The Average Price for a Single Family Home in Honolulu has been steadily rising, but 2014 and 2015 in particular have seen significant increases of over 10% as illustrated by the figures below:
2009 – $623,360
2010 – $727,973
2011 – $730,318
2012 – $798,573
2013 – $781,700
2014 – $863,225
2015 – $950,194
These increases are due to the substantial growth in high end or luxury sales. Choi International is in a unique position to analyze the market as the leading luxury broker in Honolulu. Choi International has sold 6 of the 9 properties over $5 million (January 1, 2015 to May 31, 2015), including the 2 Highest Priced properties islandwide during that same time period.
Statistics on the average price of Condominium apartments do not reflect the true picture of the prices that are being obtained by Luxury Condominiums scheduled to be finished in about 18 to 24 months. The average cost of those condominiums is about $2,500 per square foot (p.s.f.) and will define the high end market for many years. The singular trophy condominium – Hokua Penthouse Ali’i B – is listed by President & Principal Broker Patricia Choi for $35,888,000 at approximately $6,500 p.s.f.
Buyers from mainland U.S. and Asia have made the market jump, and that should continue at least for another 3 years, according to local economists.
Similarly, the increasing interest from Chinese buyers in particular has been noted in the “Honolulu Market Spotlight” in Christie’s International Real Estate’s 2015 Luxury Defined research report. The new 10-year visa program between China and the U.S. is expected to continue to boost the demand of affluent Chinese visitors for Honolulu luxury properties. Click here to view the complete Luxury Defined report, which explores over 80 of the top luxury real estate markets worldwide.