Residential real estate markets on Hawaii island and Kauai moved in different directions in May, with sales mostly lower and median prices mostly higher.
A report released Tuesday by Hawaii Information Service showed that sales of single-family homes and condominiums on Hawaii island decreased, while median prices increased. And on Kauai, more single-family homes sold but at a lower median price, while fewer condos sold but at a higher median price.
The priciest homes were single-family residences on Kauai, where 44 homes sold for a median $483,750 last month. The volume was up 57 percent from 28 sales in May 2011, though the median price was down 19 percent from $600,000.
Most of the gain in sales and the drag on the median price for Kauai single-family homes came from the Kawaihau region on the island’s east side, away from North Shore resorts and Poipu in the south. There were 18 sales in Kawaihau for a median $380,000 in May, compared with 10 sales for a median $485,000 a year earlier.
At the high end on Kauai last month, 10 single-family homes sold for a median $942,950 in the Hanalei area, which includes Princeville Resort. That compared with seven sales for a median $1 million a year earlier.
The median price is a point at which half the sales were for more and half for less.
In Kauai’s condo market, there were 30 sales for a median $264,500 last month. That compared with 36 sales for a median $216,000 a year earlier.
Hawaii island accounted for the most sales between the two neighbor islands. There were 150 single-family home sales last month for a median $300,000. That was one fewer sale compared with May 2011, though the median price last month was 26 percent higher than the year-ago median of $239,000.
There were 56 condo sales on the Big Island last month. That was down 8 percent from 61 sales a year earlier. The median price was up 18 percent to $236,500 from $199,900 in the same period.
Sales of homes on Maui had yet to be reported by the Realtors Association of Maui as of yesterday afternoon. A report on Oahu home sales is expected later this week.
