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The Honolulu Advertiser

Posted on: Friday, July 9, 2004

Low supply hurts Maui home sales

By Andrew Gomes
Advertiser Staff Writer

 •  "It's been going up so hard and so high that the market may be catching its breath."

— Terry Tolman | Realtors Association of Maui

Sales of previously owned single-family homes on Maui fell last month because of limited inventory, but across other Neighbor Islands the hot resale market continued to sizzle.

On Kaua'i, the median price for single-family homes sold in June hit a record of $528,000, up from $375,000 a year earlier. And Big Island condominium volume saw the biggest increase in sales volume, an 85 percent surge to 109 sales last month compared with 59 in the same month last year.

The June resales data for the Neighbor Islands were released this week by Hawaii Information Service and the Realtors Association of Maui.

The only drop in the major Neighbor Island housing markets occurred on Maui where single-family home sales volume fell to 77 last month, down 40 percent from 128 in June 2003.

"It's been going up so hard and so high that the market may be catching its breath," said Terry Tolman, executive vice president of the Realtors Association of Maui.

The Maui single-family home median resale price last month was $500,000, up from $395,000 in the same month a year earlier. But it was down from $617,500 in May.

The median price is a point where half the sales were for more and half for less.

Maui condo sales rose 19 percent, to 196 compared with 165 during the same period, while the median price rose to $300,000 compared $243,000. In May the median condo price was $275,000.

On the Big Island, the big surge in condo sales volume was accompanied by a near $100,000 rise in median sales price to $275,000 in June, up from $185,400 a year earlier.

Big Island single-family home sales volume rose 30 percent to 273 in June, up from 210 in the same month last year, while the median price rose to $288,500 from $228,500 during the same period.

On Kaua'i the volume of single-family home sales rose 18 percent, to 71 in June compared with 60 in the year-earlier month.

Kaua'i condos sales increased to 53 from 42, a 26 percent rise over the same period. The median condo price on the Island was $420,000 in June, up from $347,500 in the year-earlier month.

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