February home prices mixed; up 8% on Oahu - Hawaii News Now - KGMB and KHNL

February home prices mixed; up 8% on Oahu

(Image: Hawaii News Now/file) (Image: Hawaii News Now/file)
HONOLULU (HawaiiNewsNow) -

Hawaii real estate agents closed on 536 single-family home sales statewide in February, with median prices rising on Oahu and Maui while falling on Kauai and the Big Island.

Honolulu agents closed on 240 houses in February, 39 more than a year ago, for a median price of $700,000, up $52,000, or 8%, compared to year-before levels. The median is the point at which half the homes sold for more, half for less. It’s skewed less by a few extreme prices than an average is. Oahu is home to three quarters of the state’s 1.4 million population.

Maui County saw 69 houses go to closing for a median price of $595,000, up from $559,000 last year. More than half the sales, 36, were on the central plain or in Kihei. The Realtors Association of Maui reports there were 102 condo closings for a median $444,000, down from $475,000 last year. More than half, 49, were in Kihei or on the central plain.

On the Big Island, 190 houses went to closing for a median price of $300,000, down from $329,000 last year. More than half, 99, were in the Hilo area or in Puna District. Hawaii Information Service counted 43 condos closing for a median price of $360,000, up from $224,000 last year. More than half, 25, were in the Kailua-Kona area. Puna prices continue to be some of the most affordable in the state.

On Kauai there were 37 houses and 21 condos closing in February for a house median of $650,000, down from $730,000 last year, and a condo median of $345,000, up from $315,000. As always prices were highest in the resort areas of Princeville and Koloa, while more affordable in and around Kapaa, which has overtaken Lihue as the island’s main population center.

On all islands, house prices were much higher, generally well over $1 million, in upscale neighborhoods and areas considered attractive to offshore owners. Nevertheless, the overwhelming bulk of sales were, as always, to local residents, and local economists said the main driver of rising prices is not interest from out-of-state but the short supply of properties for sale at any price.

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