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Home sales hold steady, price eases

LIHU‘E — A weary housing market showed a spark of life in the penultimate month of 2023, as sales of single-family homes were on par with the same period a year earlier on the island of Kaua‘i.

A total of 25 single-family residences exchanged hands in November, which was unchanged from November 2022, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu.

And, on a brighter note for buyers, the median price dropped to $1,300,000 from $1,650,000 in the same period. That marked a decrease of 21.21 percent in the period.

The condominium market also perked up with 22 sales recorded in November, which was up 15.79 percent from 19 sales in November 2022. At the same time, the median price rose 4.03 percent to $775,000 from $745,000.

Single-family home and condo sales were down across the rest of the island chain.

Maui posted the largest retreat in single-family home sales at 25.40
percent to 47 in November from 63 in November 2022. At the same time, the median price climbed 7.32 percent to $1,100,000 from $1,025,000.

The condo market was equally dismal with sales off 25.35 percent to 53 in November from 71 in November 2022. But the median price was up 4.71 percent to $890,000 from $850,000 in the same period.

O‘ahu notched a 6.25 percent slide in single-family home sales to 180 in November from 192 in November 2022. At the same time, the median price slipped 4.30 percent to $1,100,055 from $1,149,500.

The condo market was mixed with sales down 8.82 percent to 310 in November from 340 in November 2022. But the median price was up 7.54 percent to $516,179 from $480,000.

Hawai‘i Island experienced a 21.51 percent decrease in single-family home sales to 135 in November from 172 in November 2022. At the same time, the median price inched up 1.32 percent to $499,000 from $492,500.

The condo market was a mixed bag with sales down 6.45 percent to 29 in November from 31 in November 2022. But the median price jumped 22.50 percent to $539,000 from $440,000 in the same period.
Source: The Garden Island

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