Sales of Big Island and Kauai homes continued to plummet in December, even as median prices fell, according to the latest numbers from the Hawaii Information Service.

Big Island home sales decreased 26.45 percent to 89 from 121 in December, despite a median price drop to $297,500 from $380,000 a year ago.

Sales last month lagged in North Kona, which recorded 12 home sales compared to 32 a year ago.

On Kauai, home sales fell by 37.93 percent to 18 in December from 29 a year ago. The median single-family home price on Kauai fell by 20.80 percent to $495,000 from $625,000.

Home sales fell most dramatically in Koloa, where one home was sold compared to 11 in December of last year.

Condo sales for the Big Island and Kauai, meanwhile, continued to fall as median prices jumped higher.

On the Big Island, condo sales slumped 43.75 percent to 18 from 32 as the median price jumped 20.62 percent to $351,000 from $291,000.

On Kauai, condo sales fell by 30.77 percent to nine from 13, while condo prices rose by 45.35 percent to $625,000 from $430,000.

Last year, the sales volume for homes on the Big Island dropped 44.82 percent to $534.1 million from $968 million in 2007. A total of 1,136 existing homes traded hands in 2008, 32.54 percent lower than in 2007.

On Kauai, the sales volume in 2008 was at $251.2 million, down 36.43 percent from $395.1 million in 2007. A total of 283 existing homes traded hands in 2008, down 30.64 percent from 2007.

“;We're cutting expenses,”; said Debra Blachowiak, principal broker of Sleeping Giant Realty Sotheby's on Kauai. “;Like any business, we're trying to budget and cut expenses and hope for the best.”;

The year 2009 will be a buyer's market, although many buyers are still waiting for prices to drop even more, she said. Banks and appraisers are more conservative as well.

“;We're telling our sellers that the prices have to be competitive and aggressive or don't put it on the market,”; she said. “;It's not a good time.”;

Blachowiak, a 30-year veteran of the real estate industry, said the market may stabilize this year. But she's also realistic.

“;I think it's going to get worse before it gets better,”; she said. “;There's still business, but my feeling is we are not at the bottom yet.”;