honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Friday, April 6, 2007

Kaua'i condo sales plunge

Advertiser Staff

Sales and prices for previously owned homes sold last month on Kaua'i and the Big Island were mostly lower compared with a year earlier, according to data from Hawaii Information Service.

The most dramatic decline was for Kaua'i condominium sales, which fell 68 percent to 36, compared with 113 sales in March 2006.

But the median price for Kaua'i condo resales rose 64 percent to $582,500, compared with $355,000 a year earlier.

Sales of single-family homes on Kaua'i were up 8 percent, to 46 from 50, in the same period. The median price fell 20 percent to $657,500 from $825,000 a year earlier.

The median is a point at which half the sales were for more and half for less. The relatively small numbers of sales can produce significant changes that don't necessarily reflect changes in broader market values.

On the Big Island, there were 177 single-family home sales, down 20 percent from 221 a year earlier. The median price was $450,000, 1 percent higher than $444,900 a year earlier.

Big Island condo sales in March totaled 41, down 57 percent from 95 a year earlier. The median price was $440,000, down 5 percent from $465,000 a year earlier.