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The Honolulu Advertiser
Posted on: Thursday, October 5, 2006

September home sales stall on Neighbor Isles

By Andrew Gomes
Advertiser Staff Writer

In another example of just how weak Neighbor Island housing markets have become, sales of previously owned homes have fallen by half or more in several areas last month compared with the same month a year earlier.

Median sale prices were largely up from a year ago, but did fall in two markets.

The sharpest decline in September transactions was for condominiums on the Big Island, where there were 45 sales, a 64 percent drop compared with 126 sales a year earlier, according to Hawaii Information Service.

Maui transactions were hit hard, too, with a 59 percent drop in condo sales to 66 from 160, and a 50 percent drop for single-family home sales to 61 from 122 in the same period.

"The number of properties sold continues to taper off impressively," said Terry Tolman, chief executive of the Realtors Association of Maui, which released the Maui data.

Kaua'i also was not spared the September slowdown, as sales of single-family homes on the Garden Isle dropped 50 percent to 36 from 72 a year earlier, Hawaii Information data showed.

Big Island single-family home sales last month totaled 132 — the most for the Neighbor Islands — but were down 43 percent from 233 a year earlier.

Kaua'i condo sales fell 31 percent to 37 from 54 in the same period.

Sale prices, calculated as a median, where half are higher and half are lower, were less volatile.

Big Island condos sold for a median $341,000 last month, down 20 percent from $424,900 a year earlier.

The other price decline was for Kaua'i single-family homes that sold in September for a median $695,000, or 8 percent less than $757,500 a year earlier.

There was little price change for Big Island single-family homes where the median last month was $427,500, up from $425,000 a year earlier.

Kaua'i condos sold for a median $450,000 last month, up 11 percent from $405,000 a year earlier.

On Maui, the median sale price for single-family homes was $749,000, up 12 percent from $670,000 a year earlier. Maui condos sold for a median $488,750, up 33 percent in the same period.

Tolman of the Realtors Association of Maui noted that with fewer sales, median sale figures are more easily skewed by a relative few high or low prices.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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