Condominium prices on Oahu hit new record in December

The median price of a condominium on Oahu reached a record $361,250 in December, a 9.5 percent increase from the same month a year ago, according to figures released Tuesday by the Honolulu Board of Realtors.

The December median price for condos tops a previous record set in June, when the median price of a condominium hit $360,000.The median price of a condo in December 2013 was $330,000.

The median price of a single-family home on Oahu in December rose just 0.7 percent to $690,000, from $685,000 in December 2013. In November, the median price of a single-family home set a new record of $719,500.

Sales of single-family homes remained flat in December at 284 sales, compared to 283 home sales in December 2013.

Sales of condos were flat, with 290 units sold in both December 2014 and December 2013.

“This month’s sales figures basically stuck to historical norms except for one aspect,” Jack Legal, president of the Honolulu Board of Realtors, said in a statement, referring to the record median price for condos. “One positive is that the inventory of condos was up in December as compared to the previous year.”

Bill Cresenzo Reporter – Pacific Business News