Luxury Market Buyers First Quarter
First Quarter of 2014
Who are the Luxury Market Buyers?
Confidence in luxury real estate is back. First quarter sales volume historically lags behind the rest of the year as evidenced by the low points in the chart below. Yet, the number of single family homes that sold at prices over $1 million during the first quarter of 2014 was at the highest level since the first quarter of 2006.
A year-over-year comparison to first quarter sales in 2013 shows a 40% increase – 136 closed sales this year, compared to 97 in the first quarter last year. This illustrates a remarkable recovery from the past six years.
In the price range of $1 million to $2 million, and higher, almost 80 percent of the sales are made to local buyers. The next price range of $2 million to $4 million shows a drop in the percentage of local buyer sales and an increase in the number of sales to buyers from Japan, who represents approximately 15 percent of the market.
In the price category of $4 million and higher, one third of the buyers came from the US Mainland and fewer buyers came from Asia.
Honolulu is on the map and becoming more appealing to buyers from around the world. Are we headed for a luxury market renaissance? Based on first quarter statistics, experts are predicting sales to remain strong throughout 2014.
Expertise Matters
As you can see from the chart below, more luxury property sellers choose to list with Coldwell Banker Pacific Properties than with any other brokerage on the island. Our exceptional Previews International marketing not only finds the right buyer, we will also get results.
When it comes to selling luxury homes and condos, Coldwell Banker Pacific Properties dominates the market. We earned that number one spot. When you are ready to sell your luxury property, be sure to call me.
For a closer look at neighborhood-by-neighborhood trends in your area, or to see which neighborhoods on Oahu are hottest, contact a neighborhood specialist at Coldwell Banker Pacific Properties.
