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

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pearl city


Oahu home prices rise on double-digit gains in sales

Photo: http://www.niubeachhome.com/

Photo: http://www.niubeachhome.com/

February 2016 monthly sales update from the Honolulu Board of Realtors, reported by Janis L. Magin of Pacific Business News, below: 

Home prices on Oahu continued to climb February as the number of sales increased by double digits, according to statistics released Monday by the Honolulu Board of Realtors.

The number of single-family homes sold on Oahu jumped 19.4 percent to 240 homes sold in February, from 201 homes sold during the same month in 2015.

The median single-family home price for February was $700,000, an 8 percent increase from $648,000 during the same month last year.

The median price of a condominium on Oahu last month was $378,444, a 16.1 percent from $326,000 during the same month last year, while the number of condo sales rose 11.7 percent to 324 units sold, from 290 units sold last year.

“February continued the trend of strong single-family and condominium sales,” Kalama Kim, president of the Honolulu Board of Realtors, said in a statement. “The fact that we had double-digit sales growth in both categories shows that demand remains strong for housing of all types and price points.”

Kim noted that the number of new listings in February increased by 8.4 percent in February for single-family homes and by 1.9 percent for condos.

“The central plain, metro Honolulu, and Hawaii Kai areas saw strong growth in single-family home sales, while condos sold best in the Ewa plain, metro Honolulu, and Pearl City,” he said.