Home prices rose on neighbor islands in October

Neighbor island homes sold for generally higher prices in October amid a mix of stronger and weaker demand in some market segments.

The latest statistics from three real estate agent trade associations for Hawaii island, Maui and Kauai show that Kauai’s condominium market was the most pumped up last month.

Condos on the Garden Isle sold for a median $729,000 in October, up nearly 30% from $562,500 in the same month last year, while sale volume jumped 41% to 45 from 32 in the same period.

Gains in Kauai’s condo market were the biggest among all major segments of the three neighbor island markets, though Kauai’s condo market also is the smallest segment and can be swayed more easily by the mix of sales that factor into the median price, reflecting the point at which half the sales were for more and half for less.

In Kauai’s single-family home market, the median price edged up 2% to $1 million last month from $976,250 a year earlier. There were 49 single-family homes sold on Kauai in October, down 23% from 64 sales a year earlier.

For Maui County, which includes Lanai and Molokai where there are typically only a couple or so sales, single-family homes sold for a median $932,500 last month, up 8% from $867,500 a year earlier. The number of sales rose 15% to 110 from 96 in the same period.

Maui County condos sold for a median $672,500 last month, up 13% from $593,900 a year earlier. The number of sales rose 8% to 132 from 122.

On Hawaii island, which is the biggest neighbor island housing market, sale volume was down last month while median sale prices were up.

Single-family homes on the Big Island sold for a median $480,000 in October, up 19% from $402,500 a year earlier. Sale volume fell 9% to 256 from 281 in the same period.

The median condo sale price on the Big Island rose 23% to $555,000 last month from $450,000 a year earlier, while sale volume slipped 6% to 76 from 81.

Data for Hawaii island and Kauai home sales is collected by Hawaii Island Realtors and the Kauai Board of Realtors trade associations relayed in a report from Hawaii Information Service. Maui County data is produced by the Realtors Association of Maui.