Oahu condo prices in April hit record $415,500

The median price for Oahu condominiums hit a record $415,500 in April as more homebuyers appeared to lean toward affordability over the more-expensive single-family houses.

Condo sales rose 5.7 percent to 486 from 460 to push up the median price 6.7 percent from $389,500 in the year-earlier period, according to data released today by the Honolulu Board of Realtors. This was the fourth time — and the second month in a row — that the median price for condos has reached at least $400,000.

Sales of single-family houses, meanwhile, fell 7 percent to 280 from 301. The median price for houses dipped 1 percent to $712,500 from $720,000. The record median price for houses was $760,000 in June.

“Potential homebuyers should not be discouraged with the median prices, as about 39 percent of single-family houses sold in April were in the $500,000 to $ 699,999 range and 44 percent of condominiums were between the $300,000-$499,999 range,” Sue Ann Lee, president of the Honolulu Board of Realtors, said in a statement. “While we’re encouraged by the new listings coming onto the market, it is still not enough to keep up with the demand for housing at all price points.”