Median condo price hits all-time high on Oahu

Median condo price hits all-time high on Oahu

HONOLULU (HawaiiNewsNow) - The median price of condos on Oahu hit an all-time high last month, as people priced out of buying a single-family home clamor for other options.

Last month, the median sales price of a condo on Oahu hit $425,000.

That's up 6 percent from a year earlier and $10,000 higher than the previous record, set in April.

The median price of a single-family home in July, meanwhile, was $750,000. That's up from $746,000 in July 2016.

"Median sales prices for condominiums are the highest we've seen as prices have continued to soar," said Sue Ann Lee, president of Honolulu Board of Realtors.

"Condos and townhouses at mid-range price points are a likely alternative when there is a lack of affordable, single-family home inventory, causing the median sales price to shift up."

Condos are also being snapped up fast. The median number of days a condo was in the market last month was just 14 days, from 18 days during the same period last year.

There were some 475 closed condo sales in July.

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