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The Honolulu Advertiser
Posted on: Wednesday, January 6, 2010

Kauai, Big Isle home prices fall


by Andrew Gomes
Advertiser Staff Writer

Weakness persisted in home sales and prices on the Big Island and Kaua'i last year except for one segment of the market that rebounded sales of Big Island single-family homes.

Data from Hawaii Information Service show there were 8 percent more single-family homes sold on the Big Island last year, or 1,236 compared with 1,148 a year earlier.

But that was the only bright spot in the two Neighbor Island markets, which generally mirrored O'ahu's housing market, where both sales and median prices were lower in 2009.

The median price for Big Island single-family homes sold last year fell 19 percent to $279,000 from $345,000 in 2008.

It was the third consecutive annual drop since the peak of $421,000 in 2006.

In the Big Island condominium market, sales were down 12 percent to 327 last year, from 370 a year before.

The median price was down 25 percent to $278,100 from $370,000. The peak was $426,498 in 2006.

On Kaua'i, there were 260 single-family home sales last year, down 9 percent from 284 a year before. The median price was down 24 percent to $470,500 from $615,000 in 2008.

The record was $675,000 in 2006. Prices have fallen for three years in a row.

Kaua'i condo sales were down 5 percent to 160 last year from 169 a year earlier.

The median price was 40 percent lower at $330,000 compared with $545,000. The record high median was in 2007 at $565,000.

For December only, sales in the two Neighbor Island markets for single-family homes and condos were higher, while median prices were mostly lower.

There were 120 single-family homes sold on the Big Island last month, down 22 percent from 98 in the same month a year before.

The median price was $275,000, down 8 percent from $297,500.

December sales of Big Island condos were up 71 percent to 36 from 21 a year earlier.

The median price was $255,000, a 25 percent decline from $342,000.

Kaua'i home sales in December soared 89 percent for single-family homes to 36 from 19, and the median price was up 8 percent to $530,000 from $490,000.

Condo sales last month on the Garden Island totaled 15, up 67 percent from nine sales a year earlier, while the median price was down 50 percent to $313,500 from $625,000.

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