Wednesday, November 25, 2009
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Neighbor isle home prices fall
The price drops are more drastic than on Maui and Oahu
STORY SUMMARY | READ THE FULL STORYUncertainty over the stock market and the U.S. economy continued to take its toll on the Kauai and Big Island residential real estate markets.
Median home prices fell across Kauai and the Big Island last month, according to the latest numbers from the Hawaii Information Service. While home sales declined on the Big Island, Kauai saw a scant pick-up in sales.
Since Kauai and the Big Island are small markets, they can be significantly skewed by only a few sales; however, judging from the statistics last month these markets were harder hit than Oahu.
Year-to-date, Kauai sales volume for homes dropped 36.2 percent to $218.6 million, compared to $342.4 million in 2007. On the Big Island, the sales volume for homes year-to-date dropped about 46 percent to $469.3 million compared to $868.5 million during the same period last year.
The number of single-family homes that were sold last month on Kauai rose 15.8 percent; however, the rise was based on a three-unit count.
The number of single-family homes that were sold on the Big Island in October fell 36.1 percent to 78 from October 2007's 122 sales.
FULL STORY >>
POSTED: 01:30 a.m. HST, Nov 06, 2008
While Kauai saw a year-over-year increase in single-family home sales in October, home sales on the Big Island declined and median home prices fell across both markets, according to the latest numbers from the Hawaii Information Service.
Big Island and Kauai Home salesThe median price of homes and condos sold on the Big Island and Kauai in October, with the percentage change from the same month last year:BIG ISLAND Homes Median price
Median price
Homes Median price
Median price
|
The number of single-family homes that were sold last month on Kauai rose 15.8 percent; however, the rise was based on a three-unit count increase. More than half of single-family home buyers on Kauai last month paid at least $520,000, which represented a 20 percent fall in the median price.
Condominium sales on the Garden Isle were bleaker still. Last month only 9 condominium units changed hands for a year-over-year drop of 69 percent. The median price paid to purchase a condominium in October was $520,000, which represented an 8 percent drop from the same period a year ago.
Buyers still are cautious due to stock market volatility and will wait to see what happens to economic policy under a new president, Fudge said.
"Many investors are worried about what will happen to their taxes and their small businesses as a result of the election," he said. "They will stay in a wait-and-see mode for a while."
The picture for the Big Island's real estate market was hardly better; however, performance varied. Paula Beamer, a real estate agent for Parker Ranch Realty Inc. on the Big Island, said October sales picked up in her office.
"We had several lots and condominiums sold," Beamer said. "We also had a 331-acre lot in North Kohala close for $5.25 million."
The number of single-family homes that were sold on the Big Island in October fell 36.1 percent to 78 from October 2007's 122 sales. Likewise, the median price for a single-family home fell 21.6 percent to $302,500 from the same period a year ago.
Condominium sales on the Big Island dropped 42.9 percent as the number of units sold plummeted to 24. The median price paid for a condominium also fell to $282,450, a 35.8 percent reduction.
Beamer said that while overall demand is down on the Big Island, properties that are unique or priced right for the market are moving. Likewise, foreclosure and short sale properties are popular with buyers.
"The bargain hunters are out," she said. "There are a lot of low-ball offers, but sometimes they are going through."
The number of single-family homes that were sold on the Big Island in October fell 36.1 percent to 78 from October 2007's 122 sales. Likewise, the median price for a single-family home fell 21.6 percent to $302,500 from the same period a year ago.
Condominium sales on the Big Island dropped 42.9 percent as the number of units sold plummeted to 24. The median price paid for a condominium also fell to $282,450, a 35.8 percent reduction.
Because the markets on Kauai and the Big Island are small, a few sales can skew medians, but according to last month's statistics, these markets were harder hit than Oahu last month.
Year-to-date, Kauai sales volume for homes dropped 36.2 percent to $218.6 million, compared to $342.4 million in 2007. On the Big Island, the sales volume for homes year-to-date dropped 46 percent to $469.3 million compared to $868.5 million during the same period last year.
While Kauai saw a year-over-year increase in single-family home sales in October, home sales on the Big Island declined and median home prices fell across both markets, according to the latest numbers from the Hawaii Information Service.
Big Island and Kauai Home salesThe median price of homes and condos sold on the Big Island and Kauai in October, with the percentage change from the same month last year:BIG ISLAND Homes Median price
Median price
Homes Median price
Median price
|
The number of single-family homes that were sold last month on Kauai rose 15.8 percent; however, the rise was based on a three-unit count increase. More than half of single-family home buyers on Kauai last month paid at least $520,000, which represented a 20 percent fall in the median price.
Condominium sales on the Garden Isle were bleaker still. Last month only 9 condominium units changed hands for a year-over-year drop of 69 percent. The median price paid to purchase a condominium in October was $520,000, which represented an 8 percent drop from the same period a year ago.
Buyers still are cautious due to stock market volatility and will wait to see what happens to economic policy under a new president, Fudge said.
"Many investors are worried about what will happen to their taxes and their small businesses as a result of the election," he said. "They will stay in a wait-and-see mode for a while."
The picture for the Big Island's real estate market was hardly better; however, performance varied. Paula Beamer, a real estate agent for Parker Ranch Realty Inc. on the Big Island, said October sales picked up in her office.
"We had several lots and condominiums sold," Beamer said. "We also had a 331-acre lot in North Kohala close for $5.25 million."
The number of single-family homes that were sold on the Big Island in October fell 36.1 percent to 78 from October 2007's 122 sales. Likewise, the median price for a single-family home fell 21.6 percent to $302,500 from the same period a year ago.
Condominium sales on the Big Island dropped 42.9 percent as the number of units sold plummeted to 24. The median price paid for a condominium also fell to $282,450, a 35.8 percent reduction.
Beamer said that while overall demand is down on the Big Island, properties that are unique or priced right for the market are moving. Likewise, foreclosure and short sale properties are popular with buyers.
"The bargain hunters are out," she said. "There are a lot of low-ball offers, but sometimes they are going through."
The number of single-family homes that were sold on the Big Island in October fell 36.1 percent to 78 from October 2007's 122 sales. Likewise, the median price for a single-family home fell 21.6 percent to $302,500 from the same period a year ago.
Condominium sales on the Big Island dropped 42.9 percent as the number of units sold plummeted to 24. The median price paid for a condominium also fell to $282,450, a 35.8 percent reduction.
Because the markets on Kauai and the Big Island are small, a few sales can skew medians, but according to last month's statistics, these markets were harder hit than Oahu last month.
Year-to-date, Kauai sales volume for homes dropped 36.2 percent to $218.6 million, compared to $342.4 million in 2007. On the Big Island, the sales volume for homes year-to-date dropped 46 percent to $469.3 million compared to $868.5 million during the same period last year.
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