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Kauai, Big Island home prices fall


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POSTED: Saturday, June 06, 2009

The median price of homes on both the Big Island and Kauai dropped in May, while sales fared no better, according to the latest statistics from Hawaii Information Service.

Kauai bore the brunt of the real estate slowdown, recording only 15 home sales in May, a 28.6 percent drop from the same month last year. This sales slump occurred despite a 14.9 percent median home-price drop to $600,000 in May compared with $705,000 in May 2008.

Sales for Kauai condos were even worse, with only 13 recorded in May, six less, or 31.6 percent down, from the same month a year ago. This drop also happened despite a large, 45.9 percent drop in condo median prices in May, to $330,000, down from $610,000 in May 2008.

Sales of Big Island homes dropped to 100 in May, a 6.5 percent drop from the same month last year, despite a median price drop to $303,000, a 27 percent decline from May 2008.

Real estate agents had no luck with condo sales, either—only 31 were sold in May, 20.5 percent less than a year ago despite a 31.3 percent median price drop to $309,000.

               

     

 

Neighbor island sales

        Homes and condos sold on the Big Island and Kauai in May, with the median price and percentage change from the same month last year:
       

BIG ISLAND

       

       

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Homes
Median Price
May 2009$303,000
May 2008$415,000
Change-27.0%
Condos
Median Price
May 2009$309,000
May 2008$450,000
Change-31.3%

       

       

KAUAI

       

       

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
Homes
Median Price
May 2009$600,000
May 2008$705,000
Change-14.9%
Condos
Median Price
May 2009$330,000
May 2008$610,000
Change-45.9%

       

       

Source: Hawaii Information Service