2008年06月08日

Home sales dip, prices vary on Neighbor Isles

960c3088.gifHomes sold in fewer numbers and at mostly lower prices on Maui, the Big Island and Kaua'i in May compared with the same month last year, reflecting softness in the Neighbor Island housing markets.


The broad trend has been for shrinking sales volume and modestly higher prices on the three islands this year, though because these markets are relatively small, changes in median prices are often more about the mix of homes that sell as opposed to changes in real estate values.

For instance, in the Big Island condominium market, the median sale price rose 8 percent last month to $442,375 from $409,500 a year earlier. But the rise was primarily due to a bigger drop in sales in the priciest condo submarket, South Kohala, compared with other submarkets where there were smaller drops that resulted in lower-priced condos making up a larger share of total sales.

There were only 36 Big Island condo sales in May, down from 58 a year earlier, according to sale data compiled by Hawaii Information Service.

Of the 36 sales, 20 were in North Kona where the median price was $355,450, while 14 were in South Kohala where the median price was $612,450.

In May 2007, there were 27 North Kona condo sales for a median $340,000, and 25 South Kohala condo sales for a median $860,000.

The median price is a point at which half the sales were for more and half for less.

Big Island single-family homes sold for a median $389,000 last month, down 11 percent from $439,500 a year earlier. There were 102 sales, down 37 percent from 162 in the same comparable period.

Rose Delfin, an agent with Prudential Orchid Isle Properties in Hilo, said some parts of the market are holding their prices better than others, but it's a buyers' market.

On Kaua'i, there were 20 single-family home sales last month, down from 41 sales a year earlier, according to Hawaii Information Service. The median price was up 19 percent to $677,500 from $570,000.

There were 18 Kaua'i condo sales for a median $627,000 in May, down from 25 sales for a median $700,000 a year earlier.

On Maui, there were 95 single-family home sales last month, down 6 percent from 101 a year earlier, according to the Realtors Association of Maui. The median price was $565,000, down 14 percent from $653,746.

Maui condo sales totaled 82, down 26 percent from 111 a year earlier. The median price was $522,500, down 2 percent from $531,325.

For the first five months of this year, Maui median prices are up about 10 percent and sales are down about 10 percent for both single-family homes and condos.

Year to date, Kaua'i median prices are unchanged for single-family homes and are up 10 percent for condos. Sales for both types of homes are down about 40 percent.

On the Big Island this year through May, the median condo price is up 20 percent on sales down 24 percent. The single-family home median price is down 12 percent on sales down 31 percent.