Condominium sales inched up in a year that saw house sales fall by almost 30 percent, according to statistics released yesterday by the Kauai Board of Realtors. “People are finally understanding that living in a condo might help them establish
Condominium sales inched up in a year that saw house sales fall by almost 30 percent, according to statistics released yesterday by the Kauai Board of Realtors.
“People are finally understanding that living in a condo might help them establish their equity so they can move into something better,” said Karen Ono, KBR director. “You can’t have your dream home right away. You have to work your way up.”
The island saw 689 existing condominiums change hands last year, up 2.3 percent from 2005, according to the KBR.
More than half of those condos sold in Lihu‘e.
Only 473 houses sold, down from 670 in the year earlier.
The median sales price of condominiums last year dropped 6.9 percent to $405,000, offering an affordable alternative for buyers facing a median house price that increased 5.6 percent to $675,000.
House prices began to drop at the end of the year, with median prices in December settling at $592,500, down 2.1 percent from the earlier period.
“The house prices peaked, so when people look at prices, they’re looking at affordability,” Ono said.
Buyers are taking their time to shop the market, she said, rather than rushing ahead with a purchase.
KBR statistics do not reflect all developer sales, Ono said, and the addition of numbers from new developments like the $100 million, 190-condominium Waipouli Beach Resort and Spa project in Kapa‘a would skew both volume and median prices.
• Charlotte Woolard, business writer, can be reached at 245-3681 (ext. 251) or cwoolard@kauaipubco.com.
