Home sales and prices diverge on Hawaii isle and Kauai

Sales of single-family homes and condominiums on Hawaii island and Kauai were higher in July, though median prices were lower, continuing a trend that has been pretty consistent this year.

The number of sales did not rise by more than 12 for any segment of the two neighbor island markets, but on a percentage basis the gains were relatively strong. Median price declines were generally more severe.

Hawaii Information Service released the sale data Friday.

On Hawaii island the number of single-family home sales rose 11 percent last month to 124 from 112 in the same month last year. The median price was down 6 percent to $227,500 from $242,500 in the same period.

Hawaii County condo sales were up 25 percent to 55 in July from 44 a year earlier, while the median price fell 34 percent to $155,000 from $235,000.

The dramatic drop in the condo price was driven by activity in the largest submarket, North Kona, where there were 30 sales for a median $137,000 last month compared with 23 sales for a median $220,000 a year earlier.

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

On Kauai, sales of single-family homes surged 40 percent to 35 in July from 25 a year earlier. The median price was down 22 percent to $430,000 from $550,000 in the same period.

There were 22 condo sales on Kauai last month, a gain of four units over 18 sales a year earlier. The median price fell 43 percent to $207,450 from $362,500.

The big drop in Kauai’s median price, like the situation on Hawaii island, was driven by sales in particular areas. In the Kawaihau region, which includes Kapaa, the median was $135,000 on seven sales in July compared with $387,500 on eight sales a year earlier. In Lihue the median condo price was $44,100 on seven sales last month compared with $326,120 on two sales a year earlier.