2014: Home Prices Continue Upward Trend

Kakaako, HI


Honolulu’s real estate market continues to track upward. Median sales price for single family homes rose 3.4% to $700,000. Condo sales, up 9.1% to $360,000. Part of this increase can be attributed to new development in the Kaka`ako and Ala Moana. The Howard Hughs Corporation recently broke ground on the Waiea, a luxury condo, last month and plans to add 900 new condo units to the area in the next couple of years. The median price for condos in this area rose 59% to $595,000. Last year, condos were selling for $375,000.
The Economic Researchers at the University of Hawaii say single family home prices will continue to rise into 2015 by 8.9% to $773,800.