Home sales on Big Island and Kauai up in November


POSTED: Saturday, December 05, 2009

Home sales on the Big Island and Kauai jumped for the month of November, following a trend set earlier in data released for Oahu and Maui.

The number of homes sold on the Big Island surged 66.2 percent to 113 in November compared with 68 the same month a year ago, according to Hawaii Information Service.

This was despite a higher median price of $290,000 for November, 2.7 percent higher than $282,500 the same time last year.

On Kauai, 23 recorded homes were sold last month, a 53.5 percent jump from a year ago.

The median price of a home on Kauai, however, fell to $442,000, a considerable 28.1 percent drop from $615,000 a year ago.

The growth in sales were due, in part, to a rush to close sales ahead of a first-time homebuyers' tax credit deadline at the end of November.

A federal tax credit of up to $8,000 has been extended, and qualified first-time homebuyers now have until April 30 to enter a binding contract and until June 30 to close.

Condo prices went down on both the Big Island and Kauai, but sales fared better on the Garden Isle.

Condo sales remained flat on the Big Island despite a drop in the median price to $208,000 in November, down 8.1 percent from $226,200 in November 2008. Real estate agents sold 24 condos, even with last year.

The median condo price on Kauai fell to $300,000, a 29.4 percent drop from $425,000 a year ago.

Sales jumped 114.3 percent last month, with 15 changing hands, eight more than last year.