Over the last year, the pandemic has driven up prices of real estate on Oahu to levels never before seen.
Also seeing an astounding boom are sales of luxury homes, valued at $2 million or more.
According to data released by Coldwell Banker Realty, the first quarter of 2021 saw a 106% increase in sales compared to the same time in 2020.
Exactly 50 luxury homes sold last year during this first quarter, Coldwell Banker Realty said. This year, 103 were snatched up by rich buyers. These properties included single-family homes and luxury condominiums.
The neighborhoods leading the luxury market: Diamond Head, Kahala, Sunset, Niu Beach in East Oahu, and Kakaako.
This sky-high surge comes after a dip in sales, experts said.
“In March 2020 when the global pandemic caused havoc throughout the world, the residential real estate industry came to a screeching halt. Many properties that were in escrow were canceled as job security, public safety, and the economy became volatile,” Patti Nakagawa, Global Luxury director for Coldwell Banker Realty said.