Million-dollar home sales were the norm last month in one neighbor island housing market and came close in another, new reports show.
Half of all single-family houses on Kauai sold for more than $1 million in
January, according to data from the Kauai Board of
Realtors.
Maui wasn’t far behind, with the median sale price for single-family homes there reaching $980,000 last month, according to the Realtors Association of Maui.
Generally, median prices for single-family homes and condominiums on Kauai, Maui and Hawaii island were higher in January
than they were in the same month last year with the exception of Maui condos.
Sales volume moved in the same direction as prices for each market.
On Kauai, the $1.04 million median sale price for single-
family homes was 30% higher than $795,000 a year earlier.
Data showed that the spike was mainly driven by more high-end homes sold in the Hanalei region, which includes Princeville Resort, where 20 homes sold for a median $1.4 million last month compared with five sales a year earlier for a median $1.5 million.
Sales in the Koloa area, which includes Poipu resort properties, also contributed to the spike. There were
10 sales in Koloa for a median $1.4 million last month compared with 10 sales for a median $812,500 a year earlier.
Overall, there were 56 single-family home sales on Kauai last month, up 65% from 34 a year earlier.
In Kauai’s condo market, the median sale price rose 12% to $524,500 last month from $468,750 a year earlier while the number of sales soared 91% to 42 from 22
in the same period.
On Maui, January’s $980,000 median sale price for single-family homes was 26% higher than $777,500 a year earlier.
This surge was driven primarily by 23 sales in Kihei for a median $999,000 in January compared with 12 sales for a median $880,000 in the same month a year earlier.
There also was one sale in Olowalu for $8.2 million last month, and in the Wailea-
Makena area there were six sales for a median $4.6 million last month compared with two sales a year earlier for a median $2 million.
The overall number of single-family home sales on Maui rose 19% to 101 last month from 85 a year earlier.
In Maui’s condo market, the median sale price slipped less than 1% to $560,000 last month from $562,000 a year earlier while sales volume dropped 10% to 115 from 128.
On Hawaii island, the
median sale price for
single-family homes edged up less than 1% to $450,000 last month from $448,000 a year earlier, according to Hawaii Island Realtors data.
There were 245 single-family home sales on Hawaii island last month, up 13% from 217 a year
earlier.
The median sale price for Hawaii island condos rose 9% to $469,500 last month from $430,000 a year earlier while sale volume surged 42% to 84 from 59.
The median price is a point at which half the sales were at a higher price and half were at a lower price.
All three neighbor island real estate trade associations include sales of previously owned and new homes in their data.
The data for Hawaii island and Kauai is published by Hawaii Information
Service.