Home sales stagnant on 2 islands but prices creep up

There wasn’t much change in the volume of homes sold on Hawaii island and Kauai last month, though sales activity caused median prices to move mostly higher.

The highest volume yet least change occurred in Hawaii island’s single-family home market where there were 142 sales in August. The same number of homes sold in August 2010, according to statistics compiled by Hawaii Information Service and released Wednesday.

Those Hawaii island homes sold for a median $272,500 last month, up 8 percent from $252,500 a year earlier.

In Hawaii island’s condominium market, the number of sales decreased by four last month to 51 from 55 a year earlier. The median sale price dipped 11 percent to $220,000 from $247,000 in the same period.

On Kauai, single-family home sale volume decreased by seven last month to 25 from 32 a year earlier, while the median price inched up 3 percent to $460,000 from $447,500.

The number of Kauai condo sales in August grew by three to 32 from 29 a year earlier. The median price, however, jumped 19 percent to $312,500 from $262,000 largely because of the mix of homes in the relatively small pool of sales.

For instance, the number of condo sales in the Kawaihau region, which includes Kapaa at Kauai’s lower end of the market, fell last month. That meant condo sales elsewhere on the island, including resort areas with pricier units, had a greater influence on the median.

Three Kawaihau condos sold last month for a median $233,000 compared with eight sales for a median $106,750 a year earlier.

In contrast, the number of condo sales in the pricier Hanalei region increased to 11 last month for a median $399,000 compared with eight sales for a median $315,500 a year earlier.

Kauai’s overall condo median price also got a boost from sales in Lihue where eight units sold for a median $212,500 last month compared with nine sales for a median $140,000 a year earlier.

At the same time, the Garden Isle’s median condo price felt a drag from sales in the Koloa region. In this area, which includes Poipu resort homes and nonresort homes, there were 10 sales last month for a median $277,000 compared with four sales for a median $806,900 a year earlier.