Big Island home resales up 44% during June

By Andrew Gomes
Advertiser Staff Writer

Home resales last month increased more on the Big Island than on any other major island in the state, jumping 44 percent, according to data released yesterday.

The June increase compared with up-and-down condominium and single-family home markets on Maui and Kaua'i, while O'ahu resales, which were reported earlier this month, were up about 26 percent.

In general, record low mortgage rates in June enabled buyers to offset rising home prices or more easily qualify for lower-priced homes.

On the Big Island, 193 existing single-family homes and 58 condos sold last month, up from 134 single-family homes and 40 condos in June 2002, according to real estate data provider Hawai'i Information Service.

The 44 percent increase followed an 11 percent year-over-year decrease in May for the Big Island.

Prices, which generally were lower on the Big Island compared with other major islands, also increased last month. The median cost of an existing single-family home there was $235,000 last month, up from $184,500 in June 2002. The median condo price was $186,200, up from $182,000 during the same period.

The median price is a point where half the prices are higher and half lower.

On Kaua'i, there were 57 single-family home resales last month, up from 51 sales in the year-ago month, but at a lower median price — $365,000 compared with $500,000 during the same period, Hawai'i Information Service statistics showed.

Condo resales on Kaua'i fell to 37 last month, down from 46 in the year-ago month, though the median price was higher — $350,000 compared with $245,000 during the same period.

Maui transactions, which include resales on Lana'i and some on Moloka'i, were mixed, according to the Realtors Association of Maui.

The association reported 114 single-family home resales last month, an increase from 79 resales in the year-ago month, and 150 condo resales, which was down by one unit during the same period.

Maui-area median prices were up, rising last month to $392,000 from $365,000 in June 2002 for single-family homes, and to $240,000 from $187,975 for condos during the same period.

For the first six months of the year, Big Island single-family home resales were up to 1,007 units at a $225,000 median price, compared with 863 resales at $189,000 for the same period in 2002.

Big Island condo resales for the same six-month period were up to 439 at $172,000, compared with 316 at $168,000 last year.

On Kaua'i, single-family home resales from January to June were up to 298 at a median price of $359,500 this year, compared with 243 resales at $300,000 last year.

Kaua'i condo resales for the same six-month period were down to 231 at $275,000, compared with 249 resales at $220,000.

Maui-area single-family resales for the first six months of the year were up to 554 at a median of $401,750, compared with 456 resales at $365,000 in the year-ago period.

Condo resales in the Maui area during the same period were up to 770 at $229,500, compared with 741 resales at $215,000.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.