Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.
 Photo: Jack Tyrrell and Company, Inc. One-bedroom luxury rental in Waiea, featured on wardvillagerentalshwaii.com

Photo: Jack Tyrrell and Company, Inc. One-bedroom luxury rental in Waiea, featured on wardvillagerentalshwaii.com

This article originally appeared in Pacific Business News:

Kakaako median condominium prices soared 88 percent to $695,000 last month, with closed sales increasing 15 percent to 47, according to a local market update released by the Honolulu Board of Realtors.

Homes also moved quicker, selling after an average of 12 days on the market, a 37 percent decrease from last July.

Kakaako median condominium prices soared 88 percent to $695,000 last month, with closed sales increasing 15 percent to 47.

Waikiki had a 21 percent drop in condo sales last month, decreasing to 78 from 99 last year. The median price paid for those condos was $367,500, a 6 percent drop from $390,000 last July.

For single-family homes, Hawaii Kai and Kaneohe saw double-digit increases in the median price last month, increasing 18 percent to $1.2 million for Hawaii Kai and 13 percent to $964,350 for Kaneohe.

Closed sales, meanwhile, decreased 6 percent and 12 percent, respectively.

Year-to-date median prices for the neighborhoods are up 8 percent to $1.1 million and $857,250, respectively.

Kahala experienced a 12 percent drop in median price for single-family homes in July, decreasing to $1.5 million from $1.7 million in July 2016. Year-to-date prices are down 4 percent to $1.7 million.

In the Ewa Plain, closed sales increased 28 percent to 73 in July, with the median price inching up 2 percent from last July to $660,000. New listings in the area increased 23 percent to 95.

This area remains popular due to its lower price points and varied options, according to Sue Ann Lee, president of the Honolulu Board of Realtors.

“For homebuyers willing to look outside Urban Honolulu, Leeward and Central Oahu neighborhoods like Wahiawa and Makakilo offer a wide selection of options that fall at or even below the island-wide median sales price of $750,000 for single-family houses and $425,000 for condos and townhouses,” Lee said.

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