Big Isle home prices
catch up to Maui, Kauai

Big Island single-family home prices hit a record high in December, topping a median $350,500 to close the gap somewhat on higher-valued Maui and Kauai, where price growth seems to have taken a breather.

Prices on the other islands remained near historic highs, however. The median price of a Maui single-family home was $594,500 in December, while condos on the island went for $350,000, according to the Realtors Association of Maui.

In the much smaller Kauai market, prices came in at $575,000 for a single-family home and 299,500 for a condominium, according to data supplied by Hawaii Information Service.

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Kauai prices took off in the latter half of 2004 as inventory dried up and now the Big Island, the largest of the neighbor island markets, may be ready to follow suit.

Big Island condos fetched a median $324,500, nearly a record.

"The inventory is the key and it's very low now," said Brian Berry, president of the Kona Board of Realtors. "There is still room for these prices to grow."

As is typical in the winter months, sales activity cooled significantly. But the number of sales transactions across the tapped-out neighbor islands was lower even than December 2003.

Single-family home transactions on the Big Island slipped 10.7 percent to 207, while condo sales dropped 31.8 percent to 62.

Maui single-family and condo sales came in at 100 and 99, respectively, compared with 144 and 169 the previous December.

On Kauai, 47 single-family homes were sold, down 12.9 percent, and 25 condos changed hands, down 41.4 percent.