Home prices on the neighbor islands mainly rose in February, and for the second straight month most single-family houses on Kauai sold for over
$1 million.
The latest sale statistics relayed by residential real estate agent trade associations also showed that more homes were sold on the three islands in February compared with the same month last year.
Single-family homes on Kauai sold for a median $1.03 million last month, meaning half the sales were above that figure. A year earlier the median sale price was $802,500, and in January it was $1.04 million, according to Kauai Board of Realtors data.
There were 48 Kauai single-family home sales in February, up 45% from 33 sales a year earlier.
As was the case in January, a higher proportion of home sales in resort areas appeared to be behind the lofty median price.
For example, there were 15 sales for a median
$2.5 million last month in Kauai’s Hanalei region, which includes Princeville Resort. A year earlier there were only four sales for a median $4.9 million in the same area.
In Kauai’s condominium market, the number of sales rose 26% to 39 last month from 31 a year earlier, while the median price slipped 8% to $665,000 from $720,000 in the same period.
Maui had the next-highest median price among neighbor islands, with half of all single-family homes selling for more than $895,000 last month, up 20% from $747,150 a year earlier,
according to Realtors Association of Maui data.
There were 101 Maui single-family home sales last month, up 22% from 83 a year earlier.
Maui condos sold for a median $556,990 last month, up 1% from $553,500 a year earlier. The number of Maui condo sales rose 24% to 166 from 134 in the same period.
On Hawaii island the median sale price for single-family homes rose 17% to $525,000 in February from $450,000 a year earlier as sale volume jumped 31% to 236 transactions from 180, according to Hawaii Island Realtors data.
Condos on Hawaii island sold for a median $485,000 last month, up 50% from $324,000 a year earlier.
This jump was primarily driven by 37 sales in South Kohala for a median $697,000 last month, which compared with 24 sales for a median $407,500 a year earlier.
There were 98 condo sales in February on the Big Island, up 46% from 67 a year earlier.
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.