Home prices on Hawaii island and Kauai continued their slow rebound in 2016 after declining from record highs set in 2006 and 2007, according to data released Thursday.
Median price increases for single-family homes and condominiums on the two neighbor islands ranged from less than 1 percent to nearly 12 percent while the number of sales grew by about 1 percent to 16 percent, according to data from Hawaii Island Realtors and the Kauai Board of Realtors produced by Hawaii Information Service.
For prices, the biggest gain happened in Kauai’s condo market, where the median rose 11.8 percent to $398,250 last year from $356,250 the year before. It was the fifth consecutive year with a gain, though the record was $565,000 in 2007.
The median is a point at which half the sales were for more and half for less.
Kauai single-family homes sold for a median $625,500 last year. That was up 2.2 percent from $612,000 the year before and represented a fifth straight year of higher median prices. The record was $675,000 in 2006.
On Hawaii island the median single-family home sale price edged up 0.4 percent to $330,400 from $329,000 the year before. Last year’s increase was the smallest in the past five years, which followed five years of decreases. The record was $421,000 in 2006.
Condos on Hawaii island sold for a median $305,000 last year, up 10.9 percent from $275,000 the year before. Since a record was set at $426,498 in 2006, the median has gone down in seven of the past 10 years.
Sales volume grew the most for single-family homes on Kauai, where there were 568 purchases last year, up 16.2 percent from 489 the year before. For Kauai condos, sales volume inched up 1.1 percent to 376 from 372 in the same period.
There were 2,297 single-family homes sold on
Hawaii island last year, up 13.9 percent from 2,017 the year before. The number of condo sales on Hawaii island rose 6.6 percent to 707 from 663 in the same period.