Aloha, Condos do well on Kauai and Hawaii island

Aloha,   Sales of single-family homes decline on both islands, with median prices mixed. Condominium sales rose in October on Kauai and Hawaii island, but the same wasn’t true for single-family houses on the same islands, where there has been a general trend of higher demand from home buyers this year.  A report released Tuesday by Hawaii Information Service showed some easing in demand last month, though most homes were sold at higher prices compared with the same month last year.

The biggest gain in sales occurred for condos on Hawaii island, where volume jumped 38 percent to 62 last month from 45 a year earlier. The median price edged up 2 percent to $219,475 from $215,000 in the same period. The median is a point at which half the sales were for more and half for less.   In Hawaii island’s single-family house market, the number of sales slipped 3 percent to 153 last month from 157 a year earlier. Though the decrease was small, it compares with a 17 percent gain in sales over the first 10 months of this year. The median price for Hawaii island single-family houses declined 10 percent to $269,000 from $299,999.

On Kauai, single-family house sales declined 23 percent to 30 last month from 39 a year earlier. For the first 10 months of this year, sales were up 11 percent. The median price for Kauai single-family houses jumped 43 percent to $586,000 from $410,000. The increase was driven in part by fewer sales at the lower end of the market in the Kawaihau region, according to Hawaii Information data.  In October 2012, 21 of the 39 single-family houses sold on Kauai were in the Kawaihau region. The median price for the 21 homes was $385,000. Last month there were just seven sales in the same area for a median $470,000.

Most home sales on Kauai last month happened in the Koloa area, where there were nine sales for a median $675,000 compared with eight sales for a median $489,500 last October.  In Kauai’s condo market, there were 33 sales last month compared with 29 a year earlier, reflecting a 14 percent gain. The median price was up 28 percent to $320,000 from $250,000 in the same period.

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