Home sales rise on Kaua‘i in February

LIHU‘E — Real estate sales and sales volume rose on Kaua‘i during February while sales volume lagged.

Compared to 2010, the number of residential sales increased 24 percent, or five sales, shows Multiple Listing Service (MLS) statistics, and increased 6 percent year to date to 55.

Condominium sales climbed 75 percent to 21 in February and are up 58 percent to 41 for the year. Commercial, vacant land and business sales also increased.

The Big Island experienced a 12 percent gain in housing sales and a 33 percent surge in condos sales. O‘ahu home sales increased 2 percent and condo sales jumped 21 percent.

Real estate experts caution the relatively small number of sales on Kaua‘i and the Big Island means the median price is more easily swayed by the quality mix of homes and is often not a good representation of inherent value, reports The Associated Press.

Median prices on both islands rose for homes but fell for condominiums.

Kaua‘i’s median residential sales in price in February increased 22 percent to $545,000, but condos dropped to 61 percent to $144,500. Year-to-date median sales price is up 11 percent to $431,500 for residences and down 22 percent to $270,000 for condos.

Reports say the decline in median price for condos represents an spike in condo foreclosures in Lihu‘e, 11 in all year to date.

The median sales price for vacant land surged 200 percent last month to $713,000 and is up 60 percent to $400,000 for the year. Commercial real estate fell 55 percent for the month and 43 percent for the year.

Sales volume increased in all categories for the month and the year.

Residential volume climbed 97 percent during February and condos increased 29 percent. Vacant land ballooned 324 percent and commercial jumped 82 percent.

Year-to-date figures for residential sales volume show a 97 percent increase and condos a 21 percent increase. Commercial and land both rose 139 percent.