The median price of a condo in Honolulu reached an all-time high last month at $381,000 according to new data from the Honolulu Board of Realtors. That’s a nearly 20 percent jump compared with the same month last year.
The previous record was $361,250 last December.
The median price of a single-family home also grew over 7 percent to $675,000 in January compared with the same month last year.
Sales for both condos and homes dropped, however.
“This is traditionally one of the slowest months of the year, so the sluggish sales of single family homes and, to a lesser extent, condos, is not too surprising,” said Jack Legal, president of the Honolulu Board of Realtors in a press release. “However, what’s notable is the jump in median sales price, including a new record set for condominiums. This indicates demand for housing is still very high, and the one factor that is putting a damper on the market is, as usual, the lack of inventory, especially for single family homes.”
Honolulu has a housing shortage that’s driven up the cost of rent and made it tough for families, especially low-income families, to find homes.
Meanwhile, luxury condo developments are popping up in Kakaako and Ala Moana, fueling sales of high-priced condos.
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