Median home prices dropped more than 14 percent to $590,000 in November, down almost $100,000 from the year earlier, according to statistics compiled by the Hawaii Information Service. Condominium prices also fell, dropping 9.5 percent to $415,240, according to the
Median home prices dropped more than 14 percent to $590,000 in November, down almost $100,000 from the year earlier, according to statistics compiled by the Hawaii Information Service.
Condominium prices also fell, dropping 9.5 percent to $415,240, according to the report.
The median cost of vacant land rose almost 80 percent to $644,000.
“It’s a different real estate market,” said Karen Ono, director of the Kaua‘i Board of Realtors. “It’s from all the prices that were just shooting up there. This jump was so high that all of a sudden there’s no way for it to come down slowly.”
Prices could continue to drop, she said, but a lack of homes on the market could also drive the price up again.
“We don’t have much inventory,” she said.
The number of residential sales dropped more than 20 percent for the month, falling from 39 in November 2005 to 31 last month.
Home prices fell around the island with Hanalei reporting the only uptick, a 4 percent increase over last year, with homes selling at $987,500.
The number of condominium sales fell from 64 to 25 in November, with median prices in Hanalei and Kawaihau showing the only increases.
