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Median condo price drops 25% on Kauai

Single-family home sales decrease on both the Big Island and the Garden Isle

By Andrew Gomes

POSTED:
LAST UPDATED: 01:58 a.m. HST, Aug 06, 2010



Condominium sales were up but single-family home sales were down last month on the Big Island and Kauai, while median prices in the two neighbor island markets were mostly lower, according to industry data released yesterday.

The biggest change was a 25 percent decline in the median price for Kauai condos, which fell to $395,000 in July from $530,000 in the same month last year.

Kauai's condo price decline was largely driven by weakness in the resort condo market—particularly the Hanalei and Koloa areas, which include Princeville and Poipu resorts.

The report from Hawaii Information Service showed that three condos were sold in Koloa last month for a median $375,000 compared with five sales for a median $675,000 a year earlier. In Hanalei there were five sales for a median $595,000 last month compared with three sales for a median $725,000 a year earlier.

The median price is a point at which half the sales were for more and half for less.

Across the Garden Island, there were 18 condo sales last month compared with 15 a year earlier.

There were 25 single-family home sales on Kauai in July, down slightly from 27 a year earlier. The median single-family home price was $450,000, up 5 percent from $430,000 in the same period.

On the Big Island the single-family home median price was down 5 percent at $244,500 in July from $258,000 a year earlier. The number of sales was down 11 percent to 107 from 120.

The median price for Big Island condos was down 11 percent at $235,000 in July from $265,000 a year earlier. The number of sales was up 24 percent to 41 from 33.

 

BIG ISLAND

HOMES

CONDOS
 
Sales
July 2010 107
July 2009 120
Change -10.8%
Median Price
July 2010 $244,500
July 2009 $258,000
Change -5.2%
Sales
July 2010 41
July 2009 33
Change +24.2%
Median Price
July 2010 $235,000
July 2009 $265,000
Change -11.3%

KAUAI

HOMES

Sales
July 2010 25
July 2009 27
Change -7.4%
Median Price
July 2010 $450,000
July 2009 $430,000
Change +4.7%

CONDOS

Sales
July 2010 18
July 2009 15
Change +20.0%
Median Price
July 2010 $395,000
July 2009 $530,000
Change -25.5%






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