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October largely was a robust month for home sale volume and price gains on two neighbor islands.
Data released Tuesday by Hawaii Information Service on behalf of Hawaii Island Realtors and the Kauai Board of Realtors showed that almost every broad segment of the two markets rose, and mainly by double digits.
In the biggest segment
of the two markets, single-
family homes on Hawaii
island, the number of sales jumped 17% to 214 in October from 183 in the same month last year.
These homes sold for a median $350,000 last month, up nearly 5% from $335,000 a year earlier.
For Hawaii island’s condominium market, the number of sales rose 9% to 75 last month from 69 a year ago while the median price increased 14% to $368,000 from $323,000 in the same period.
Gains on Kauai were
generally bigger, though fewer sales were involved and there was one decline that went against the grain for the two markets last month.
The number of single-
family home sales on Kauai was kicked up 22% by just eight additional sales — 44 last month compared with 36 a year earlier.
A similar increase occurred in Kauai’s condo market where there were 45 sales last month, up 22% from 37 a year earlier.
Kauai single-family homes sold for a median $680,500 in October, which was 9% lower than $745,000 a year earlier.
The median condo sale price on Kauai surged 29% to $556,000 last month from $430,000 a year earlier.
The median price is a point at which half the sales were at a higher price and half at a lower price. Age, size, quality, location and other characteristics of homes sold can affect the median more so when relatively few sales are involved.
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