O‘ahu Condos and Single-Family Homes Are the Most Expensive Ever

Home prices finish 2015 at a record $700,000.

2015 was a record year for O‘ahu home prices, behind slow and steady gains.

The annual median price of an O‘ahu single-family home finished at $700,000 for the first time ever last year, 3.7 percent higher than the previous record, $675,000, set in 2014, according to the latest statistics released Thursday by the Honolulu Board of Realtors.

Condominiums also set a new record, with a median price of $360,000, up 2.9 percent from the previous mark of $350,000 in 2014.

Real estate prices have steadily climbed since the Great Recession when housing took a hit across the nation. On the island, there have been new records set each of the past three years in both single-family homes and condo prices. Prices have risen because of tight inventory, low interest rates and an economy bolstered by healthy tourism and construction sectors.

In 2015, O‘ahu homes spent a median of just 20 days on market. Condos went into escrow in 22 days.

There were 3,455 existing homes and 5,028 condos sold during the year, up 5.2 and 4.5 percent, respectively, from the previous year.

December’s monthly median price was $700,000, up slightly from $690,000 in December 2014. Honolulu condo prices, meanwhile, rose 6.9 percent to a record $386,250, compared to $361,250 a year ago. The previous monthly record was $381,500, set January 2015.

“The strong sales trend which began before last summer has continued,” says Kalama Kim, president of Honolulu Board of Realtors. “Demand for condominiums was especially high, pushing the median price to a new record.”

Looking ahead, Kim says, the increase in pending sales for homes and condos last month may lead to strong sales figures in the next few months, once those transactions close.

The highest years for O‘ahu single-family home prices:

$700,000 – 2015

$675,000 – 2014

$650,000 – 2013

$643,500 – 2007

$630,000 – 2006

$624,000 – 2008

$620,000 – 2012

The highest years for O‘ahu condo prices:

$360,000 – 2015

$350,000 – 2014

$332,000 – 2013

$325,000 – 2008, 2007

$317,500 – 2012

$310,000 – 2006

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