Report: Kakaako Condo Prices Soar 59 Percent Over 2013
A new report by Prudential Locations found that one in four homes on Oahu sold above asking price so far this year
A 58.7 percent increase in condo prices in Ala Moana-Kakaako 鈥斅爁rom $325,000 in May last year to $595,500 this year 鈥斅爃as helped drive up the median condo price in Honolulu, according to a
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.
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.
