Median prices were mostly down for homes sold on Hawaii island and Kauai last month, according to a report released Friday.
The biggest decrease happened in Hawaii island’s condominium market, where the median price sank 37 percent to $160,000 in July from $254,000 in the same month last year, based on data in the report produced by Hawaii Information Service on behalf
of Hawaii Island Realtors and the Kauai Board of
Realtors.
The drop was largely caused by a surge in the number of low-priced condos sold in South Hilo where there were 34 sales last month for a median $35,060 compared with eight sales for a median $125,000 a year earlier.
Overall, there were 74 condo sales on Hawaii island last month, up from 57 a year earlier.
For single-family homes on the island, the median sale price slipped 8 percent to $314,500 last month from $343,500 a year earlier. That was based on 208 sales last month and 190 a year earlier.
The median price is a point at which half the sales are for more and half for less. This measure can be pulled up or down significantly based on the age, location, size and quality of homes sold, especially when the number of sales is relatively small.
On Kauai the median price for condos fell 29 percent to $318,500 in July from $447,500 a year earlier. Again, the swing appeared to be driven by more lower-value homes being sold in one area.
Last month in the Koloa area, six condos sold for a median $210,500 compared with 12 sales for a median $553,500 a year earlier. In other areas with condo
sales — Lihue, Kawaihau and Hanalei — the median sale price was higher.
Condo sales on Kauai totaled 30 last month, down from 36 a year earlier.
Single-family homes on Kauai produced the only median price gain in the
report. This figure surged
23 percent to $750,000 last month from $612,000 a year earlier, based on about the same number of sales — 40 last month and 41 a year earlier.
