Condo prices up on Kauai, Big Isle
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High-end sales boosted median condominium prices on the Big Island and Kauai for February, but the number of homes and condos sold stalled, according to Hawaii Information Service.
The median condo price on the Big Island rose by 13.4 percent over February 2007, while on Kauai the condo median jumped 19 percent. The median single-family home price was down 7 percent on the Big Island, but jumped by 26 percent on Kauai.
The number of sales fell in both categories, on both islands.
Neighbor island prices
Median sales prices for single-family homes:
Source: Hawaii Information Service
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High-end condo pricing was a bright spot for the housing markets on both Kauai and the Big Island in February, but the number sales of both condos and single-family homes declined on the two islands, according to data released yesterday by Hawaii Information Service.
On the Big Island, condo sales volume increased 12 percent, or $2.1 million, to $19.9 million in the month, with median condo prices rising 13.4 percent, or $53,500, to $453,500. The price gains came even as the number of condo sales slumped 24 percent to 26, versus 34 sold in February 2006.
Paula Beamer, an agent with Parker Ranch Realty in Waimea, said units topping the $4 million mark are selling strong on the Big Island.
"If you have money, you are not afraid to be investing," she said. "It is a good time to buy, no doubt about it."
Big Island single-family home sales volume dropped 3 percent, or $1.7 million, to $63.9 million. Median single-family home prices on the Big Island sagged by 7 percent, or $30,000, to $395,000. The number of single-family homes sold on the Big Island dropped by 23 percent to 99 from 128 last year.
On Kauai, median condo prices rose 19 percent, or $90,000, to $565,000. However, condo sales volume decreased by more than a third to $13.2 million from $20.6 million, as the number of sales slumped by more than half to 16 from 33 a year earlier.
Median single-family home prices increased by 26 percent, or $158,500, to $760,000, but the number of home sales slid by a quarter to 24 from 32 for February. Volume in the category was nearly flat, slipping 1 percent to $22.4 million.
Phil Fudge at Kauai Landmark Realty in Kapaa said there are more big-ticket listings available now than in the past, with many sellers reluctant to drop their prices.
"It's definitely a buyer's market," he said. "They'll go to one property and start making some offers, and if one doesn't get in their range, they will just go on to the next one."