Kauai, Big Isle median home prices fall
Some areas on both islands saw prices rise for single-family homes
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Median prices for single-family homes slid on the Big Island and Kauai last month, but prices for condominiums on both those islands rose, according to data released yesterday.
The number of sales transactions of both types on both islands fell in October, the Hawaii Information Service said.
Single-family home prices did manage gains in some areas, in including north and south Kona on the Big Island and Waimea and Lihue on Kauai.
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Median home sales prices on the Big Island and Kauai continued to decline last month as the residential real estate market sought further correction, according to data released Sunday by the Hawaii Information Service. However, condomi-nium prices rose on both islands.
Neighbor Island Prices
Median sales prices for single-family homes:
Source: Hawaii Information Service
The number of previously owned houses sold on the Big Island decreased 36.2 percent in October, and more than half of these houses traded for $386,000, a 5.9 percent year-over-year decline. The median single-family home price rose in North Kona and South Kona, but fell in all other neighborhoods.
A total of 118 homes were sold in October 2007 compared to the 185 that were sold in the prior year.
The Big Island's median sales price for condominiums rose 9.1 percent to $420,000 as compared to last October's $385,000. North Kona was the only market on the Big Island where the median condominium price rose last month. Only 39 condominiums changed hands in October 2007, versus 63 during the same period last year.
On Kauai, the median house price fell to $650,000, a 3.7 percent decrease from October 2006. Median single family home prices rose in Waimea, Lihue and Kawaihua. Only 19 homes were sold, a 55.8 percent decrease from the year prior.
The median price for a Kauai condominium, on the other hand, rose to $595,000 -- a 40 percent gain from October of 2006. The median condominium price rose in Koloa, but fell in other markets that posted sales.
Kauai's October 2007 condominium sales count declined by 24.3 percent, as the number of properties that changed hands last month fell to 28 from 37 the year prior.
Because so few properties changed hands last month, the overall market stats for both Kauai and the Big Island were heavily skewed by neighborhoods where the most activity took place.