Some 500 condos were sold in Honolulu last month, the highest number sold in a month since June 2007, according to new data from the Honolulu Board of Realtors.
While the number of condos sold jumped by over 21 percent compared with June last year, the median price of a condo fell slightly to $338,500 from $360,000 in June 2014. The median home price remained steady at $700,000 over the same time period.
Courtesy of the Honolulu Board of Realtors
“June saw a very high volume start to what is traditionally a busy season for housing sales,” said Jack Legal, president of the Honolulu Board of Realtors, in a press release.
He said the lower condo price was driven by sales of cheaper units. Many of the units sold in June were studios and 1 bedrooms in Waikiki and Makiki and townhomes in Waianae and Ewa Beach. The most expensive condo sold was $1.7 million, far less than the highest priced condo sold in May which was $2.9 million.
Legal said it’s unclear whether the median condo price will stay at $338,500.
“What is clear is that demand will continue to outstrip supply for the foreseeable future,” he said.
Honolulu is in the midst of an affordable housing crisis, contributing to the city’s homelessness problem and encouraging some residents to move away because of the high cost of living.