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The Honolulu Advertiser
Posted on: Thursday, August 6, 2009

Big Isle, Kauai home sales mixed


By Andrew Gomes
Advertiser Staff Writer

Sales and prices of previously owned homes on the Big Island and Kaua'i were mixed in July, with relatively few sales contributing to the choppy results.

In the smallest submarket of the two Neighbor Island housing markets, condominium sales on Kaua'i were unchanged at 15 transactions last month compared with the same month a year ago.

The median price, however, was up 21 percent, to $525,000 from $435,000, according to data from Hawaii Information Service.

When there are relatively few sales, the mix of homes by age, quality and size often sways the median, which is the point at which half the homes sell for more and half for less.

In the two largest regions of Kaua'i for condo sales, which each had five sales last month, the median moved 50 percent in different directions — rising 50 percent in Koloa, to $675,000 from $450,000, and falling 50 percent in Lihu'e, to $165,000 from $335,000.

July sales were down by four in Kaua'i's single-family home market, to 27 from 31 a year earlier — a 13 percent decline. The median price was down 22 percent, to $450,000 from $575,000.

Sales of Big Island single-family homes last month rose 17 percent, to 117 from 100, Hawaii Information reported. The median price was down 13 percent, to $260,000 from $299,000.

Big Island condo sales fell to 30 from 32 in the same period, while the median price was down 25 percent, to $242,500 from $324,500.

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