Big Isle, Kauai
prices soarBut sales volume drops
for Big Island condos
and Kauai properties
The number of single-family home sales on the Big Island showed a 20 percent increase last month from January 2003, but the sales pace slowed for Big Isle condominiums as well as for Kauai homes and condos.
There were 168 single-family home sales on the Big Island, up from 140 homes sold during same period in 2003. Condominium sales dropped by almost 16 percent from last year to finish with 70 sales for the month.
On Kauai, 48 single-family homes sold during the month, an 8 percent decrease from January 2003 sales, while condominiums sales dropped by 9 percent to 39 sales for the month.
However, median sales prices increased in all categories, with Kauai condominiums showing the biggest jump to $362,000, a 57 percent increase from the previous January. Big Island condominium prices were not far behind in growth, rising 55 percent to $261,200.
Single-family home prices on the Big Island increased by 20 percent to $235,000, while the median price for a single-family home on Kauai grew by just more than 8 percent to $384,450.
Local Realtors said continuing home price increases mostly reflected declining inventory. Also, some newer, more expensive homes are coming on the market.
"There have been a lot of closings in the Waikoloa area, at Fairway Villas and Waikoloa Colony; those condominiums are in the upper $400,000 range," said Dave Lucas, Realtor with C&H Sales Inc.
Lucas said prices for Kona condominiums have risen substantially because of the increased demand in the last couple years.
"If they have an ocean view, like the Kona Kai studio condominiums, those were $28,000 to $30,000 two years ago, but I heard of two the other day that were $160,000."
Lucas said studios in Kona, even without an ocean view, are now going for close to $100,000.
But demand on the Big Island is not limited to the West side. According to Lucas, it is now becoming difficult to find any property on the ocean side of Hilo for less than $500,000.
"Even at Hawaiian Beaches, I saw one go into escrow at $495,000," he said.
Over on Kauai, rising condominium prices, now approaching single-family home prices, are largely the result of the shortage in single-family homes, said Ken Kubiak, broker-in-charge at the Kilauea office of Century 21 realty.
"It doesn't surprise me that condominium prices are running almost the same," he said.
Kubiak said demand for more affordable housing is so great on the Garden Isle that the roster of would-be buyers for a 104-unit condominium complex in Lihue he is listing is about triple the number of units that will be available.
"We haven't started construction yet. Prices for those units start at about $235,000, with the highest price being about $300,000," he said. "We could do another 300 units on the island easily in the same price range and not have a problem finding people for them."
January home and condo sales data for Maui was not yet available.