The median price for a condo in the Ala Moana-Kakaako neighborhood increased by 50% percent in August 2018 according to statistics published by the Honolulu Board of Realtors. Median condo price rose to $665,000 in August 2018 as compared to $443,500 in August 2017. This increase in median condo price is likely due to the re-sale of new high-end condominiums, including Waiea, Anaha, and Park Lane Ala Moana.
Read the report from Pacific Business News, below:
The Ala Moana-Kakaako market — where units from several high-end buildings such as Waiea, Anaha and Park Lane Ala Moana have gone on the resale market in the past couple of years — saw sales fall last month as the median price for August jumped by 50 percent, according to statistics from the Honolulu Board of Realtors.
Condo sales in Ala Moana-Kakaako dropped by 32 percent in August to 41 units, from 60 units sold in August 2017. But the median price in that neighborhood rose to $665,000, a 33 percent increase from $443,500 in August 2017.
Year-to-date sales of condos in the Ala Moana-Kakaako area were down by 4 percent through the end of August, but the median price of $610,000 represented a 23 percent increase from $495,000 during the first eight months of 2017.
Markets where sales increased saw mixed gains in prices.
Condo sales in Kaneohe rose by 30 percent last month to 26 units sold, from 20 units sold in August 2017, and the median price rose just 3 percent to $548,000, from $534,500 in August of last year.
In the Pearl City-Aiea market, sales increased by 20 percent in August to 36 units sold, up from 30 during the same month last year, while the median price decreased by 2 percent to $389,500, from $396,000 in August 2017.
The Downtown-Nuuanu area saw sales increase by 11 percent to 40 units sold in August, from 36 sold last year, but the median price was flat at $500,000, just $500 more than the median price during last year's comparable period.
The Makiki-Moiliili neighborhood saw a 39 percent drop in sales to 40 units sold, from 66 sold in August 2017, while the median price of $380,750 was a 1 percent gain from $377,500 last year.
In Waikiki, Oahu’s largest condo market, sales in August increased by 9 percent to 118 units, from 109 units last year, but the median price declined by 3 percent to $399,500, from $412,000 in August 2017.