Prices of condominiums and single-family homes on Oahu rose across the board from March through May, with condo prices jumping almost 60 percent in Honolulu’s Ala Moana and Kakaako areas, according to a report from Prudential Locations.
The Prudential Locations report looked at prices of single-family homes in 15 Oahu neighborhoods and at condos in 15 neighborhoods. It found that the median price of a single-family home rose 3.3 percent during the three-month period to $650,500, from $630,000 during the same period in 2013. Sales increased 7 percent to 836 homes sold, from 781 sold during the same period in 2013.
The median price of a condo rose 9.2 percent to $350,0000, from $325,000 last year. Sales declined by 3.1 percent to 1,302 units sold, from 1,343 units sold during the same period last year.
In Ala Moana-Kakaako, the median condo price rose 59 percent to $595,000, from $375,000 last year, the report says.
The Howard Hughes Corp. (NYSE: HHC) recently broke ground on its high-end Waiea Tower i n Ward Village in Kakaako, where current prices range for a penthouse range from $4 million to $20 million.
For single-family homes, the biggest increase was in Waialae-Kahala, where the price of a home rose 10.4 percent to $1.8 million, from $1.6 million last year.
Bill Cresenzo Reporter – Pacific Business News