Two of Hawaii’s neighbor island housing markets
had major home sale declines in March with reductions of close to 20% or more, a report released Friday shows.
Home sales on Hawaii island and Kauai fell last month dramatically, though median sale prices were mixed, according to the report from Hawaii Information Service based on Hawaii Island Realtors and Kauai Board of Realtors data.
The biggest sale decline was for single-family homes on Kauai where volume sank by 55% to 29 sales in March from 64 in the same month last year.
Kauai condominium sales fell 23% to 34 transactions last month from 44 a year earlier.
On Hawaii island the number of single-family home sales decreased by 18% to 205 last month from 250 a year earlier, and the number of condo sales fell 17% to 71 from 85 in the same period.
Median prices were mixed on both Hawaii island and Kauai.
Single-family homes on Hawaii island sold for a median $383,880 in March, which was up less than 1% from $382,500 in the same month last year. For Big Island condos the median price slipped 9% to $375,000 from $410,000.
On Kauai the median price for single-family homes dropped 17% to $629,900 last month from $758,000 a year earlier. The median price for condos on the Garden Isle did roughly the opposite by jumping 18% to $521,750 from $441,500 in the same period.
Such large changes for median prices and sale volume on the two neighbor islands is not unusual because the number of sales involved is not large, so a handful more or less can represent big percentages. Also, the two neighbor island trade associations count sales of new homes by developers, which tend to be higher priced and can close in bunches.
The median price is a point at which half the sales were at a higher price and half at a lower price. The age, size, quality and location of homes can have a significant impact on this measurement when relatively few sales are involved.