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Home sales on Big Island and Kauai rose in October


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POSTED: Friday, November 06, 2009

Home sales picked up on the Big Island and Kauai in October, according to a recent report from Hawaii Information Service.

Single-family home sales rose 48 percent on the Big Island and 39 percent on Kauai, said the report, which was released yesterday. Likewise, condominium sales rose about 21 percent on the Big Island and nearly 78 percent on Kauai; however, the percentages are somewhat skewed by the small size of these markets.

“;I had three closings in one day in October,”; said Howard Dinits, a Realtor with RE/MAX Resort Realty in Wailea, who specializes in Big Island and Maui sales. “;I haven't seen activity like that for three years.”;

Dinits said sales are up because prices have fallen.

“;I recently sold a 1,270-square-foot home for $130,000 in Hawaiian Shores Recreation Estates on the Big Island,”; he said. “;The same house would have sold for $265,000 in 2005.”;

Dinits said bargain hunters are coming from Oahu and Maui, California, Oregon, Alaska and Canada.

The $8,000 first-time homebuyer credit, combined with the price drop, also has lured buyers who could not afford to participate during the last cycle, he said.

“;There are houses selling for $70,000,”; Dinits said.

The median price paid for a single-family home fell 13 percent on Kauai to $446,500 and nearly 6 percent to $282,500 on the Big Island. But while the median condominium price rose 26 percent to $357,000 on the Big Island, Kauai's median condominium price fell 24 percent to $395,000.