLULU (HawaiiNewsNow) - Hawaii's hot housing market is translating into more luxury home sales.

In April, some 95 homes and condos sold for $1 million or more.

That's up from 84 in April 2015, according to an analysis from Coldwell Banker Pacific Properties.

The median sales price for the luxury homes sold last month was $1.4 million.

"April was a strong month for Oahu's luxury market," said Patti Nakagawa, Previews International director for Coldwell Banker Pacific Properties, in a news release.

Meanwhile, luxury homes listed in the $1 million to $2 million range that are currently in escrow are up by 20 percent.

The number of condominiums priced over $1 million currently in escrow is double the number at the same time last year, 28 compared to 14.

The escrow figure indicate luxury home sales over the next few months will continue to be strong.

Another key finding from the analysis: Kakaako recorded the most luxury sales in April, followed by Diamond Head, Waikiki and Hawaii Loa Ridge.

The most expensive home sale last month was a four-bedroom, three- bath home with a two-bedroom, one-bath cottage in Lanikai. Price: $7.8 million.

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