Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story!
Housing markets on Hawaii island and Kauai saw significant upward movements in November as low interest rates continued to attract buyers despite the COVID-19 pandemic.
The median price for single-family homes on Hawaii island jumped 16.1% to $458,000 from $394,500 in the year-earlier period while sales rose 25.7% to 254 from 202, according to a new Hawaii Information Service report based on Hawaii Island Realtors data.
The median price is a point at which half the sales were at a higher price and half at a lower price.
The North Kohala and North Kona regions accounted for much of the upward pressure in prices. In North Kohala there were 14 homes that sold for a median $710,000, compared with $390,000 in
the year-earlier month when there were seven sales. And in North Kona, 70 homes sold for a median of $850,000, compared with $627,500 at the same time the previous year when there were 46 sales.
Condominium prices soared 20.1% to $447,500 from $372,750 while condo sales catapulted 51.9% to 82 from 54.
On Kauai the median price for single-family homes fell 3.9% to $769,007 from $800,000 in the same month last year, according to Kauai Board of Realtors data in the report. That was also down from nearly $1 million in October
when the median price
was $985,000, driven by more sales of luxury residences in resort areas.
Hanalei showed the largest price increase in November with 16 homes selling for $1,367,500, compared
with $950,000 a year ago when there were nine sales.
Single-family home sales last months increased 37.2% to 59 from 43.
The median price for condos rose 17.2% to $662,000 from $565,000 while sales gained 25.9%
to 34 from 27.
76