Homebuyers on Kauai and Hawaii Island snapped up condominiums in June as prices and sales surged on both islands.
On Kauai, the median condo price jumped
28.8 percent to $443,000 from $344,000 in the year-earlier period while sales more than doubled to 49 from 22, according to Kauai Board of Realtors data in a Hawaii Information Service report issued Wednesday.
Hawaii island had a similar scenario as the median condo price rose 23.5 percent to $370,500 from $300,000 and sales soared 83.7 percent to 79 from 43, according to Hawaii Island Realtors data in the same report.
The stats were mixed for single-family houses on the two islands.
On Kauai, the median price for single-family houses edged up 1.3 percent to $700,000 from $690,999 as sales fell
15.9 percent to 53 from 63. For Hawaii island, the median price for single-family houses fell 5.1 percent to $352,500 from $371,500 while sales rose 14.7 percent to 219 from 191.
The median price is a point at which half the sales were at a higher price and half at a lower price.
On the neighbor islands, large median price gains don’t necessarily reflect such a change in inherent real estate values because relatively few sales make it easy to have major swings in the median price. The median also can be affected by the age, size, quality and location of homes sold. Also, the neighbor island real estate agent trade associations include both previously owned homes and new homes in their report, which can affect median prices significantly when large numbers of new homes are sold.
For instance, there were 12 single-family home sales in Kauai’s Kawaihau region for a median $613,750 last month compared with
24 sales for a median $585,000 a year earlier. In the Koloa region, there were 11 sales for a median $750,000 compared with
10 sales for a median $1,043,500 a year earlier. In Waimea, there were four sales both last month and in the year-earlier period, but the 2017 median price in June was $368,000 while the median price in June 2016 was $464,500.
On Hawaii island, Puna led the way with 77 single-family home sales for a median $200,000 compared with 68 sales for a median $206,650 in the year-earlier period. North Kona also saw a lot of activity with
51 sales at a median $651,500 compared with
53 sales at a median $590,000 in June 2016.