Maui, Kauai and the Big Island will likely end the year with more sales but lower prices
POSTED: 1:30 a.m. HST, Dec 7, 2010
Sales and prices of homes on Maui, the Big Island and Kauai were choppy in November, though the neighbor island housing markets are on pace to finish the year with higher sales and mostly lower prices.
The biggest change last month occurred on Kauai, where the number of single-family homes sold surged 74 percent to 40 from 23 a year earlier, according to data released yesterday by Hawaii Information Service.
BIG ISLAND HOME SALESThe number of homes sold in November with the median price and percentage change from the same month last year:
KAUAI HOME SALESThe number of homes sold in November with the median price and percentage change from the same month last year:
MAUI HOME SALESThe number of homes sold in November with the median price and percentage change from the same month last year:
The big gain was driven by dramatically more sales in Hanalei and Koloa, two parts of the island with resort homes. In Hanalei, which includes Princeville Resort, the number of sales rose to 11 in November from two a year earlier. In Koloa, which includes the Poipu resort area, there were 12 sales last month compared with six a year earlier.
Michael Schmidt, principal broker of Coldwell Banker Bali Hai Realty on Kauai, has been encouraged by the activity. "I see more people getting off the fence, finally," he said. "I think the perception of the market is it's still tough, but there's definitely an air of less caution."
While demand was strong, prices showed some weakness. The median price for single-family homes sold on Kauai last month was down 19 percent to $452,500 from $558,000 a year earlier.
In Kauai's condominium market the number of sales last month was up 6 percent to 17 from 16 a year earlier. The median price was up 30 percent to $390,000 from $300,000.
Because the median price is a point at which half the sales are for more and half for less, a small number of sales can lead to the median being skewed by the quality mix of homes as opposed to inherent changes in value.
For the first 11 months of the year, Kauai single-family home sales were up 41 percent to 316 from 224 during the same period last year, while the median price was up 5 percent to $475,000 from $453,000.
Single-family homes on Kauai represented the only neighbor island market segment with a median price gain for the first 11 months of the year.
Kauai condo sales this year through November were up 50 percent to 217 from 145 a year earlier. The median price was down 12 percent to $345,750 from $392,500.
On the Big Island, sales in November were the least changed among the neighbor islands. The number of single-family home sales dipped 8 percent to 107 from 116 a year earlier, according to Hawaii Information Service data. The median price was off 10 percent to $255,500 from $285,000.
Condo sales on the Big Island last month were up 8 percent to 28 from 26 a year ago. The median price was up 11 percent to $295,000 from $265,000.
For the first 11 months of the year, Big Island single-family home sales were up 22 percent to 1,362 from 1,119 during the same period last year, while the median price was down 6 percent to $258,700 from $275,000.
Condo sales this year through November on the Big Island were up 57 percent to 458 from 291 a year earlier.
The gain was the strongest for any category of sales among the three islands year-to-date. The median price for the same period was down 8 percent to $275,000 from $299,000.
On Maui the Realtors Association of Maui reported that sales of single-family homes declined 13 percent in November to 58 from 67 in the same month last year. The median price dipped 4 percent to $445,000 from $465,000.
Maui condo sales last month were down 6 percent to 66 from 70 a year earlier, while the median price declined 12 percent to $349,990 from $399,000 in the same period.
This year through November, Maui single-family home sales were up 23 percent to 744 compared with 603 in the same period last year. The median price was down 8 percent to $460,000 from $500,000.
For condos, sales on Maui during the first 11 months of the year were up 42 percent to 1,055 from 745 in the same period last year. The median price was down 18 percent to $380,000 from $464,000.
Oahu home sale statistics are expected to be released today.