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The Honolulu Advertiser
Posted on: Tuesday, May 8, 2007

Kaua'i, Big Island home sales fall

By Andrew Gomes
Advertiser Staff Writer

Sales of existing homes on Kaua'i and the Big Island were lower last month, but the median price of condominium resales on the Garden Isle set a record.

Kaua'i's condo median was $685,000 in April, nearly double the $351,750 median a year earlier, according to sale data compiled by Hawaii Information Service.

R. Scott Lindman, principal broker of Hanalei-based Country Brokers Ltd., said the median spike was likely the result of resales of recently developed luxury resort condos influencing a small number of transactions.

Because the median price is a point at which half the sales are for more and half for less, relatively few sales can produce significant changes that don't necessarily reflect changes in broader market values.

According to Hawaii Information, the 78 condo sales in April 2006 included 59 sales in Lihu'e, compared with six last month. By comparison, the Hanalei and Koloa regions, including nearby Princeville and Po'ipu resort areas, accounted for 22 of the 29 condo sales last month.

For single-family homes on Kaua'i, the median price was $749,000 last month, up 4 percent from $720,000 a year earlier. There were 41 sales, compared with 42 in the same comparable period last year.

On the Big Island, the single-family home median sale price was $412,000 last month, down 6 percent from $439,900 a year earlier. There were 139 sales, down 26 percent from 187.

Big Island condos sold for a median $385,000 last month, down 29 percent from $540,000 a year earlier.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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