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The Honolulu Advertiser
Posted on: Thursday, July 19, 2007

Big Isle home sales decline, prices fall

Advertiser Staff

Big Island home sales declined in June compared to a year earlier, while those on Kaua'i rose, according to sales statistics released yesterday by Hawaii Information Service.

During the month there were 161 homes sold in Hawai'i County, or 47 fewer than the same month a year prior. The median price also declined, falling to $363,000, or 20 percent lower than the $454,950 in June 2006.

Condominium sales also fell on the Big Island, dropping to 46 from 81, while the median sales price increased to $415,000 from $371,553.

Once again, the price disparity between real estate on the east and west sides of the Big Island was significant.

The median sales price for a single-family home in South Hilo fell 9.2 percent to $331,500 in June, while prices in North Kohala slipped 1.3 percent to $850,000.

On Kaua'i, home sales rose to 46, or four more than the same month a year earlier.

The median home sales price increased to $655,000. A year earlier the median was $599,000.

The story was different for the Garden Island's condominium market, where sales fell. During the month there were 24 sales, compared with 67 units sold in the prior June.

Those condominiums that sold had a higher median price — $572,500 — than the prior year, when the median was $429,000.

June sales data for O'ahu and Maui were reported earlier this month.

The median price for a single-family home on O'ahu climbed 7.2 percent to a record $685,000 in June, while condo prices rose 7.7 percent to a record $334,000.

On Maui, the median single-family home price fell 10 percent to $654,500, while the median condo price fell 27 percent to $475,000.

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