Condo prices in Oahu hit all-time high

HONOLULU (HawaiiNewsNow) - It's not surprising that Oahu's condos are expensive, but prices are now at an all-time high, a new report says.

According to the report by real estate firm Locations, the median price for a unit in July was $425,000 compared to the $419,500 in April.

Once condo units were on the market, they went quick, lasting an average of 15 days before being sold, according to the report.

The report said that one in every three homes sold and one in every four condos sold were above the asking price, proving the market remains competitive.

Oahu's market has continuously grown with the Waikiki, Ala Moana and Kakaako areas seeing the most growth in the last month.

"The Oahu real estate market continues its steady climb in 2017," said Scott Higashi, president and chief executive officer of Locations. "With interest rates still below 4 percent, purchasing power remains strong. To win in this competitive market – particularly in the condo market – homebuyers should partner with a knowledgeable realtor and continue to have patience."