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The Honolulu Advertiser
Posted on: Tuesday, March 6, 2007

Big Isle, Kaua'i home sales, prices fall

By Andrew Gomes
Advertiser Staff Writer

Sales and prices were mostly lower for homes resold on the Big Island and Kaua'i last month, according to a report from Hawai'i Information Service.

The biggest drops were in the condominium markets on both islands, where sales declined 44 percent — to 29 sales in February from 52 a year earlier on the Big Island, and to 31 sales from 55 on Kaua'i.

Single-family home sales were down 22 percent on the Big Island, falling to 115 last month from 147 a year earlier. On Kaua'i, single-family home sales fell 21 percent to 30 from 38 in the same period.

The median price was highest for Kaua'i single-family homes at $615,500, meaning half the homes sold for more and half for less. But that was down 5 percent from the year-ago median of $649,500.

Of the four markets, only Kaua'i condominiums had a median price increase, rising 5 percent to $475,000 from $454,000.

Big Island single-family homes sold for a median $420,000 last month, down 2 percent from $430,000 a year earlier. Big Island condos sold for a median $400,000, down 32 percent from $587,500.

Compared with O'ahu, median prices and sale changes tend to be more volatile and less indicative of trends because of the relatively small market sizes.

Maui sales had not been reported as of yesterday by the Realtors Association of Maui.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.