Median prices mostly rose for Kauai and Big Island homes sold last month based on transaction volume that grew for condominiums but shrank for single-family houses, a report published Saturday said.
The one decline in prices happened with single-family houses sold on Hawaii island, where the median sale price slipped 7 percent to $325,000 in November from $350,000 in the same month last year, according to data compiled by the Hawaii Information Service from the Kauai Board of Realtors and Hawaii Island Realtors.
In contrast, the median sale price for Big Island condos surged 49 percent to $304,500 last month from $205,000 a year earlier. That represented the biggest gain in prices for the two neighbor islands last month.
The big gain is not unusual for housing markets on the neighbor islands, where differences in the age, size and condition of relatively few homes sold can generate dramatic swings in the median price, which is a point at which half the sales are at a higher price and half are at a lower price.
For instance, three condos in South Hilo sold last month for a median $199,900 in November. A year earlier there were three sales in the same region for a median $93,000.
Most of the jump in last month’s median price spike for Big Island condos was driven by sales in North Kona, where there were 27 sales for a median $309,000 last month compared with 24 sales for a median $202,500 a year earlier.
The total number of condo sales on Hawaii island was 40 last month, up 8 percent from 37 sales a year earlier. Single-family home sales volume decreased 9 percent to 131 from 144.
On Kauai the median sale price of single-family houses rose 17 percent to $585,000 in November from $499,000 a year earlier. That was based on 31 sales last month and 35 sales in the year-earlier month.
Condos on Kauai sold for a median $437,000 last month, up 10 percent from $397,500 a year earlier. There were 28 Kauai condo sales in November, up 75 percent from 16 sales a year earlier.