O'ahu Luxury Market Report - Q4 2024

Q4 2024

REAL ESTATE MARKET 4TH 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

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Q4 2024 O’ahu Luxury Real Estate Market Report

Berkshire Hathaway HomeServices Hawaii Realty

ABOUT THIS REPORT Cover Property: Victoria Place | 1100 Ala Moana 1400 | Listed by: Rachel Bradley

Oahu’s luxury real estate market showed an increase in activity in the fourth quarter of 2024 after a sluggish third quarter. Both the condo and single-family markets rebounded, with the number of single-family home sales up 28% from 87 to 111 and condo sales rising 42% from 116 to 165.

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:

Annual Trends

Nearly half of Oahu’s luxury single-family listings sold in 2024, which is on track with our post-pandemic luxury market. On the other hand, condo inventory at the end of the year was the highest it’s been since 2017, and the annual number of sales was down 10% compared to 2023. The good news is that 2024 experienced double the luxury condo sales of 2020, a sign of recovery. Notably, in East Oahu 68% of oceanfront property listings sold in 2024, up from an average of 40% in the years prior. Annual trends are positive for Kahala single-family homes as well. The number of listed homes that sell has remained strong since 2021, with 59% of inventory sold in 2024. Kailua-Waimanalo oceanfront properties experienced their highest median price to date, at over $9 million. Of the nine ultra-luxury single-family sales on Oahu in 2024, one-third were on Kailua Beach with over 88% of list price received. During Quarter Four, nearly half of luxury condo sales were under $2 million. Meanwhile, 10% of condo sales sold between $4 and $5 million, including two resales in Kakaako’s new Victoria Place tower at Ward Village. Both of these sales went into contract in under a week and are corner 3-bedroom “00” stacks, arguably the most coveted, with Diamond Head, ocean, and sunset views. Over 75% of luxury single-family sales were between $3 and $5 million. The quarter’s only ultra-luxury sale was a 0.7-acre beachfront lot on the slopes of Diamond Head, selling for $14.5 million (FS). Quarter 4 2024 Trends

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. Berkshire Hathaway HomeServices Hawaii Realty 3 Q4 2024 O’ahu Luxury Real Estate Market Report

SINGLE-FAMILY OVERVIEW O'AHU LUXURY MARKET

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 111

LISTINGS 251

SINGLE-FAMILY

Each bar is one full year of data.

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Q4 2024 O’ahu Luxury Real Estate Market Report

SINGLE-FAMILY SALES BY QUARTER O'AHU LUXURY MARKET

SINGLE-FAMILY

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Q4 2024 O’ahu Luxury Real Estate Market Report

CONDOMINIUM OVERVIEW O'AHU LUXURY MARKET

2024 Condominium >$1.5M

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

SALES 165

LISTINGS 410

CONDOMINIUM

Each bar is one full year of data.

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Q4 2024 O’ahu Luxury Real Estate Market Report

CONDOMINIUM SALES BY QUARTER O'AHU LUXURY MARKET

CONDOMINIUM

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Q4 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

2024 Single-Family >$3M

MEDIAN PRICE $4,200,000 YOY Q4 PRICE -40%

SALES

19

LISTINGS 32

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 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

2024 Single-Family >$3M

MEDIAN PRICE $4,850,000 YOY Q4 PRICE 117%

SALES 9

LISTINGS 28

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

EAST OʻAHU OCEANFRONT

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 $5,450,000 YOY Q4 PRICE -24%

SALES

13

LISTINGS 19

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

WINDWARD OCEANFRONT

2024 Single-Family Sales >$3M

MEDIAN PRICE $9,562,500 YOY Q4 PRICE -21%

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

6

LISTINGS 18

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

NORTH SHORE OCEANFRONT

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 $6,375,000 YOY Q4 PRICE 48%

SALES

9

LISTINGS 29

Median Price is calculated with Single-Family sales from >$3M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

WAIANAE OCEANFRONT

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 Q4 PRICE N/A - No Sales This Quarter

SALES

6

LISTINGS 12

Median Price is calculated with Single-Family sales. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

KAKAʻAKO | ALA MOANA

MEDIAN PRICE $2,00,000 2024 Condominium Sales >$1.5M YOY Q4 PRICE -11%

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

63

LISTINGS 121

Median Price is calculated with Condominium sales from >$1.5M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

GOLD COAST

MEDIAN PRICE $2,850,000 2024 Condominium Sales >$1.5M

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.

YOY Q4 PRICE

N/A - No Sales Q4 2023

SALES

11

LISTINGS 24

Median Price is calculated with Condominium sales from >$1.5M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

WAIKIKI

MEDIAN PRICE $2,175,000 2024 Condominium Sales >$1.5M YOY Q4 PRICE 21%

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

14

LISTINGS 60

Median Price is calculated with Condominium sales from >$1.5M. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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Q4 2024 O’ahu Luxury Real Estate Market Report

KO OLINA

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.

$1,135,000

YOY Q4 PRICE 41%

SALES

51

LISTINGS 87

Median Price is calculated with sales of Single-Family homes and Condominiums. Each bar is one full year of data through December 31 of that year.

Each bar is one full year of data through December 31 of that year.

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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.

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Q4 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.

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