POSTED: 1:30 a.m. HST, Jul 10, 2010
Sales of homes on the Big Island and Kauai were strong in June, but prices were weak.
The number of sales climbed more than 50 percent on both islands, but median prices were flat or down, according to sales data compiled by Hawaii Information Service and released yesterday.
The biggest sales gain occurred in the Big Island's condominium market, where transactions soared 89 percent to 53 last month from 28 in the same month last year. The median price was down 30 percent to $210,000 from $299,450.
According to the statistics, the median price drop was driven by dramatically more sales at lower prices in South and North Kohala. In South Kohala there were 19 condo sales for a median $331,500 in June compared with nine sales for a median $440,000 a year earlier. In North Kohala there were 31 condo sales for a median $176,250 last month compared with 13 sales for a median $288,550 a year earlier.
The median is a point at which half the sales are for more and half for less, which means the figure can be swayed by the mix of homes sold, especially when the number of sales involved is relatively small.
Single-family home sales on the Big Island rose 56 percent to 161 last month from 103 a year earlier. The median price was up 2 percent to $285,000 from $280,000.
Single-family home sales on Kauai jumped 76 percent to 37 in June from 21 a year earlier. The median price was down 1 percent to $405,000 from $410,000.
There were 26 Kauai condo sales last month, up 63 percent from 16 a year earlier. The median price was down 10 percent to $345,000 from $385,000.