Neighbor isle
home sales burning
through inventoryKauai condominium sales lead
the way toward large sales
gains in residential real estate
Kauai home resale volume and prices took off in July, while the Big Island had strong price increases but flat single-family unit sales.
Garden Isle condominium prices had the hottest showing, with the median price jumping 43.6 percent to $280,000 in July from $195,000 in the same month last year, according to the Hawaii Information Service. The median price for single-family homes grew 30.3 percent to $384,500 from $295,000 last year.
Over on the Big Island, the single-family home median price rose 23.3 percent to $259,000 from $210,000, while the condo median increased 7.3 percent to $160,850 from $149,956.
The median is the price midway between the highest and the lowest prices.
Oahu had a similar month in July, with the median for single-family resales leaping 21.9 percent to $390,000 from $320,000, and the median condo price growing 11.5 percent to $175,000 from $157,000.
Big Island volume was flat compared with last year at 200 units, though condo resales scooted 68 percent to 84 units sold from 50 last year.
"No. 1, the inventory is just shrinking over here," said Gary Davis, broker-in-charge of Clark Realty Corp.'s Kamuela office on the Big Island. "Although there may be a lot of people looking, they're not finding as much to choose from as they did."
Big Isle condo inventory is also low, but condo sales are up because developer Stanford Carr's 168-unit, $76 million Waikoloa Colony Villas are entering the real estate multiple listing service.
Kauai had a month of heavy sales activity, with a nearly 75 percent increase in the volume of single-family sales, to 68 units from 39 last year. Garden Isle condo sales jumped 50 percent to 51 from 34.
Oahu's resales volume jumped in July, with 454 single-family homes selling, up 24 percent from 366 last year. Condo volume rose 18.4 percent to 625 from 528.
