O'ahu Luxury Market Report

O ʻ AHU LUXURY REAL ESTATE MARKET Q2 2026

At Hawaiʻi Modern Realty, we are committed to providing valuable data and insights from Oʻahu’s luxury real estate market. Beyond the headlines, today’s luxury environment is shaped by informed buyers, neighborhood-specific dynamics, and a focus on long-term value. Luxury on Oʻahu is not one market, but many. Each area reflects its own rhythm, driven by lifestyle priorities, property quality, and timing. Understanding these nuances is essential to navigating opportunity with clarity and confidence. We are pleased to share this report as a resource to help you better understand current trends and the evolving luxury landscape across our island.

Kalama Kim President Hawaiʻi Modern Realty

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ABOUT THIS REPORT CoverProperty: 365 Portlock Road, Honolulu, HI, 96825 | Listed by: Greg Kerner

2026: OAʻHU’S LUXURY MARKET OPENS WITH RESILIENT DEMAND AND A MORE SELECTIVE BUYER Oʻahu’s luxury real estate market began 2026 with a confident but discerning tone. Despite elevated interest rates and broader economic uncertainty, luxury activity has remained healthy —especially for properties offering prime location, strong condition, and lasting lifestyle appeal. The second quarter of 2026 brought 28 single‐ family closed sales over $3,000,000 and 39 condominium sales above $1,500,000 — a cooler quarter than a year ago, even as trophy properties commanded strong prices. SINGLE-FAMILY HOMES: QUALITY STILL WINS Luxury homebuyers continue to reward properties that feel move-in ready and hard to replace. Ocean proximity, privacy, design quality, and usable outdoor space remain highly desirable. Prestige neighborhoods such as Kahala, Diamond Head, Kailua, Lanikai, Hawaii Loa Ridge, and East Oʻahu oceanfront communities continue to attract demand, while overpriced or dated homes often take longer to sell. REMAINS ATTRACTIVE Luxury condominium demand remains steady, especially in projects offering security, amenities, convenience, and proximity to urban centers such as Kakaʻako, Ala Moana, Waikiki, and Ko Olina. Many buyers continue to favor premium condominiums as a lower-maintenance option for second homes or simplified island living. CONDOMINIUMS: TURNKEY LIFESTYLE

THE REAL STORY: OAʻHU LUXURY IS MANY MARKETS Oʻahu’s luxury market behaves differently by neighborhood, property type, and price point. The $3M–$5M single-family segment continues to drive most volume, while the ultra-luxury tier remains more selective and opportunity-specific. LOOKING AHEAD With limited land supply and global lifestyle appeal, Oʻahu remains one of the world’s most unique luxury markets.

As 2026 continues, demand is likely to favor: Exceptional locations

Turnkey condition Thoughtful pricing Scarce properties Trusted guidance

At Hawai̒ʻi Modern Realty, we are proud to provide the market intelligence and strategic counsel clients need to navigate Oʻahu’s evolving luxury landscape. ABOUT THIS REPORT This report analyzes Oʻahu luxury real estate through Q1 2026. Luxury is defined as: Single-Family Homes: $3,000,000+ Condominiums: $1,500,000+ Statistics reflect only transactions within these thresholds.

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 except for 2026, which is through March 31.

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Q2 2026 O’ahu Luxury Real Estate Market Report

O'AHU LUXURY MARKET SINGLE-FAMILY OVERVIEW

Q2 2026

Single-Family Sales >$3M

LISTINGS 57

SALES 28

Q2 2025 - 38 Sales | 26% Decrease YOY

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. With 28 sales against 57 new listings, the luxury single‐family market saw buyers gain leverage this quarter — yet half of all luxury sales still went under contract within 25 days. SINGLE-FAMILY

YOY Comparison: Q2 2025: 38 Sales | Q2 2026: 28 Sales | ‐26% Year-Over-Year

Price Tier Breakdown: $3M–$5M: 18 — The highest‐volume tier, where qualified buyers remain active and decisive $5M–$10M: 9 — Steady demand for exceptional location and condition $10M+: 1 — Selective and opportunity‐driven; top properties continue to transact

Fewer closings, deeper inventory — yet half of Q2’s luxury home sales still sold within 25 days of listing. I n this market, presentation and pricing decide everything.

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O'AHU LUXURY MARKET

CONDO OVERVIEW

Q2 2026

Condominium Sales >$1.5M

LISTINGS 147

CONDOMINIUM

SALES 39

Q2 2025 - 52 Sales | 25% Decrease YOY

The O'ahu Luxury Condominium market is defined as exceptional properties selling for more than $1,500,000. With 147 new listings against 39 sales, luxury condominium buyers enjoyed their widest selection in several quarters — yet well‐priced, turnkey residences continued to attract serious interest. YOY Comparison: Q2 2025: 52 Sales | Q2 2026: 39 Sales | ‐25% Year‐Over‐Year The 25% year‐over‐ year decline masks unusual strength at the very top: 14 condominiums closed above $3,000,000 this quarter, led by four sales at Waiea and five at Park Lane — including the quarter’s highest sale island‐ wide at $10,800,000. Price Tier Breakdown: $1.5M–$3M: 25 — The most active condo tier, driven by lifestyle buyers and those simplifying island living $3M+: 14 — Ultra‐luxury condos continue to transact for the right product in the right building+

The towers of Kaka‘ako and Ala Moana delivered the quarter’s biggest numbers — three of O‘ahu’s four highest sales of Q2 closed at Waiea and Park Lane, topping out at $10.8 million.

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026 Single-Family Sales >$3M

MEDIAN PRICE 4,240,000 AVG PRICE/SQFT $1,166

DAYS TO SELL 64

LISTINGS 6

KAHALA

SALES 6

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. During the second quarter of 2026, Kahala recorded six luxury sales at a median of $4,240,000. The neighborhood’s signature streets showed their pull: 4543 Aukai Ave commanded $8,895,000 after just six days on market, and 4700 Kahala Ave closed at full ask in three. Well‐priced Kahala homes are still met with immediate demand.

Notable Sales: 4543 Aukai Ave, $8,895,000 Sold in 6 days at full asking price. 4700 Kahala Ave, $4,200,000 Sold in 3 days

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Q2 2026 Single-FamilySales >$3M MEDIAN PRICE $4,450,000 AVG PRICE/SQFT $1,235 DAYS TO SELL 19

LISTINGS 8

DIAMOND HEAD

SALES 7

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. During the second quarter of 2026, Diamond Head was the quarter’s fastest luxury market: seven homes closed above $3,000,000 at a median of $4,450,000, averaging just 19 days to sell. The headline sale at 3234 Noela Dr never formally reached the market, closing at $6,000,000 — $100,000 over its list price.

Notable Sales: 3234 Noela Dr, $6,000,000 Sold above list, off‐market 4218 Kaimanahila St, $5,725,000

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026 Single-FamilySales >$3M MEDIAN PRICE $6,000,000 AVG PRICE/SQFT $1,956 DAYS TO SELL 13

LISTINGS 5

EAST O ʻ AHU OCEANFRONT

SALES 1

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 to those seeking an unparalleled oceanfront lifestyle. Neighborhoods include: Koko Kai, Portlock, Paiko Lagoon, Niu Beach, Aina Haina Beach, Wailupe, and Kalanianeole. During the second quarter of 2026, East O‘ahu’s oceanfront saw a single but emphatic closing: 459A Portlock Rd drew competitive interest and closed at $6,000,000 — a half‐million dollars over asking — in under two weeks. True oceanfront remains scarce along this coast, and buyers respond decisively when it appears.

Notable Sales: 459A Portlock Rd, $6,000,000 — $500,000 over asking in 13 days

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026 Single-FamilySales >$3M MEDIAN PRICE $7,700,000 AVG PRICE/SQFT $2,969 DAYS TO SELL 217

LISTINGS 11

WINDWARD OCEANFRONT

SALE 3

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. During the second quarter of 2026, the Windward side produced the quarter’s marquee sale: a beachfront estate at 376 Dune Cir closed at $10,500,000, O‘ahu’s highest single‐family price of Q2. Lanikai added a $7,700,000 closing on Mokulua Drive. Windward oceanfront trades thinly and patiently — this quarter’s sales averaged over seven months on market — but the prizes remain among the island’s most valuable.

Notable Sales: 376 Dune Cir (Kailua Beachside), $10,500,000 — O‘ahu’s top SFH sale of Q2 141 Kailuana Loop, sold for $10,000,000

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026 Single-FamilySales >$3M MEDIAN PRICE $2,325,000 AVG PRICE/SQFT $1,829 DAYS TO SELL 67

LISTINGS 7

NORTH SHORE OCEANFRONT

SALES 2

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. During the second quarter of 2026, two oceanfront homes changed hands on the North Shore, led by a $3,250,000 closing at Ke Waena Road near Sunset Beach. At roughly $1,800 per square foot on average, North Shore ocean frontage continues to price well above the island norm while offering a slower pace far from town.

Notable Sales: 59‐495 Ke Waena Rd (Sunset Beach), $3,250,000

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026 Single-Family Sales >$3M

MEDIAN PRICE $1,950,000 AVG PRICE/SQFT $1,083

DAYS TO SELL 192

LISTINGS 1

WAIANAE OCEANFRONT

SALES 2

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. After a quiet first quarter, the Wai‘anae Coast recorded two oceanfront sales in Q2, both along Farrington Highway in Ma‘ili, topping out at $2,150,000. At roughly $1,100 per square foot, this coast remains O‘ahu’s most accessible entry to true oceanfront living.

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026 Single-Family Sales >$3M

MEDIAN PRICE 1,925,000 AVG PRICE/SQFT $2,170

DAYS TO SELL 131

LISTINGS 17

KAKA ʻ AKO | ALA MOANA

SALES 21

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. During the second quarter of 2026, Kaka‘ako and Ala Moana delivered 21 luxury condominium sales — more than half the island’s total above $1,500,000. Waiea led with four closings topping out at $10,800,000, O‘ahu’s highest sale of Q2, while Park Lane added five, including a full‐price $9,500,000 closing.

Notable Sale: Waiea #3400, $10,800,000 — the quarter’s highest sale island‐wide Park Lane #8404, $9,500,000 — full asking price

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026

Condominium/Townhomes >$1.5M

MEDIAN PRICE $1,711,500 AVG PRICE/SQFT $1,938

DAYS TO SELL 38

LISTINGS 14

GOLD COAST

SALES 4

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. During the second quarter of 2026, the Gold Coast logged four sales along the Kalākaua shoreline, three of them at Colony Surf — including a unit under contract in three days. A rare whole‐floor residence at 3019 Kalākaua closed at $4,000,000, underscoring how tightly held, and how prized, this oceanfront strip remains.

Notable Sale: 3019 Kalakaua Ave #6, $4,000,000 2895 Kalakaua Ave #1509 (Colony Surf), $1,595,000 — sold in 3 days

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026

MEDIAN PRICE $1,815,000 Condominium/Townhomes >$1.5M AVG PRICE/SQFT $1,602

DAYS TO SELL 132

LISTINGS 13

WAIKIKI

SALES 6

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. During the second quarter of 2026, Waikīkī’s luxury towers recorded six sales, four at the Ritz‐Carlton Residences — topped by an $8,040,000 penthouse that found its buyer in a month. Branded, hotel serviced residences continue to define the top of this market, drawing buyers who want turnkey resort living.

Notable Sale: Ritz‐Carlton Residences #PH-A, $8,040,000 — penthouse, 30 days

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Q2 2026 O’ahu Luxury Real Estate Market Report

Q2 2026

Single - Family / Condo / Townhome Sales

MEDIAN PRICE $937,500

DAYS TO SELL 108 AVG PRICE/SQFT $916

LISTINGS 32

KO OLINA

SALES 8

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. During the second quarter of 2026, Ko Olina saw eight closings, all condominiums and townhomes, ranging from $700,000 at Ko Olina Fairways to $1,925,000 for an upper‐floor residence at Beach Villas. With 32 new listings against eight sales, resort-community buyers currently enjoy their widest selection in several quarters.

Notable Sale: Beach Villas at Ko Olina #O803, $1,925,000

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SOCIAL, ARTS, AND CULTURE Jointhe community in celebrating unique

Experience the vibrant culture of Honolulu this summer and early fall with a variety of exciting events. From hula festivals to ocean sports, there’s something for everyone to enjoy.

traditions and performances throughout the season. Don’t miss out on a chance to immerse yourself in the captivating spirit of O'ahu.

JULY ───────────────────────────────────── Early July Tahiti Fete Hawai'i Neal S. Blaisdell Arena Tahitian dance competition drawing hālau from across the Pacific. Jul 16–26 Clyde's Mānoa Valley Theatre, 2833 E Manoa Rd

Tony-nominated play by Pulitzer Prize winner Lynn Nottage. Formerly incarcerated kitchen workers find redemption — and the perfect sandwich. By Jeanné Wynne Herring. Jul 17–18 49th Prince Lot Hula Festival Royal Hawaiian Center, Waikīkī Hawai'i's largest non-competitive hula celebration. Free admission. Jul 31–Aug 16 Les Misérables Diamond Head Theatre The beloved Broadway musical opens Diamond Head Theatre's new season. July weekends Twilight Summer Concert Series Foster, Ho'omaluhia & Wahiawā Botanical Gardens Free evening concerts presented by the City's Parks Department. Wednesdays, all summer The Wildest Show — 40th Season Honolulu Zoo After-hours summer concert series with live local music and family fun. Weekend evenings through August Obon (Bon Dance) Season Buddhist temples across O'ahu Taiko drums, lantern-lit circle dancing, and great temple food. Visitors welcome to join the dancing. AUGUST ───────────────────────────────────── Aug 8 Korean Festival Hawai'i Kapiʻolani Park, Waikīkī 22nd annual celebration of Korean culture — K-pop, taekwondo demos, and food vendors serving kalbi, mandoo, and kimchi.

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Q2 2026 O’ahu Luxury Real Estate Market Report

Aug 14–24 Duke's OceanFest Waikīkī Beach Ocean sports festival honoring Duke Kahanamoku — surfing, paddling, beach volleyball, and more. Free to watch. Aug 20–23 32nd Made in Hawai'i Festival Hawai'i Convention Center Hundreds of local makers, food, fashion, and live entertainment. Aug 30 · 8:30 AM Waikīkī Roughwater Swim Sans Souci (Kaimana) Beach to Hilton Hawaiian Village One of the oldest open-ocean swims in the country — 2.4 miles. Free to watch from shore. SEPTEMBER ───────────────────────────────────── Sep 5 · 4–6 PM Aloha Festivals Royal Court Investiture & Opening Ceremony Royal Hawaiian Center (Helumoa Gardens), Waikīkī Opens the 80th Aloha Festivals — a royal court ceremony celebrating Hawaiian culture. Free. Sep 5–6 Okinawan Festival Hawai'i Convention Center Music, dance, bon dancing, and andagi from Hawai'i's Okinawan community. Sep 10–27 Jagged Little Pill Mānoa Valley Theatre, 2833 E Manoa Rd The acclaimed musical inspired by Alanis Morissette's landmark album. Book by Diablo Cody. Sep 19 · 6–10 PM Aloha Festivals Waikīkī Ho'olaule'a Kalākaua Avenue Hawai'i's largest block party — music, hula, and food along Waikīkī's main strip. Sep 26 · 9 AM–noon Aloha Festivals Floral Parade Kalākaua Avenue Pā'ū riders, floral floats, and marching bands from 'Iolani Palace to Kapi'olani Park. Sep 27 Nā Wāhine O Ke Kai Finishes at Duke Kahanamoku Beach, Waikīkī (starts on Molokaʻi) World championship women's outrigger canoe race — 41 miles across the Kaʻiwi Channel. Free to watch at the finish. Sep 27 Honolulu Century Ride Kapiʻolani Park 25–100 mile bike ride along O'ahu's southeast and windward coastline past Diamond Head, Sandy Beach, Kailua, and Kāneʻohe.

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ABOUT OUR COMPANY

At Hawai‘i Modern Realty, we're a trusted partner in Hawai‘i luxury real estate, offering discerning buyers and sellers a across O‘ahu, Maui, Kaua‘i, and Hawai‘i Island. premier both profound and distinct, reflecting decades intimate bespoke, elevated experience Deeply communities, rooted in Hawai‘i’s our insights are of local expertise and an understanding of island living. market strategy, and global exposure through our affiliation with Leading Real Estate Companies of the World®, the world’s largest network of independent partnership elite luxury provides brokerages. This unparalleled access to buyers and exclusive listings worldwide. empowering your success with trusted counsel, data-driven insights, and modern Hawai‘i Modern Realty, you’ll secure not only extraordinary results, but the exceptional lifestyle and future you envision. move with agility and marketing innovation. With Our clients receive a higher standard of service: personalized guidance, intelligent As an independent, locally owned firm, we purpose,

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Hawai’i Modern Realty By the Numbers More than $2.7 billion in sales volume since opening our doors in 2015. 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 Kalama Kim, President and Partner Earl Lee, Chairman and Partner

Scott Bradley, Partner Herb Conley, Partner Tracy Bradley, Partner Richard Lim, Partner

Leading Real Estate Companies of the World® 70+ countries 550 real estate brokerages 4,800 offices 135,000 sales associates

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