Real estate in Hawaii is still being hit by COVID-19 shocks, but one segment of the market appeared close to normal in July.
A report released Wednesday showed that the number of single-family home sales on Hawaii island last month came within three transactions of matching the sale volume a year earlier.
The 220 sales in July represented a 1% slip from 223 sales in the same month last year, and followed year-over-year declines ranging from 19% to 44% in April, May and June.
July’s oh-so-slight decrease was a bright spot in Hawaii Island Realtors and Kauai Board of Realtors data released by Hawaii Information Service covering residential real estate transactions last month.
In Hawaii island’s condominium market, the number of sales fell 16% to 54 last month from 64 a year earlier.
On Kauai, single-family home sales dropped 37% to 37 in July from 59 a year earlier.
Kauai condo sales fell 30% to
26 from 37 in the same comparable period.
Since April, sale volume declines on the two neighbor islands have ranged from 19% to 65%, largely because local residents have suffered job or wage losses amid the coronavirus pandemic that also has kept away tourists who buy vacation homes.
As for home sale prices, they were mostly down with the exception of single-family homes on Kauai, where the median price jumped 25% to $813,750 in July from $650,000 a year earlier.
Part of the median price jump for Kauai single-family homes was due to fewer lower-priced homes being sold. For instance, in Waimea last month there was only one sale for $813,750. A year earlier, there were six sales for a median $562,500 — meaning three homes sold for less than that figure and three sold for more.
In Kauai’s condo market, the median sale price fell 13% to $549,500 in July from $630,000 a year earlier.
On Hawaii island, single-family homes sold for a median $357,000 last month, down 5% from $375,000 a year earlier.
Big Island condos sold for a median $327,500 in July, down 1% from $330,000 a year earlier.