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The Honolulu Advertiser
Posted on: Tuesday, July 12, 2005

Kaua'i, Big Island keep 'crazy' pace

By Andrew Gomes
Advertiser Staff Writer

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New record median prices greeted buyers of single-family homes on Kaua'i and the Big Island last month, according to the latest sales statistics for previously owned homes.

The median price for a Kaua'i single-family home sold in June was $699,500, up from $665,000 in May and $540,350 a year earlier.

The single-family home median price, a point where half the sales were for more and half for less, was only higher on Maui where the June sales figure was $735,000 after hitting a record $780,000 in May.

"It's pretty crazy," said Debra Blachowiak, president and principal broker of Sleeping Giant Realty Inc. based in Lihu'e, Kaua'i. "The buyers are crying. The sellers are happy."

Kaua'i also touted a record condominium median sales price, which at $450,000 last month was highest in the state and 20 percent more than $375,000 in May and 15 percent more than a year earlier, according to Hawaii Information Service.

Blachowiak said the Garden Isle faces low inventory and high demand — the classic scenario driving home prices skyward across the state. She said she is tired of repeatedly being wrong about when prices will stop climbing, so she's resigned to disbelief and not predicting how high prices will go.

"Sellers obviously want to get the last nickel out of (the rising market), and people are willing to pay it," she said. "We're just rolling with it."

On the Big Island, the median price for single-family homes sold last month was a record $397,750, up 42 percent from $281,000 a year earlier and slightly higher than $371,000 in May, Hawaii Information Service reported.

Big Island condos sold for a median of $395,000, up 36 percent from $289,500 a year earlier but down slightly from $414,250 in May.

The number of sales on both islands was mixed. There were 68 single-family home sales on Kaua'i last month, down 13 percent from 78 a year earlier. Demand for Kaua'i condos was up 45 percent to 74 sales in June, compared with 51 a year earlier.

Big Island single-family home sales were about flat at 288 in June, compared with 286 a year earlier. Big Island condo sales totaled 99, down 13 percent from 114 the previous year.

June home sales statistics for O'ahu and Maui were reported last week.