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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Hawaii real estate market.
Let’s start with the Big Island. BizJournals.com reports that home prices were up 26% year over year in March, even as sales fell:
Single-family home sales slipped 14 percent on the Big Island but the median price rose 26 percent in March, compared to the same month last year, according to statistics released Friday by Hawaii Information Service There were 139 single-family home sales on the Big Island last month, compared to 161 sales in March 2012. The median sales price for a home on the Big Island was $270,000 last month, compared to $215,000 in March 2012.
Over on the Garden Island, BizJournals.com reports that Kauai condo prices jumped too, while single family home prices stayed flat:
The number of condominiums sold on Kauai and the median condo price there both saw double digit gains last month, according to statistics released Friday by Hawaii Information Service. Condo sales increased 13 percent last month to 26 units sold, compared to 23 sold during the same period last year. The median price of a Kauai condo rose 26 percent to $360,000, compared to $285,000 in March 2012. Single-family home sales picked up last month on the Garden Isle with a increase of 12.5 percent to 36 homes, compared to 32 the same time last year.
On Maui, there’s a similar story – condo prices up, home prices down, according to Maui Now:
According to statistics released by the Realtors Association of Maui, the median price of a home sold on Maui declined in March to $508,000, while condominium prices increased to $375,000. In condominium sales, 101 units were sold in March 2013 compared to 100 units in February 2013 at a mean price of $364,950, which is also up from one year ago when 130 units were sold at a mean price of $368,043. The Kihei area saw the largest amount of condominiums sold with 27 units sold in March 2013, and Kaanapali (+19) exceeded both Napili/Kahana/Honokowai (+13) and Wailea/Makena(+12) in the number of condominium units sold in March.
And on Oahu, Maui News reports that Oahu home sales and prices are both up:
The Honolulu Board of Realtors said Monday condominium sales surged 73 percent from the same month last year to 585. The figures include sales from a sold-out condominium called Holomua, which accounted for almost one-third of all units that changed hands. The median price for a condo rose 11 percent to under $350,000. Meanwhile, the median price for a single-family home in March was $640,000, up more than 2 percent from last year. More than 230 homes sold, up 4 percent.