Median price of single-family home on Oahu soars to new record high: $1.15M
HONOLULU (HawaiiNewsNow) - The median price of a single-family home on Oahu soared to a new record high of $1,150,000 in March — a 21.1% increase from last year.
That’s according to the Honolulu Board of Realtors.
The new figure is also 2.2% above the previous record of $1,125,000 set just a month ago.
Condo prices were also up again, to a new record high of $515,500. That’s a 14.3% hike compared to a year ago, and a 1.1% increase from the prior record of $510,000 in January.
“More luxury sales coupled with declining affordable inventory and sales are pulling the median price upwards in the single-family home market,” said Chad Takesue, president of the Honolulu Board of Realtors, in a news release.
“It’s no surprise that rising prices are pushing more prospective buyers to consider condos, driving the steady and strong demand we’ve been seeing for these properties.”
The Honolulu Board of Realtors said 27 single-family homes were sold in the $3 million plus range — a 68.8% jump year-over-year.
For condos, sales in the $700,000 to $799,000 range were up 125.8% — with most in the metro and Ewa Plain areas.
Waipahu, Hawaii Kai and Leeward Oahu saw the biggest jumps in single-family homes in the first quarter, while Diamond Head and North Shore areas saw the greatest declines.
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