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The Honolulu Advertiser
Posted on: Tuesday, December 5, 2006

Home prices fall on Kaua'i, Big Island

 •  Sale prices fall on O'ahu homes

By Andrew Gomes
Advertiser Staff Writer

Prices and sales for previously owned homes on the Big Island and Kaua'i dropped last month as the two markets softened amid the state's cooling housing market.

Condominium sales on both islands took the biggest fall, dropping more than 60 percent, while the smallest decline was for the median price of Big Island single-family homes at 4 percent, according to sales data released by Hawaii Information Service.

The median price for Big Island single-family homes sold last month was $370,000, compared with $383,999 in the same month a year earlier. There were 138 sales, down 32 percent from 203 in the same year-over-year period.

Big Island condos sold in November for a median $335,000, down 10 percent from $372,500 a year earlier. There were 29 sales, a 66 percent drop from 86 sales a year earlier.

On Kaua'i, single-family homes sold in November for a median $590,000, down 14 percent from $689,500 a year earlier. There were 31 sales, compared with 39 a year earlier, a 21 percent decline.

Kaua'i condos sold last month for a median $415,240, down 10 percent from $459,000 a year earlier. There were 25 sales, down 61 percent from 64 in the same period.

Because of the relatively small number of sales, median prices tend to fluctuate dramatically from month to month and year to year, given the quality mix of homes on the Islands with a lot of resort property.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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