Home Sales Down, Condo Prices Up
The sales volume of Big Island homes and condos decreased last month and while the sales volume of condos also fell, condo prices rose a dramatic 46%.
According to data released by Hawaii Information Service, the median price of a single-family home on the Big Island in November was $245,000 a decrease of only 1% from the median price of $248,500 the same month a year ago.
Sales volume of single-family homes saw a more substantial decrease with 116 homes sold last month, an 11% decrease from the 130 sold in November 2011.
There were 22 condo sales last month, down 22% from 28 sales during the same month last year.
The only increase in housing data last month was the substantial median price of condos.
Last month the median price of a Big Island condo was $250,000, a jaw-dropping 46% increase over the median price of $171,500 in November 2011.