House sales fall on Kauai, Big Island as prices rise
The median sales price of a single-family home on Kauai jumped 28 percent last year
House sales slowed on the Big Island and Kauai last month, but prices of both single-family homes and condominiums continued to rise, contributing to a strong year-over-year gain.
On the Big Island, the number of single-family homes sold fell 7.4 percent to 187 in December, while condo sales rose 7.8 percent to 83, according to Hawaii Information Service data released yesterday.
However, median sales prices on the Big Island showed strong overall increases last month. The median price for a single-family home hit $432,000, a 16.9 percent increase from a year earlier.
The median sales price for condos reached $359,900, a 9.4 percent jump from the median price in December 2004.
A rash of baby boomers trying to buy into the market while homes are still available and affordable has fueled the increases -- even in pockets of Puna, once known for its high crime rate and lower-income housing.
For the full year, Big Island houses and condominium sales barely topped 2004's results, with only 1 percent more single-family homes and 6.8 percent more condominiums changing hands.
The 2005 median price was $385,000 for a single-family home and $290,000 for a condominium, respective gains of 32.7 percent and 34.5 percent.
On the Garden Isle, the number of houses sold decreased 25 percent in December, but an influx of new construction helped to nearly double condo sales. The median sales price for a single-family home rose 6 percent to $605,000 and the median price for condominiums increased 63 percent to $470,000.
For the year, condominium sales on Kauai gained 28 percent over 2004, while the number of single-family homes sold declined nearly 5 percent.
Last year, more than half of all single-family home buyers paid at least $640,000 for a house on Kauai, a 28 percent gain over $499,000 in 2004.
More than half of Kauai's condominium buyers paid $435,000 for a property last year, 16 percent higher than the $375,000 median in 2004.