Luxury condo prices are soaring even higher than the rest of the city’s housing as robust demand meets limited supply with no end in sight.

The asking price of Boston’s most expensive condominiums is edging towards $5,000 per square foot, an unimaginable price in years past that now seems unlikely to be the market’s peak.

This year is shaping up to be a record year for housing prices across the board, and high-end products are seeing a disproportionate share of that increase as wealthy buyers snap up choice property regardless of price.

Kevin Ahearn, CEO of Douglas Elliman’s Boston branch, confirmed the sky-high rates. He said that the rise was present in both new construction and old buildings returning to market.

The highest price he’s seen yet is Pier 4 in the Seaport, whose Penthouse D garnered $4,684 per square foot. Older buildings aren’t quite that pricey, but The Mandarin on Boylston Street sold two large units for around $3,500 per square foot earlier this year.

“What’s happening is that there’s dispersion in the marketplace. The top end is pulling away from the average price point, giving us this tremendous range,” he said. “The top is obviously very wealthy people that can just buy whatever they want to buy. And it’s not just one or two new buildings, it’s new development plus premier resale buildings.”

The latest data from Douglas Elliman shows that average condo prices have rebounded to an all-time high of $1,333,415 after two years of slight contractions during the pandemic. The median is lower at a nevertheless record-setting $937,000.

That relationship indicates that prices skew upward, and their growth rates compared to the same statistics from previous years show their upward skew is growing over time.

The city’s most expensive condos set themselves apart with a variety of factors, including views of the city or waterfront, unique in-building amenities and included parking spots. Location might be the most important element, and one of the most restricted in Boston’s crowded urban neighborhoods.

“There’s a very limited number of locations for premium sites, that’s part of why prices get pushed up. Boston is land-poor, it doesn’t have a lot of space to grow in. It has restrictions on height, on setbacks on the water. This combination of features means that opportunities for new development and the choices for buyer groups in these premium spots is dwindling, not expanding,” said Ahearn.

Those sky-high prices are in turn supported by a class of buyers that can afford to spend small and not-so-small fortunes on a downtown condo. None of the factors on the supply or demand side of the equation are likely to be disappearing anytime soon.

“The local economy is cooking, I just saw recently that Boston was third in the U.S. for preference of location if you’re a foreign business,” said Ahearn. “It just keeps going with the strong characteristics and features of the local market. I don’t see anything slowing it down.”