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

HAWAI'I'S RESIDENTIAL HOUSING MARKET
Home resales fall by 56% on Kauai; Big Isle drops 36%

By Andrew Gomes
Advertiser Staff Writer

Home resales on the Big Island and Kaua'i last month trailed year-ago levels by 24 percent to 56 percent, as Hawai'i's residential real estate market continued to soften.

Kaua'i single-family home sales suffered the biggest decline, at 56 percent, to 19 sales from 43 sales a year earlier, according to Hawai'i Information Service, which compiled the data.

However, for the first 10 months of the year, Kaua'i single-family home sales are down only 11 percent to 354 from 397 in the same period last year.

The median price paid for existing single-family homes on Kaua'i in October was $650,000. That was 4 percent off the $675,000 median in the same month last year. Year-to-date median prices were similar.

With relatively few sales, the median price — a point at which half the homes sold for more and half for less — can be influenced more by the qualities and locations of homes sold rather than changes in property values.

Kaua'i condominium sales in October totaled 28, down 24 percent from 37 sales a year earlier. The median price was $595,000, up 40 percent from $425,000, in the same period.

Year-to-date, there were 270 condo sales, down 56 percent from 612 during the first 10 months of last year. The year-to-date median condo price was $560,000, up 42 percent from $395,000 a year earlier.

On the Big Island, there were 118 single-family homes sold last month, down 36 percent from 185 a year earlier. The median price was $386,000, down 6 percent from $410,000 in the same period.

Year-to-date, there were 1,444 sales, down 18 percent from 1,770. The median price this year through October was $401,700, down 6 percent from $429,000.

There were 39 Big Island condo sales, down 38 percent from 63 a year earlier. The median price was $420,000, up 9 percent from $385,000, in the same period.

Big Island condo sales this year through October totaled 450, down 33 percent from 668 in the first 10 months of last year.

For the same comparable period, the median price was $394,900, down 11 percent from $445,000.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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