Home prices on Kauai rose to a new high in July, leading neighbor island housing markets where sale volume and median prices all moved higher last month.
The median price for single-family homes sold on Kauai surged 63% to a record $1.3 million in July from $813,750 in the same month a year earlier, according to brokerage industry data.
Last month’s peak represented the seventh straight month where Kauai’s median single-family home sale price was at least $1 million, with the range staying
between $1 million and
$1.1 million from January to June.
Maui has been on a similar trend with a median single-family home sale price hitting $1 million in July after $1.1 million in June and $1 million in May. The July figure represented a 35% gain over $779,690 a year earlier.
On Hawaii island, single-family homes sold for a median $443,500 last month, up 24% from $357,000 a year earlier.
The median price is a point at which half the sales were for a higher price and half for a lower price. This measure, especially on the neighbor islands where
sale volume is relatively small, can move dramatically given the location, quality, size and age of homes sold.
For instance, Kauai’s median price was based on
44 sales in July, compared with 37 sales a year earlier.
In the region of Waimea, the median sale price dropped to $589,000 last month from $813,750 a year earlier. The highest median sale price on Kauai was in the Hanalei area, which includes Princeville Resort, at $2.3 million last month, compared with $1.4 million a year earlier.
The number of single-family home sales on Maui rose 24% to 110 last month from 89 a year earlier.
Hawaii island had the most single-family home sales among neighbor islands, with 254 last month, compared with 224 a year earlier.
In neighbor island condominium markets, Maui had the most sales at 207 last month, which was up 123% from 93 sales a year earlier. The median sale price was $713,000, up 41% from $505,000 in the same comparable period.
Condos on Kauai sold for a median $599,000 in July, up 9% from $549,500 a year earlier. There were 67 Kauai condo sales last month, up 158% from 26 a year earlier.
On Hawaii island there were 80 condo sales in July, up 48% from 54 a year ago, and the median price rose 24% to $443,500 from $357,000.
Sales reports for Hawaii island and Kauai were compiled by Hawaii Information Service using data from the Hawaii Island Realtors and Kauai Board of Realtors trade associations. The Realtors Association of Maui produced its own data for Maui County, which includes a few sales on Lanai and Molokai.
All three reports include sales of new and previously owned homes, which differs from Oahu statistics that count only previously owned homes because major new home projects can produce big swings in sales and prices.
