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Kauai and Big Isle see dip in June home prices and sales

By Andrew Gomes

POSTED:
LAST UPDATED: 02:26 p.m. HST, Aug 05, 2011


Housing markets on Kauai and Hawaii island were relatively weak in June with mostly lower prices and sales, though activity over the first six months of this year has been more mixed with lower prices and mostly higher sales.

Hawaii Information Service released June and midyear sales statistics on Tuesday for the two neighbor island markets. Oahu and Maui housing sales reports for June have yet to be compiled and released.

On Hawaii island the number of single-family home sales declined 9 percent to 147 last month from 162 in the same month last year. Despite the decline, sales remain up 5 percent for the first six months of the year.

The condominium market on Hawaii island in June experienced a similar 9 percent decline in sales to 49 units from 54 in the same month last year. But year-to-date, sales are up 19 percent.

Median prices on Hawaii island were mixed in June but are still down for the first six months of the year.

The median price for single-family home sales was $260,000 last month, down 9 percent from $285,000 a year earlier. For the first six months of the year, the median price was down 4 percent to $250,000 from $260,500 in the year-ago period.

Condo median prices bucked the trend in June with a 31 percent gain to $240,000 from $183,750 in the same month last year. Hawaii Information's data showed that condo sales in the resort areas of North Kona and South Kohala drove the median up. But the year-to-date condo median was still down 17 percent to $219,000 from $262,650 in the year-ago period.

On Kauai a 27 percent drop in the number of single-family home sales in June dragged the midyear tally into negative territory to post a 3 percent decline. There were 27 sales in June compared with 37 in the same month last year. This year through June there were 173 sales compared with 178 in the same period last year.

Condo sales on Kauai edged up by two units to 28 last month from 26 a year earlier, resulting in an 8 percent increase. That contributed to a 25 percent year-to-date increase to 145 sales from 116 in the same period last year.

Median prices on Kauai were down for single-family homes and condos both last month and for the first six months of the year.

The single-family home median price in June was down 5 percent to $457,500 from $480,000 a year earlier. Year-to-date, the median slipped 1 percent to $468,000 from $473,500.

Kauai's condo median price in June was down 13 percent to $282,500 from $325,000 a year earlier. Year-to-date, the median has fallen considerably more: 28 percent to $195,000 from $271,850.






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