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The Honolulu Advertiser
Posted on: Thursday, November 6, 2008

Kauai, Big Isle real estate markets still struggling

By Andrew Gomes
Advertiser Staff Writer

It wasn't much of a bright spot in Hawai'i's real estate market, but there were three more sales of previously owned single-family homes on Kaua'i last month than there were in the same month last year.

The increase ran counter to sharp sales drops for Kaua'i condominiums and all homes on the Big Island, according to October sales data compiled by Hawaii Information Service.

Though relatively small, the increase also occurred during a period of economic turmoil that in recent months has sharply depressed home sales in Hawai'i, especially in markets like Kaua'i where a severe downturn in tourism has affected property sales at vacation resorts that account for a significant share of homes sold.

There were 22 single-family home sales last month on Kaua'i, up from 19 a year earlier. The increase happened in the more rural areas of Waimea and Kawaihau, where there was a combined increase of six sales that more than offset a decline of three sales in the resort area of Hanalei.

Still, for the first 10 months of the year, condo sales fell 30 percent to 248, or an average of 24.8 per month, from 354 during the same period last year.

Kaua'i condo sales sank 69 percent in October, to nine from 29 a year earlier. It was the third straight month that condo sales were in the single digits. Most of the drop was in Hanalei, where sales fell to two last month from 16 a year earlier.

Year to date, condo sales on Kaua'i are down 43 percent, to 153 from 270 in the first 10 months of last year.

The median sale price in October was $520,000 for both Kaua'i condos and single-family homes. For condos, the price was an 8 percent decline from $565,000 a year earlier. The price for single-family homes was a 20 percent drop, from $650,000 in the same period.

This year through October, Kaua'i's median condo price is down 2 percent to $547,500, while the single-family home median is down 5 percent to $627,500.

On the Big Island, single-family home sales fell 36 percent, to 78 last month from 122 a year earlier. The median price declined 22 percent, to $302,500 from $386,000.

Big Island condo sales fell 43 percent to 24 last month from 42 a year earlier. The median price declined 36 percent, to $282,450 from $440,000.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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