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Monday, September 01, 2014         

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Condo prices drop 40% in Kauai, median in Lihue at $76,000

By Andrew Gomes

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The biggest swing in Big Island and Kauai home sales in September occurred in Kauai’s condo market, where the median price dropped 40 percent.
Most of the median price decline for Kauai condos was attributable to sales in Lihue, where there were nine condo sales for a median $76,000 in September. A year earlier, there were four sales for a median $207,500 in Lihue, according to a report from Hawaii Information Service.
For all of Kauai there were 20 condo sales last month, up 54 percent from 13 sales a year earlier. The median price, which is a point at which half the sales were for more and half for less, dropped to $299,500 from $501,500.
Sales of single-family homes on the Big Island and Kauai were flat or down slightly in September compared with the same month last year.
Median prices also were mixed, but in a different way. Generally, median prices moved in the opposite direction of sales, that is they rose for single-family homes and fell for condos.
In Kauai’s single-family home market, there were 16 sales last month, unchanged from a year earlier. The median price was up 5 percent to $496,750 from $474,500.
Big Island single-family home sales were down 2 percent to 124 last month from 127 a year earlier. The median price was up 11 percent to $251,000 from $226,500 in the same period.
Condo sales on the Big Island rose by eight, or 25 percent, to 40 last month from 32 a year earlier. The median price was down 12 percent to $285,000 from $325,000 in the same period.






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