Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.
 Photo property of Jack Tyrrell and Company, Inc.

Photo property of Jack Tyrrell and Company, Inc.

The Honolulu Board of Realtors has released its monthly sales reports, finding that median sales price for a condo reached $435,000 in March 2018, a 8.8 percent gain from $400,000 in March 2017. The median price for condos reached a new record of $435,000, which was previously set in January 2018 at $430,000.

Resales of luxury units in the newly completed Anaha at Ward Village and Park Lane Ala Moana contributed to the higher median sales price for a condo last month.

Read the full report from Pacific Business News, below:

The median price of a condominium reached a new high in March, compared to last year, driven by the sales of nearly two dozen multimillion-dollar units, while sales declined slightly, according to statistics released by the Honolulu Board of Realtors.

The median price of a condominium last month was $435,000, an increase of 8.8 percent from $400,000 in March 2017. That was based on sales of 485 units, which was 2 percent fewer than the 495 units that sold in March 2017.

The number of single-family homes sold declined 1.3 percent to 305 homes sold, from 309 homes sold in March 2017. The median price of single-family homes in March was $760,000, an increase of 1.1 percent from $752,000 in March 2017.

“The March condominium figures were impacted by the resales of 20 luxury and multimillion-dollar units. Consumers should remember that half of sales were below the median price,” Darryl Macha, president of the Honolulu Board of Realtors, said in a statement.

“The increase in median prices, even modest ones like we saw in March, reflects the continued limited inventory available. However, it’s encouraging to see the 11 percent increase in active listings for condominiums, giving potential buyers more options in the market.”

OAHU HOME SALES

The number of homes sold in March with the median price and percentage change from the same month last year.

HOMES
March | Sales | Median price
2018 | 305 | $760,000
2017 | 309 | $752,000
Change | -1.3% | 1.1%

CONDOS
March | Sales | Median price
2018 | 485 | $435,000
2017 | 495 | $400,000
Change | -2.0% | 8.8%

Source: Honolulu Board of Realtors

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