Median prices for single-family homes and condos show mixed results
POSTED: 1:30 a.m. HST, Mar 8, 2011
Sales of homes on the Big Island and Kauai surged in February, though median prices were uneven with gains for single-family homes and declines for condominiums, according to a report from Hawaii Information Service.
Kauai's condo market saw the biggest swing, as the number of sales jumped 75 percent in contrast with a 61 percent drop in the median price.
There were 21 condo sales on the Garden Island last month, nearly double the 12 sales in the same month a year earlier. The median price, which is the point at which half the sales were for more and half for less, fell to $144,500 from $370,000 in the same period.
Because the number of sales is relatively small, the median is more easily swayed by the quality mix of homes and is often not a good representation of inherent value, real estate experts caution.
The severe drop in Kauai's median condo price was in part due to foreclosure sales in Lihue, where 11 condos were sold for a median $65,000 last month, including a few by homeowner associations foreclosing on owners. A year earlier there were four condo sales in Lihue for a median $137,500.
In Kauai's single-family home market, there were 26 sales last month compared with 21 a year earlier, representing a 24 percent increase.
The median price rose 22 percent to $545,000 from $446,500.
On Hawaii island there were 111 single-family home sales last month, up 12 percent from 99 sales a year earlier. The median price was $256,400, up 8 percent from $237,000.
The biggest submarket for Big Island single-family homes was North Kona, where there were 35 sales last month for a median $430,000 compared with 21 sales for a median $417,000 a year earlier. The next biggest submarket was Puna, where there were 30 sales last month for a median $142,375 compared with 41 sales for a median $142,500 a year earlier.
Condo sales in Hawaii County rose 33 percent to 52 last month from 39 a year earlier.
The median price was down 7 percent to $247,500 from $266,175.
Nearly all the Big Island condo sales were in North Kona and South Kohala. In North Kona there were 23 condo sales for a median $149,000 last month compared with 24 sales for a median $257,000 a year earlier. In South Kohala there were 27 sales for a median $394,000 last month compared with 11 for a median $445,000 a year earlier.
Sales and prices for homes on Oahu and Maui have yet to be compiled and released by trade associations on those islands.
NEIGHBOR ISLAND SALESThe number of homes and condos sold in Hawaii County in February with the median price and percentage change from the same month last year: