Posted on: Saturday, October 18, 2003
Home resales hot on Neighbor Islands
| • | Neighbor Islands home resales for September |
By Andrew Gomes
Advertiser Staff Writer
Buyers of second homes and a strong residential market on Maui, Kaua'i and the Big Island continued to push up prices and the number of sales of existing homes last month.
Maui homes fetched the highest prices in September at a median price of $486,000 for a single-family residence, according to the Realtors Association of Maui. In September 2002, the median was almost $50,000 less at $437,000.
For the previous month, the median price for a single-family home on Maui stood at $440,000.
Kaua'i condominiums drew the highest prices for the month among the Neighbor Islands at a median of $301,000 for a condominium, based on data from the Hawaii Information Service.
The median for a single-family residence on the island was $415,000 for September.
That was roughly $100,000 more than the September 2002 median, or midpoint where half the sales prices are higher and half are lower.
During the year-ago month, Kaua'i single-family homes sold for a median price of $393,500 and condos for $227,618.
There were 65 Kaua'i single-family resales last month, up 47.7 percent from 44 in the year-ago month.
Kaua'i condo sales totaled 44, up 29.4 percent from 34 during the same respective period.
Brokers on Kaua'i said a preponderance of luxury resort home sales are largely responsible for such a dramatic increase in median prices.
On Maui, there were 104 single-family resales in September, up 40.5 percent from the 74 sales in the same year-ago period.
Condo sales numbered 132 for September with the median price at $232,500. That compares with the 143 sales with a median price of $159,000 for the year-ago month.
Among single-family home resales, Kihei recorded the most activity with 35 units sold, followed by the Kula-'Ulupalakua-Kanaio area with 17 sales.
On the Big Island, 189 single-family homes were resold last month, a 48.8 percent rise over 127 in September 2002.
Big Island condo sales volume was 71, up 22.4 percent from 58 in the same period.
The median price on the Big Island last month was $240,000 for a single-family home, compared with $176,000 in September 2002, and $208,000 for a condo last month, compared with $152,500 in the year-ago month.
Doug Belt, principal broker of Big Island Realty in Waikoloa, said given the rising prices and falling inventory, it's becoming harder to find homes for sale, especially those under $300,000.
"If we get some more inventory it'd be better," he said. "There's definitely a need."
O'ahu home resales for September, reported earlier this month, rose around 27 percent for single-family residences, and about 55 percent for condos.
Buyers paid a median of $395,000 — an all-time high for O'ahu single-family homes, and $180,000 for condos.
Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.
