Big Isle, Kauai
prices rise
Neighbor island home resale activity showed some signs of relative weakness in July but remained robust overall as retirees and second-home buyers continued to target markets on Kauai and the Big Island.
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The number of condominium sales showed a year-on-year drop for the first time in several months to 76, an 8 percent decrease from July 2003.
But condo prices grew sharply from last year to $290,750, a gain of 81.7 percent.
"The market's still going like gangbusters here," said Hilo-based broker Joel LaPinta.
Buyers continued to gobble vacant land on the Big Island, buying 517 parcels in July, an 87.3 percent year-on-year gain.
The recent growth in the Big Island real estate market has been centered mainly on its western half, primarily around Kona and the resort area of Kohala.
But the July data showed that areas such as Hilo and Puna on the east side saw the fastest growth, a trend that began earlier this year and has gained pace.
"The general demographic is the mainland retirees and the second-home and vacation-home buyers but there are some speculators out there too," said LaPinta.
In Kauai's much smaller market, the median single-family home price came in at $506,500. That was down from $528,000 in June, when it was the highest in the state, but still up a solid 31.7 percent year-on-year.
Sixty-four Kauai homes sold in July, down 5.9 percent from a year earlier. Condo sales volume slipped even further to 44 units sold, a decline of 12 percent from June 2003. But prices held at $373,500, a yearly gain of 33.4 percent.