Jack Tyrrell specializes in Kakaako, Honolulu, Hawaii luxury condo projects.

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median price

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News: Oahu single-family houses hit record $795,000 in June

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.”

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Pinning down April's condo median price surge on Oahu

Pacific Business News Web Editor James Prichard takes a closer look at the jump in the median price of condominiums sold in the Ala Moana-Kakaako area last month, April 2016:

A 19.8 percent jump in the median price of condominiums sold in the Ala Moana-Kakaako area last month was primarily responsible for the overall condo median selling price on Oahu surging to a record-high level, according to data from the Honolulu Board of Realtors.

The median selling price of a condo in the Ala Moana-Kakaako area rose to $590,000 in April, up from $492,500 in the same month last year. An average seller received 99.2 percent of the original asking price.

Median prices for condominiums also rose significantly in the Pearl City-Aiea area, to $369,444 from $313,000, an 18 percent increase, and in the Makiki-Moiliili area, to $380,000 from $325,000, up 16.9 percent.

The median selling price for condos islandwide on Oahu in April was $389,500, a 5.1 percent increase from $370,475 in April 2015. The previous record of $386,250 was set in December.

“Even with the increase of new construction in Kakaako, demand is still stronger than supply,” board President Kalama Kim said in a statement Wednesday. “The hope is that the new condo units coming on to the market in the next few years will alleviate the inventory crisis. This is an example of why new housing inventory at all price levels is so desperately needed. Many areas across Oahu need additional housing.”

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