Mixed bag for home prices on Big Isle, Kauai
The residential real estate markets on the Big Island and Kauai were a mixed bag last month as some regions continued to post strong sales results, but most continued on a downward trajectory.
While the Big Island has seen the end of speculation, the market is positioned for stable growth, said Jeff Spaur, who is an owner and broker at Remax Island Surf Realty in Pahoa.
"The market is still dynamic, but we're experiencing a correction that needed to happen," Spaur said.
Prices in the Big Island's single-family home market grew by 1.15 percent in March, according to data released today by the Hawaii Information Service, with the median increasing to $450,000 from the year-ago $449,900. Big Island condominium prices fell 10.79 percent to $411,250 from the year-ago $461,000.
The Big Island saw only 177 single-family homes and 41 condominiums sold last month. The single-family figure represented a 19.91 percent market decrease, while the number of condominium resales was a 56.84 percent drop.
During the first three months of 2006, the median sales price paid for a single-family home on the Big Island increased a scant 0.69 percent to $432,475 from the year-ago $432,475. But condominium prices fell 10.79 percent to $411,250 from the $461,000 that was recorded from January to March of 2006.
The number of single-family homes sold on the Big Island year to date has dropped 19.08 percent to 424 from the year-ago 524, while sales dropped by 47.91 percent in the condominium market, which saw resales drop to 112 from the year-ago 215.
Prices in Kauai's single-family home market took a 20.3 percent nosedive in March, with the median falling to $657,000 from the year-ago $825,000, according to the Hawaii Information Service data. Kauai condominium prices increased 64.08 percent to $582,500 from the year-ago $355,000.
But Kauai saw only 46 single-family homes and 36 condominiums sold last month. The single-family figure was just four transactions below last year's, while the number of condominium resales was a 68.14 percent drop from the 113 sales in the previous year.
Kauai's single-family home prices were off 4.27 percent year to date, with more than half of the buyers paying at least $650,000 for a home. During the first three months of this year, Kauai's median condominium sales price has risen 30.14 percent to $481,400 from the year earlier.
A total of 111 homes have sold this year on Kauai, a 10.48 percent drop from the 124 homes sold by this time in 2006. A total of 88 condominiums have changed hands in Kauai this year, a 60.89 percent drop from the 225 that sold in the first three months of 2006.