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The Honolulu Advertiser
Posted on: Saturday, December 6, 2008

Kauai the bright spot in home prices for November

Advertiser Staff

Kaua'i home prices bucked the statewide downward trend, rising 17 percent in November from the same month a year earlier.

Despite a sharp decline in the number of sales on the Garden Island, the median price of a single-family home rose to $615,000 from $525,300 in November 2007, according to data released yesterday by Hawaii Information Service. The number of homes sold fell to 15 in November, down 40 percent from 25 a year earlier.

Most of the sales were in Kawaihau (six) and Hanalei (five).

On Kaua'i, condominium prices took a big hit. The median condo price fell to $425,000 in November from $772,000 a year earlier. Sales volume fell to seven in November from 12 a year earlier.

The relatively few number of sales in smaller markets like Kaua'i can result in wider price swings from month to month.

Through the first 11 months of the year, the median sales price for a single-family home on Kaua'i was $625,000, down from $650,000 during the first 11 months of 2007. The year-to-date Kaua'i median condo price fell to $542,500, down from $575,000 during the year-earlier period.

On the Big Island, meanwhile, the median home price fell to $285,000 in November, down from $350,000 a year earlier. The volume of sales dropped to 65, down 40 percent from 109 a year earlier.

The highest number of sales was in Puna, with 27 homes sold. Puna also recorded the lowest median price at $220,000, down from $267,000 in November 2007. There were several areas on the Big Island where there were no sales in November, including North Hilo, Hamakua, North Kohala and South Kona.

Condo prices on the Big Island fell to $226,200 in November from $463,000 a year earlier. The number of condos sold fell to 24 from 29 in 2007.

The median price for a Big Island single-family home through the first 11 months of the year was $348,500, down from $400,000 the same period a year earlier. The year-to-date Big Island median condo price fell to $370,000, down from $395,833 during the year-earlier period.

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