June 2024 Luxury Real Estate Market Report Overview

For more detailed insights and a comprehensive breakdown of market data, you can read the full report here.

Feel free to use this summary as a quick reference, and don't hesitate to delve deeper into the complete report for a thorough understanding of the current luxury real estate landscape.

The June 2024 Luxury Market Report, published by The Institute for Luxury Home Marketing, offers an insightful analysis of the luxury real estate market trends across North America, including the state of Hawaii and its islands. Despite economic challenges such as inflation and rising living costs, the luxury market has demonstrated resilience and a promising outlook for the year.

North America Trends

• Resilient Market: The luxury market continues to show strength, with an increase in the number of properties sold and new inventory entering the market. Single-family home sales rose by 93.4% since January and 15.1% compared to May 2023, while attached home sales increased by 90.7% and 8.1% respectively.
• Rising Inventory: New listings for single-family homes surged by 226.5% since January and 31.3% year-over-year. Attached home inventory saw a similar trend, with increases of 260.3% and 33.9%.
• Market Types: The North American luxury market is a mix of seller’s, buyer’s, and balanced markets, with specific areas like Telluride, Vail, Los Angeles Beach Cities, and Palm Beach Towns showing the highest median sales prices.

Hawaii and Its Islands

• Oahu Market: Oahu's single-family homes market is balanced with a 17% sales ratio. The median luxury sales price is $2,478,750, with homes selling for a median of 99.66% of their list price.
• Island of Hawaii: The market for attached homes is strong, with a median sales price of $2,900,000 and a high sales ratio of 51.7%.
• Kauai and Maui: Both islands show balanced markets for single-family homes, with Kauai’s median sales price at $2,575,000 and Maui’s at $2,036,500.

Key Trends and Amenities

• Luxury Amenities: High-end buyers are increasingly seeking properties with resort-style amenities, smart home technology, and wellness features such as infinity pools, outdoor yoga decks, and spa-like bathrooms.
• Design Preferences: The trend leans towards timeless design principles, integrating vintage and antique elements with modern comforts. There is a growing appreciation for craftsmanship and unique, custom-made fixtures.
• Sustainability: Eco-friendly features like solar panels and rainwater harvesting systems are becoming more attractive to environmentally conscious buyers.

Criteria for Luxury

The Institute for Luxury Home Marketing sets the luxury threshold price to distinguish traditional homes from luxury homes. This threshold varies by region and market conditions but typically includes metrics such as:

• Sales prices
• Sales volumes
• Number of sales
• Sales-price-to-list-price ratios
• Days on market
• Price-per-square-foot

For a comprehensive breakdown of these criteria and detailed market data, you can read the full report