Hawaii island sees surge in condo prices on Kona side

Home sales on Hawaii island and Kauai rose or remained unchanged in August compared with a year earlier while prices mostly declined, according to the latest report from Hawaii Information Service.

The biggest gains occurred in the condominium market on Hawaii island, where sales rose 20 percent to 54 last month from 45 in the same month last year, and the median price rose 21 percent to $251,000 from $207,000.

Hawaii island’s surge in condo activity was concentrated in West Hawaii’s resort area, according to the report released Monday.

In North Kona, the gain was on the price side, with a median of $241,000 on 26 sales last month compared with $160,000 on 27 sales a year earlier. In South Kohala, the gain was on the volume side, with 24 sales for a median $324,750 last month compared with 15 sales for a median $355,000 a year earlier.

Single-family home sales on Hawaii island rose 10 percent to 141 in August from 128 a year earlier. The median price was down 7 percent to $250,000 from $270,000.

On Kauai, there were 26 condo sales in August, up by two from 24 a year earlier. The median price was down 16 percent to $245,000 from $290,000.

The number of single-family home sales on Kauai was unchanged in August at 31, while the median price was down 18 percent to $445,000 last month from $540,000 a year earlier.

The median price is a point at which half the sales were for more and half for less. In small markets with relatively few sales like Kauai, the median can easily be swayed by the age, size, quality and location of homes.

For instance, in Lihue the median price for single-family homes was $386,438 on six sales last month compared with $780,000 on five sales a year earlier. But in Kawaihau the median moved the other way, rising to $535,000 on 13 sales last month compared with $350,000 on nine sales a year earlier.