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The Honolulu Advertiser
Posted on: Wednesday, July 8, 2009

Big Isle, Kauai home sales down


By Andrew Gomes
Advertiser Staff Writer

Sales and median prices of existing homes on the Big Island and Kaua'i were mostly lower last month, according to data compiled by Hawai'i Information Service.

The changes were more muted on the Big Island, where price and volume declines were in or near single digits and the median condominium price was up about 3 percent.

On Kaua'i, where sales volume is considerably smaller, prices and sales were down by 25 percent or more.

The changes are in line with what has been a deflating local real estate market, affected by the recession, job losses and tight lending conditions.

However, because the Neighbor Islands are relatively small housing markets, the mix of homes sold tends to be a bigger influence on the median price (the midpoint, at which half the sales are for more and half for less).

The biggest market within the two islands was single-family home sales on the Big Island, where there were 100 sales last month.

That represents an 8 percent decline from 109 sales in the same month last year.

The median price was $285,000, 13 percent lower than the $329,285 for the same period a year earlier.

In Puna, the largest submarket on the Big Island for single-family homes, transactions fell 7 percent to 38 from 41, and the median price tumbled 29 percent to $163,000 from $230,000.

Big Island condo sales dropped about 13 percent to 28 in June from 32 a year earlier. The median price was $310,500, a 3 percent increase from $301,702.

Sales of single-family homes on Kaua'i declined 25 percent to 21 in June from 28 a year earlier. The median price was $440,000, down 36 percent from $687,500.

Kaua'i condo sales totaled 15 last month, a 38 percent decrease from 24 sales a year earlier. The median price was down 46 percent to $375,000 from $695,000.

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