Kauai, Big Isle realty sales fall
Neighbor island home sales continued slowing last month, but real estate experts said buyers were looking and properties that were priced right sold.
Single-family home sales for June dropped 39.1 percent on the Garden Isle and condominium sales dropped 12.5 percent, according to statistics released over the weekend by the Hawaii Information Service. Still, the median price paid for a single-family home on Kauai last month rose 5 percent as more than half of the buyers paid $687,500 or more to purchase a house. The median price paid for a condominium declined to $569,000 last month. However, it was a scant 0.6 percent drop.
"There are a lot of people out there still kicking tires, calling and looking," said Phillip Fudge of Kauai Landmark Realty in Kapaa. "There's still plenty of demand, but I think that prices have held and that's hurt sales some. People think that prices should be going down more like they have seen on the mainland, and they are waiting because they haven't seen that happen here yet."
Single-family home sales on the Big Island declined 37.3 percent last month from the same period last year, and condo sales fell 32.6 percent.
The median price for a single-family home dropped to $299,000, which was a 17.9 percent drop from the prior year's June.
The median price paid for a Big Island condominium declined 11.6 percent in the same period to $355,000.
"The sky isn't falling. I've actually had more volume this year than ever," said Howard Dinits, an agent with Re/Max Island Surf Realty in Pahoa. "I've already closed 32 transactions this year. There are buyers out there — it's just the prices that are falling."
Houses and condominiums that are priced right on the Big Island are selling, albeit in some cases for less than the sellers paid, Dinits said. The rash of speculative development and buying of the last cycle has hurt some neighbor- hoods, he said.
For example, there are 180 houses for sale in Hawaiian Paradise Parks, Dinits said.
"Those who bought pre-2003 have big grins on their faces and those who bought in 2005 have found that their houses aren't worth what they paid," he said. "That's the difference two years has made, but it won't stay that way forever."
Neighbor isle prices
Median sales prices for homes and condominiums :
Kauai
SINGLE-FAMILY HOMES |
June 2008 |
$687,500 |
June 2007 |
$655,000 |
Change |
+5.0% |
CONDOS |
June 2008 |
$569,000 |
June 2007 |
$572,500 |
Change |
-0.6% |
Big Island
SINGLE-FAMILY HOMES |
June 2008 |
$299,000 |
June 2007 |
$364,000 |
Change |
-17.9% |
CONDOS |
June 2008 |
$355,000 |
June 2007 |
$401,500 |
Change |
-11.6% |
Source: Hawaii Information Service