The median price of a condo in the Ala Moana-Kakaako neighborhood has risen 74.6% since June last year, according to a new report by Prudential Locations.
The real estate analysis, which compared April through June 2014 with the same period last year, found that the median home price in Ala Moana-Kakaako leapt from $335,000 to $585,500.
The jump in price was driven by many more sales of luxury condos in the area, a state redevelopment district which is in the midst of residential development boom.
The huge price increase in Ala Moana-Kakaako helped drive up the median price of a condo throughout Oahu by more than 10 percent to $360,000.
Meanwhile, the median price of a single family home on Oahu rose 4.7 percent to $675,500. Sales and median home prices both rose in several neighborhoods including Ewa, Hawaii Kai, Kaimuki, Leeward, Makakilo and Mililani, the analysis found.