Median prices were mostly lower on sales of neighbor island homes in October, while buyer demand was a little more positive, according to industry reports.
Price dips occurred on Maui, Kauai and Hawaii island, though a couple of market segments — Kauai condominiums and Maui single-family homes — saw median price gains.
The strongest performance was seen in Maui’s single-family home market where the number of sales rose 14 percent to 73 in October from 64 in the same month a year earlier, and the median price rose 12 percent to $480,000 from $427,500, according to the Realtors Association of Maui.
In Maui’s condo market, the number of sales and median price moved in opposite directions. Transactions inched up 3 percent to 75 last month from 73 a year earlier. The median price slipped 3 percent to $310,000 from $320,000 in the same period.
On Hawaii island, single-family home sales increased by 12 percent to 127 last month from 113 a year earlier, though the median price fell 12 percent to $242,000 from $274,000, according to data from Hawaii Information Service.
Sales and the median price were both lower for Hawaii island condos. There were 27 sales last month, a 7 percent decline from 29 sales a year earlier. The median price fell 25 percent to $215,000 from $285,000 in the same period.
On Kauai there were relatively few transactions, but much bigger swings in the median price.
Single-family home sales on Kauai were unchanged at 26 in October and the same month last year, and the median price fell 21 percent to $452,500 from $575,250, Hawaii Information Service reported.
Kauai condo sales were down by 9 percent, or two transactions, to 20 last month from 22 a year earlier. The median price soared 61 percent to $349,500 from $217,500.
The jump in Kauai’s median condo price appeared to be driven largely by the mix of condos sold in Lihue. Last month four Lihue condos sold for a median $260,500 compared with six sales for a median $67,500 a year earlier. Median condo prices also were up in the Koloa and Hanalei regions but down in the Kawaihau area.
The median is a point at which half the sales were for more and half for less, a measurement that can be swayed by the size, age and quality of homes sold, especially in markets with relatively few sales.
Kauai home sales
The number of homes sold on Kauai in October with the Median Price and percentage change from the same month last year:
Homes
|
Sales |
Median Price |
October 2011 |
26 |
$452,500 |
October 2010 |
26 |
$575,250 |
Pct. change |
00% |
-21.3% |
Condos
|
Sales |
Median Price |
October 2011 |
20 |
$349,500 |
October 2010 |
22 |
$217,500 |
Pct. change |
-9.1% |
60.7% |
Source: Hawaii Information Service
Hawaii island home sales
The number of homes sold on Hawaii island in October with the Median Price and percentage change from the same month last year:
Homes
|
Sales |
Median Price |
October 2011 |
127 |
$242,000 |
October 2010 |
113 |
$274,000 |
Pct. change |
12.4% |
-11.7% |
Condos
|
Sales |
Median Price |
October 2011 |
27 |
$215,000 |
October 2010 |
29 |
$285,000 |
Pct. change |
-6.9% |
-24.6% |
Source: Hawaii Information Service
Maui home sales
The number of homes sold on Maui in October with the Median Price and percentage change from the same month last year:
Homes
|
Sales |
Median Price |
October 2011 |
73 |
$480,000 |
October 2010 |
64 |
$427,500 |
Pct. change |
14.1% |
12.3% |
Condos
|
Sales |
Median Price |
October 2011 |
75 |
$310,000 |
October 2010 |
73 |
$320,000 |
Pct. change |
2.7% |
-3.1% |
Source: Realtors Association of Maui