Kauai median home price now $528,000

Kauai median home price now $528,000
- 2004-07-08 - Pacific Business News (Honolulu)

More than half the single family homes sold last month on Kauai went for more than half a million dollars, the Hawaii Information Service reported Wednesday.

In June, 71 Kauai homes sold for a median price of $528,000, up nearly 41 percent from the same month last year, while 53 condos sold for a median price of $420,000, up about 21 percent.

The comparatively small difference in price between homes and condos, which will be striking to readers on Oahu where the gap is greater, reflects a lack of inventory other than of luxury condos, which actually come close to single family home prices on Oahu, too. On Kauai, 18 of last month's 53 condo sales, came in Koloa, where their median price was $552,450, while 21 came in Hanalei, where the median was the same as the islandwide number.

For single family homes, Hanalei was by far the most expensive of Kauai's five real estate districts, with 11 homes selling for a median price of $830,000. Koloa was second, with 22 homes selling for a median of $567,500. In Waimea, where only eight homes sold, prices were well below $400,000.

Housing inventory of any type has grown so scarce on Kauai that the median price of vacant lots has more than doubled in a year, more than tripling in Kawaihau, and the median price for 29 empty lots sold islandwide in June was $391,250.



© 2004 American City Business Journals Inc.