Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.
Photo: Jack Tyrrell and Company,  Makakilo

Photo: Jack Tyrrell and Company, Makakilo

The Honolulu Star Advertiser reports on July 6, 2017 that the median price for Oahu single-family homes has rise 4.6 percent. Read more below:

The median price for Oahu single-family houses climbed 4.6 percent to a record $795,000 in June while demand for condominiums slipped, according to data released today by the Honolulu Board of Realtors.

Sales of single-family houses rose 14.2 percent to 370 from 324 in the year-earlier period when the median price was $760,000, which was the previous record.

Condos sold for a median $400,000 last month after declining 1.4 percent from $405,500 in June 2016. Sales dipped 2.2 percent to 536 from 548.

Both single-family houses and condos are spending fewer days on the market amid insufficient inventory. Single-family houses set a record with sales closing at an average of 12 days, down from 14 days in June 2016. Condo sales closed at 13 days on the market to tie the previous record of 13 days on the market set in July 2005.

“It is amazing to see record sales prices and also the speed at which homes are selling this summer,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement. “Lack of inventory for single-family houses below $500,000 has pushed the median price higher.”