Neighbor Island home sales soar

By Andrew Gomes
Advertiser Staff Writer

With few homes being built on Kaua'i, demand for existing homes has skyrocketed. The median price for a home also jumped sharply to $384,500. Advertiser library photo

Resales jumped 74 percent for a Garden Isle single-family home, which also jumped in price by nearly $90,000 to a median of $384,500 in July, up from $295,000 in July 2002.

According to Hawai'i Information Service, there were 68 single-family resales on Kaua'i for the month, up from 39 in July 2002.

Kaua'i condominium sales rose 50 percent during the same period, to 51 from 34.

The median condo price, which is a point at which half the sales were higher and half lower, also was up nearly $90,000 to $280,000 in July, compared with $195,000 in the same month a year ago.

Ed MacDowell, principal broker of Vision Properties Inc. on Kaua'i, said little new-home construction on the island is increasing demand and prices for existing homes sought after by mostly Mainland buyers.

"The numbers have been driving up steadily," he said, adding that it has become difficult to complete a purchase in 75 days, in contrast with the standard 45 days, because of all the increased work for appraisers and escrow agents.

The next biggest volume increase was on the Big Island, where the number of condo resales rose 68 percent to 84 in July, up from 50 in the same month a year ago.

Single-family resales on the Big Island rose just 1 percent to 200, up from 198, during the same period.

Big Island median resale prices increased to $160,850 from $149,956 for condos, and to $259,000 from $210,000 for single-family homes, Hawai'i Information Service reported.

According to the Realtors Association of Maui, which released its data yesterday, volume and resale prices were smaller than they were on Kaua'i and the Big Island, though more homes were resold on Maui than on Kaua'i or the Big Island.

There were 136 Maui single-family home resales in July, compared with 110 in the same month a year ago, a 24 percent increase. Maui condo resales grew 7 percent to 156, up from 146 during the same period.

Median home prices on the Valley Isle increased to $392,000 from $375,000 for single-family homes, and to $215,000 from $210,000 for condos in the year-over-year period.

On O'ahu, the Honolulu Board of Realtors reported 454 existing single-family homes sold in July, a 24 percent increase from 366 in July 2002. O'ahu condo resales totaled 625, an 18 percent increase over 528 during the same period.

July prices on O'ahu reached a median of $390,000 for single-family homes, compared with $320,000 in July 2002.

The median condo price was $175,000, up from $157,000 for the same period.

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