Isle Home Prices Continued to Rise in August

Home prices on the Big Island continue to rise with the median price of a single-family home in August up nearly 8% from the same month last year. According to Hawaii Information Service, the median price of a single-family home last month was $272,500 compared to August 2011 when the median price was $252,500.

The median sales price was based on island-wide sales of 142 single-family homes in August, which is the same amount of sales for August 2011.

The rise in home prices is a continuing trend. In July 2012, the median price of a Big Island single-family home was $256,500, a 13% increase over the median price in July 2011, which was $227,500. July’s median price was based on the sale of 134 single-family homes, a 6% increase over the amount of homes sold in July 2011.

But while single-family home prices are on the rise, the median price of condominiums declined last month. The median price of a Big Island condo in August 2012 was $220,000, down 11% from August 2011 when the median condo price was $247,000. Sales volume for condos was also down by 7% with the median condo price based on 51 units, compared to 55 units sold in August 2011.

Although the median condo price from the same month year to year was down, the August 2012 median price for a condo was $2,500 higher than the month preceding it. In July 2012, the median price of a condo was $217,500 based on the sale of 54 units.