Big Island and Kauai home prices decline

Median home prices on the Big Island and Kauai continued to decline last month as the residential real estate market sought further correction. But condominium prices rose on the Big Island and slid only slightly on Kauai, according to data released yesterday by the Hawaii Information Service.

The number of single-family homes sold on the Big Island decreased 14.9 percent. More than half of them traded for $412,475, a 1.8 percent decline from the $420,000 median in September 2006. A total of 120 homes were sold in September 2007, versus 141 the year-ago month.

Puna and North Kona were the busiest home markets on the Big Island last month, accounting for more than half the county's total, while South Kohala and North Kona had the most transactions for condominiums.

The Big Island's median sales price for condominiums rose 3.6 percent to $375,000 compared to last September's $361,838. Only 32 condominiums changed hands in September 2007, compared to 56 during the same period last year.

The only Big Island district with a condominium price increase was South Hilo, up 10 percent. Home prices rose by 13.7 percent in Hamakua and 11 percent in South Kona, 3.6 percent in North Hilo and 3 percent in South Kohala, but all of those districts had fewer than 10 transactions each.

On Kauai, the median house price fell to $672,500, a 7.9 percent decrease from September 2006, when the median was $730,000. Only 36 homes were sold, a 7.7 percent decrease from the year prior.

The median price for a Kauai condominium, on the other hand, remained stable at $590,000 -- a scant 0.8 percent drop from September 2006. However condominium sales declined by 54.8 percent as the number of properties that changed hands in September 2007 fell to 20 from 47 the year prior.

Hanalei and Kawaihau were the busiest home markets, while Hanalei and Koloa were the hottest condominium markets last month on Kauai. The median home price appreciated by 18.1 percent in Waimea and 11.8 percent in Hanalei. The median condominium price rose by 8.7 percent in Lihue and 5.6 percent in Koloa.