Quantcast
StarBulletin.com

Neighbor isle home prices fall


By

POSTED: Tuesday, April 07, 2009

Neighbor island home prices and sales continued their downward spiral in March as Maui, the Big Island and Kauai all showed strains of the slumping economy.

On Maui, the median price for single-family homes declined 18.6 percent to $504,500 from $620,000 a year ago while condo prices tumbled 38.5 percent to $331,000 from $538,500, according to data released yesterday by the Realtors Association of Maui.

Sales for single-family homes dropped nearly in half, or 45.3 percent, to 52 from 95 a year earlier while condo sales tumbled 47.8 percent to 48 from 92.

Even though prices fell from February, a bright spot was an increase in sales for both single-family homes and condos from the previous month. Single-family home sales rose 67.7 percent — 52 versus 31 — and condo sales gained 6.7 percent — 48 versus 45.

Also, inventory moved quicker as single-family homes spent 156 days on the market and condos were on the market an average of 135 days. In both cases, it was the shortest time on the market for any month in 2009.

“;While our state of continued financial uncertainty is not conducive to real estate investment, our market seems to be at or near the bottom,”; said Terry Tolman, chief executive of the Realtors Association of Maui. “;The large inventory includes many short sales (homes sold for less than the mortgage owed) and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead.”;

The Big Island and Kauai also showed declines in March, according to data from Hawaii Information Service.

On the Big Island, the median price for single-family homes fell 19.5 percent to $313,000 from $389,000 a year ago while condo prices plunged 40.3 percent to $307,250 from $515,000.

Sales for single-family homes slipped 11.7 percent to 91 from 103 while condo sales tumbled 51 percent to 24 from 49.

On Kauai, the median price for single-family homes declined 23.1 percent to $524,000 from $681,450 a year ago while condo sales nose-dived 67.5 percent to $220,000 from $677,500.

Sales for single-family homes dropped 30 percent to 21 from 30 while condo sales declined 45 percent to 11 from 20.

 

LOSING GROUND

Median sales prices for single-family homes:

               

     

     

       

       

     

     

       

       

     

     

       

       

     

     

       

     

     

       

       

     

     

       

       

     

     

       

       

     

     

       

     

     

       

       

     

     

       

       

     

     

       

       

     

 

Maui

 

       

March 2009

$504,500
       

 

       

March 2008

$620,000
       

 

       

Change

-18.6%
       

 

       

Kauai
       

 

       

March 2009

$524,000
       

 

       

March 2008

$681,450
       

 

       

Change

-23.1%
       

 

       

Big Island
       

 

       

March 2009

$313,000
       

 

       

March 2008

$389,000
       

 

       

Change

-19.5%
       

 

       

Source: Hawaii Information Service, Realtors Association of Maui