Sales of homes on Hawaii island and Kauai were mostly higher in April while median prices were more mixed, according to trade industry data released Sunday by Hawaii Information Service.
In the biggest segment of the two neighbor island housing markets, sales of single-family homes on Hawaii island edged up 5% to 209 last month from 199 a year earlier.
Hawaii island’s condominium market posted a stronger gain of 20 percent with 108 sales in April compared with 90 in the same month last year.
Median sale prices for single-family homes on the Big Island fell 9% to $355,000 last month from $388,800 a year earlier, but rose for condos by 12% to $418,500 from $372,500 in the same period.
On Kauai, 17 more single-family home sales represented a 43% surge in transactions, as 57 homes sold in April compared with 40 sales a year earlier.
The number of Kauai condo sales slipped 5% to 40 from 42 in the same period.
Kauai single-family homes sold for a median $630,000 last month, down about 1% from $635,000 a year earlier, and Kauai’s condo median sale price soared 35% to $627,500 from $463,500.
The median price is a point at which half the sales were for more and half for less.
Because relatively few sales are involved in Kauai’s housing market, the variety of homes sold can dramatically sway the median price given the age, location, size and quality of residential properties. Also, the data Hawaii Information Service compiles from Hawaii Island Realtors and Kauai Board of Realtors trade associations includes new and previously owned homes. New homes often sell for more, which has a tendency to inflate the median price compared with Oahu’s housing market report, which based only on previously owned homes.
According to the Hawaii Information Service report, Kauai’s median condo sale price was largely boosted by sales in one part of the island that includes Poipu’s resort area. There were 17 sales in the Koloa region for a median $859,238 last month compared with 11 sales for a median $565,000 a year earlier.
Another factor was fewer sales at the low end of the market in Lihue. There were only five Lihue condo sales last month for a median $375,000 compared with 17 sales for a median $300,000 a year earlier.