Two of Hawaii’s neighbor island housing markets in July saw mostly lower home sale volumes and a couple of stiff increases in median prices.
The biggest swings occurred in the condominium markets on both islands, while sale and price changes for single-family houses were more modest, according to data from the Kauai Board of Realtors and Hawaii Island Realtors released Tuesday by Hawaii Information Service.
On Hawaii island, the number of condo sales fell 19 percent to 53 last month from 65 a year earlier, and the median price surged 46 percent to $377,000 from $259,000.
The sales decline and median price spike was concentrated in the South Kohala area that includes luxury resort homes. There were 18 sales in this district last month for a median $491,500 compared with 26 sales a year earlier for a median $380,250.
Real estate observers caution that the median price, which is a point at which half the sales were for more and half for less, can have less to do with property values than the mix of quality, size, age and location of homes sold, especially when relatively few sales are involved. Generally, however, real estate values are going up in Hawaii.
In the North Kona area, there were 31 condo sales last month for a median $275,000 compared with 32 sales a year earlier for a median $234,500.
Kauai’s condo market had a similar spike in the median price and slowdown in sales. There were 30 condo sales in July on the Garden Isle compared with 39 in the same month last year, representing a 23 percent drop. The median price rose 41 percent to $378,500 from $268,000 in the same period.
For single-family houses on Kauai, the number of sales slipped 13 percent to 35 last month from 40 a year earlier. The median price rose 15 percent to $495,000 from $432,500.
Hawaii island’s single-family house market bucked July’s trend for lower sales and posted a 10 percent gain with 178 sales last month compared with 162 a year earlier. The median price rose 14 percent to $329,000 from $289,950.