Neighbor Isle home sales drop sharply
By Andrew Gomes
Advertiser Staff Writer
By Andrew Gomes
Sales of previously owned Neighbor Island homes fell sharply in August as demand continued to weaken for residences that are still mostly priced higher than a year ago.
Maui's condominium market saw the greatest slump with 66 sales, down 65 percent from 187 in August 2005. The median sale price was $488,750, up 33 percent from $366,500 in the same comparable period, according to the Realtors Association of Maui.
The highest-priced real estate was Maui single-family homes, which last month sold for a median $749,000, up 12 percent from $670,000 a year earlier.
The median is a point at which half the sales were for more and half for less.
There were 95 Maui single-family home sales in August, down 26 percent from 129 a year earlier.
The Big Island saw the only year-over-year price decrease, as single-family homes there sold in August for a median $370,000, or 14 percent less than $429,500 a year earlier, Hawaii Information Service reported.
There were 169 Big Island single-family home sales in August, down 34 percent from 256 a year earlier.
Big Island condo sales were down 35 percent to 52 last month compared with 80 in August 2005. The median price was $401,450, up 2 percent from $394,950.
On Kaua'i, single-family homes sold last month for a median $740,000, up 15 percent from $644,500 a year earlier. There were 35 sales, down 38 percent from 56 in the same comparable period, according to Hawaii Information Service.
Kaua'i condos sold for a median $499,000, up 7 percent from $467,500. There were 29 sales, down 52 percent from 60 in the same period.
Reach Andrew Gomes at email@example.com.