A dramatic drop-off in home sales on the neighbor islands persisted in June amid the coronavirus pandemic.
Recent data from three trade associations on Maui, Hawaii island and Kauai show sale decreases from 20% to 64% last month.
Median sale prices, however, were affected less and ranged from a 3% gain to an 11% loss.
The biggest change occurred in Kauai’s single-family home market, where the number of sales plummeted 64% to 23 in June from 63 in the same month in 2019.
Kauai single-family homes sold for a median $605,000 last month, down 2% from $620,000 a year earlier.
In Kauai’s condominium market, the number of sales sank 59% to 17 last month from 41 a year earlier while the median price fell 11% to $470,000 from $528,000.
The median price is a point at which half the sales were at a higher price and half at a lower price. This measure tends to be more volatile in the smaller neighbor island markets, where relatively few sales can be more affected by the age, size, quality and location of homes sold.
Residential real estate on the neighbor islands also has been hurt more than on Oahu in recent months because of a heavier reliance on tourism.
More resort homes exist on the neighbor islands, and this market has been devastated by restrictions on tourism during the pandemic. Also, many residents have suffered job losses and wage cuts that affect their ability to buy homes.
On Hawaii island the number of single-family home sales fell 23% in June to 161 from 209 a year earlier. The median sale price rose 3%
to $380,000 from $370,000 in the same period.
Condo sales on Hawaii island dropped 48% to 39 last month from 75 a year earlier while the median price slipped 5% to $365,000 from $385,000.
Hawaii Information Service reported data for Kauai and Hawaii island on behalf of the Kauai Board of Realtors and Hawaii Island Realtors.
The Realtors Association of Maui reported results for Maui County that included three transactions on Molokai and none on Lanai.
Single-family home sales for Maui County fell 20%
to 71 in June from 89 a year earlier. The median price edged up 2% to $761,500 from $750,000.
Maui County condo
sales tumbled 46% to 67 last month from 123 a year earlier while the median price decreased by 9% to $503,000 from $554,000.
Home sales on Oahu in June were reported earlier this month, and included an 8% decline for single-family homes and a 34% drop for condos while median prices for both categories fell by about 3%.