A 58.7 percent increase in condo prices in Ala Moana-Kakaako — from $325,000 in May last year to $595,500 this year — has helped drive up the median condo price in Honolulu, according to a new report by Prudential Locations.

The real estate company released a report Monday showing rising home prices and condo prices in Honolulu between March and May this year compared with last year. The report noted that about one in four homes sold for over its asking price so far this year, spurred by low supply and low interest rates.

Kakaako Construction

Construction in Kakaako in November 2013.

PF Bentley/Civil Beat

The median price of a condo jumped by more than 9 percent to $355,000 during that time period, with the strongest areas for condo sales and prices including Ala Moana-Kakaako, Kapiolani-University, Leeward, Ewa, Makakilo, Mililani and Salt Lake.

Condo sales fell by 3 percent, but the company said that’s due to strong sales last year.

Sales of single family homes grew by 7 percent, and the median home price also grew 3.3 percent. The neighborhoods where both prices and sales rose included Ewa, Hawaii Kai, Kailua, Leeward, Makakilo and Waialae-Kahala.

About the Author