Kauai median home sales price nears $1 million in March

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kauainew-600xx315-210-0-48The median price of a single-family home on Kauai soared 72 percent on fewer sales in March, approaching $1 million, driven by sales of homes on the North Shore that flirted with a median price of $2 million, according to the Hawaii Information Service on behalf of the Kauai Board of Realtors.

The 34 single-family homes sold in March compared to 46 sold in March of 2014. The median price of those homes sold shot up 72 percent to $967,500 last month, from $562,500 a year ago.

The Hanalei district on Kauai’s North Shore, which includes Princeville, saw sales rise 45.4 percent to 16 homes sold, while the median price there jumped 65.9 percent to $1.8 million, from $1.1 million a year ago.

On the South Shore, sales fell in the Koloa district to seven homes sold, from 11 in March 2014, while the median price rose 25.5 percent to $985,000, from $785,000.

The median price of a condo on Kauai was $417,000, a 41.5 percent increase from $295,000 a year ago, while sales of condominiums rose slightly to 24 sales, from 23 sales a year ago.

Janis L. Magin Managing Editor – Pacific Business News

Hawaii resort residential sales down whiles prices rise

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Sales of homes in Hawaii’s residential resort market in 2014 fell to 1,316, down from 1,447 in 2013, but the average price rose 6.6 percent to $1.23 million, according to data collected by Ricky Cassiday, principal of Data@Work.

For sales including bulk sales by island, Maui had the highest sales in 2014 at 451; followed by Kauai at 394; Big Island at 389; and Oahu at 92. By average sales price, Maui led all islands with an average price of $1.56 million. Big Island was next highest with average prices of $1.41 million; followed by Kauai at $805,314 and Oahu at $680,743.

By price range, sales were moving from the lower to higher ends. In the $250,000-$499,999, 319 sales closed in 2014, down 7 percent from 2013. In the $1 million-$1.249 million range, 124 properties sold, up 13 percent from 2013. For properties over $3 million, 104 properties were sold, a 4 percent increase.

New condominium sales were up to 124 in 2014 from 88 a year before, but is significantly down from a 861 in 2006. The price per square foot in the developer condo market is up to $830 from $779 in 2013.

With sales down and prices up, one might assume that very little new product inventory exists, but Cassiday says new condo sales actually increased from 192 to 195 in 2014. He adds that new product is in the pipeline, including projects in Makena and Wailea on Maui and Princeville Lagoons on Kauai.

Another reason could be on the demand side, saying, “the buyers in the price ranges below median price are less confident than those above, and are staying on the sidelines,” he said. “Hence, the high end seems to be driving the market, for now.”

Jason Ubay Reporter – Pacific Business News

Hot streak continues for Oahu condo market, single-family-home sales dip slightly

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Hot streak continues for Oahu condo market, single-family-home sales dip slightly

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The number of condominium units sold on Oahu in February was 23 percent higher than the number of units sold in the same month last year, according to the Honolulu Board of Realtors.

Janis L. Magin Managing Editor of Digital Content- Pacific Business News | Mar 7, 2013, 11:46am HST

Oahu’s condominium market continued its hot streak in February, with sales increasing by 23 percent and prices rising 8 percent compared to the same month a year ago, according to the Honolulu Board of Realtors.

The median price of an Oahu condo rose to $340,000 last month, from $315,000 in February 2012. That was based on sales of 279 condo units last month, compared to 227 units sold in February 2012.

Single-family home sales, meanwhile, declined 7 percent to 201 sales, from 217 sales in February 2012. The median price of a single-family home in February was $600,000, down 4 percent from $625,000 in February 2012.

“These numbers aren’t all that surprising, given that February is typically a down month in Honolulu,” Kevin Miyama, president of the Honolulu Board of Realtors, said in a statement. “We anticipate the numbers will start to climb from now until July, which is the high point in the market.”

Meanwhile, other measures of Honolulu’s real estate market indicate fewer listings that are selling faster.

Inventory — which is the amount of time it would take for all listings to sell if there were no new listings — dropped by more than half for both categories. There were 2.3 months of inventory for single-family homes, 55 percent lower than the 5.1 months of inventory remaining in February 2012.

The 2.6 months of inventory for condos in February represented a 51 percent drop from a year ago, when there were 5.3 months of inventory.

The median number of days it took for a single-family home to sell in February also dropped 22 percent, to 25 days, from 32 days a year ago, while the median days on market for condos fell 21 percent to 34 days, from 43 days a year ago.

“For single-family homes, we’re continuing to see limited inventory and fewer new listings,” Miyama said. “On the condo side, sales were quite good when you consider our inventory was down about 27 percent. Compared to single-family homes, we have more condos on the market, especially in the mid-price range.”

Canadians buying more HI homes than Japanese

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Canadians buying more HI homes than Japanese

Pacific Business News – by Janis L. Magin, Pacific Business News

Date: Friday, June 3, 2011, 12:00am HST

Buoyed by a strong currency exchange, a rise in the cost of oil and drop in home prices, Canadians have overtaken the Japanese as the No. 1 international buyers of Hawaii residential real estate.

Buyers from Japan historically have dominated the number of home sales made in Hawaii to non-U.S. buyers, with a focus on Oahu.

But last year, buyers from Canada purchased a total of 425 homes in Hawaii — 48 percent of all sales to non-U.S. buyers. By contrast, buyers from Japan purchased 245 properties, or 27 percent of the number of international sales, according to data compiled


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