Big Isle Home Prices Up, Condo Prices Down

Big Island home prices increased for the second month in a row compared to last year’s figures, while condo prices declined.

The median price of a single-family home in Hawaii County last month was $295,000, a 25% increase over the February 2012 median price of $235,000 according to data released by Hawaii Information Service and reported in Pacific Business News. The median price was based on 124 sales last month.

The number of home sales also increased in year over year comparisons. The 124 home sales represented a 7% increase from 115 homes sold during the same month last year.

February represented the second month in a row for both median prices and sales volume across the Big Island.

In January 2013 the median price of homes island-wide was $265,000, an increase of 15% above the January 2012 median price of $231,000.

However, condo sales and prices did not enjoy the same increases seen in the single-family home market.

There were 38 condominiums sold on the Big Island in February 2013, 7% less than the 41 units sold during the same month last year.

The number in condos sold in February was also less than the number sold in January. In January 2013, 44 condo sales were recorded, a 15% increase from the 38 units sold in January 2012.

Of the 38 condo units last month, the median price was $218,000, a 6% decrease from $233,000 in February 2012.

While the year over years prices were less, the month to month median prices saw an increase.

In January 2013 the median price of a Big Island condo was $205,000, which was a 12% increase above the January 2012 median condo price of $182,500.