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Neighbor isle home sales dropping

By Nina Wu

POSTED: 01:30 a.m. HST, Oct 07, 2008

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Home sales on the Big Island and Kauai declined in August along with median home prices, in line with trends on Oahu, according to the latest numbers from Hawaii Information Service.

Housing prices

Median sales prices for single-family homes and condos:

Kauai Homes  
Sept. 2008 $525,000
Sept. 2007 $672,500
Change -21.93%
Kauai condos
Sept. 2008 $495,000
Sept. 2007 $590,000
Change -16.1%
Big Island Homes
Sept. 2008 $320,000
Sept. 2007 $400,000
Change -20%
Big Island condos
Sept. 2008 $315,000
Sept. 2007 $294,202
Change 7.07%
Source: Hawaii Information Service

Only 83 existing homes were sold last month on the Big Island, a drastic decline from 121 the same month last year. A 20 percent drop in the median home price to $320,000 from $400,000 a year earlier didn't help boost sales.

The picture for Kauai's real estate market was bleak as well, with only 21 home sales last month, 15 less than in September 2007. This was despite a 21.9 percent drop in the median home price to $525,000, down from $672,500 in September 2007.

Condos on the Big Island fared a little better, with a median price increase to $315,000 from $294,292 last year. But sales dropped by almost half to 24, down from 40 in September 2007.

On Kauai, condo sales last month were down to eight, 12 less than 2007 despite a 16.1 percent drop in the median price to $495,000 compared to $590,000 in September 2007.

Because the markets on Kauai and the Big Island are smaller than Oahu, a few sales can skew medians, but last month's statistics were consistent with the downward turn statewide.

The median sales price for an Oahu home dropped to $590,000 in September, its lowest point in 31/2 years, while the median price for a condo fell to $296,000, its lowest point in more than 21/2 years.

"The neighbor isles have been off considerably on both the Big Island and Kauai pushing two years," said Jim Wright, chief executive of Century 21 All Islands. "Honolulu's just starting to react to the same pressures."

In this kind of market, Wright said newly minted real estate agents who could list a property and get multiple offers during good times won't find it so easy any more. But these times are also good for agents to brush up on skills and work on additional professional designations, he said.

Year-to-date, Big Island sales volume for homes dropped 45.7 percent to $438.5 million, compared to $807.9 million in 2007. On Kauai, the sales volume for homes year-to-date dropped 36.7 percent to $206 million compared to $325.6 million during the same period last year.

Home sales on the Big Island and Kauai declined in August along with median home prices, in line with trends on Oahu, according to the latest numbers from Hawaii Information Service.


Housing prices

Median sales prices for single-family homes and condos:

Kauai Homes  
Sept. 2008 $525,000
Sept. 2007 $672,500
Change -21.93%
Kauai condos
Sept. 2008 $495,000
Sept. 2007 $590,000
Change -16.1%
Big Island Homes
Sept. 2008 $320,000
Sept. 2007 $400,000
Change -20%
Big Island condos
Sept. 2008 $315,000
Sept. 2007 $294,202
Change 7.07%
Source: Hawaii Information Service

Only 83 existing homes were sold last month on the Big Island, a drastic decline from 121 the same month last year. A 20 percent drop in the median home price to $320,000 from $400,000 a year earlier didn't help boost sales.

The picture for Kauai's real estate market was bleak as well, with only 21 home sales last month, 15 less than in September 2007. This was despite a 21.9 percent drop in the median home price to $525,000, down from $672,500 in September 2007.

Condos on the Big Island fared a little better, with a median price increase to $315,000 from $294,292 last year. But sales dropped by almost half to 24, down from 40 in September 2007.

On Kauai, condo sales last month were down to eight, 12 less than 2007 despite a 16.1 percent drop in the median price to $495,000 compared to $590,000 in September 2007.

Because the markets on Kauai and the Big Island are smaller than Oahu, a few sales can skew medians, but last month's statistics were consistent with the downward turn statewide.

The median sales price for an Oahu home dropped to $590,000 in September, its lowest point in 31/2 years, while the median price for a condo fell to $296,000, its lowest point in more than 21/2 years.

"The neighbor isles have been off considerably on both the Big Island and Kauai pushing two years," said Jim Wright, chief executive of Century 21 All Islands. "Honolulu's just starting to react to the same pressures."

In this kind of market, Wright said newly minted real estate agents who could list a property and get multiple offers during good times won't find it so easy any more. But these times are also good for agents to brush up on skills and work on additional professional designations, he said.

Year-to-date, Big Island sales volume for homes dropped 45.7 percent to $438.5 million, compared to $807.9 million in 2007. On Kauai, the sales volume for homes year-to-date dropped 36.7 percent to $206 million compared to $325.6 million during the same period last year.

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