Posted on: Friday, October 29, 2004

Resort home sales top all of '02

By Andrew Gomes
Advertiser Staff Writer

Buyers of residential real estate at Hawai'i resorts have purchased nearly as much vacation-home property in the first half of this year as they did in all of 2002, according to data collected by market researcher Ricky Cassiday of Data@Work.

There were 1,309 sales of condos, single-family homes and undeveloped lots statewide for $1.18 billion between January and June. That compared with 1,508 sales for $1.19 billion in all of 2002.

Cassiday said sales on all islands rose, primarily on demand from West Coast buyers who are expected to keep up their purchases despite interest rates that are forecast to rise.

"The U.S. West Coast economy looks very healthy, at least from the vantage point of the well-heeled," Cassiday said.

For the full year, Cassiday projected there will be about 2,618 sales for $2.36 billion, compared with last year's total of 2,124 sales for $1.61 billion.

The average price of vacation home property this year through June was $899,720. The highest price paid for an individual property was $11.3 million.

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