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Shortage may lift
isle home prices

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Star-Bulletin staff

Sales volume and prices of Hawaii's real estate have grown steadily in the past few months, and shrinking inventory could lead to even higher prices in the future, a report said.

The total number of single-family home resales rose 14.7 percent statewide for the third quarter from the same period last year, according to a report released yesterday by Prudential Locations. The largest gains came from the Big Island and Kauai, up 25.3 and 39.7 percent, respectively.

Total condominium resales increased 19.5 percent for all islands, with the Big Island skyrocketing 40.8 percent and Kauai rising 33.5 percent.

Median prices for single-family homes rose 11.1 percent on Oahu, 29 percent on Maui, 23.4 percent on the Big Island and 26.1 percent on Kauai, the report said. Condo prices were up 29.6 percent on Maui, 8.7 percent on the Big Island and 28.3 percent on Kauai.

At the same time, the total properties available for sale has shrunk, which could lead to even higher price increases, as has happened recently in California, the report said.