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Island home sales slump

LIHU‘E — A dreary cycle for the island housing market continued in the first month of fall, as sales of single-family homes slumped more than 13 percent to begin the final quarter of the year.

A total of 26 single-family residences were sold in October, compared with 30 in October 2022, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu. That marked a decrease of 13.33 percent in the period.

At the same time, the median price dipped 3.91 percent to $982,500 from $1,022,500.

The condominium market was more volatile with sales sagging 48.57 percent to 18 in October from 35 in October 2022, while the median price leaped 23.75 percent to $928,000 from $749,900 in the same period.

The median price for a condo on Kaua‘i was easily the highest across the four major island markets, while Maui had the highest median price for a single-family home.

Maui also recorded the largest percentage decrease in single-family home sales, which sank 39.24 percent to 48 in October from 79 in October 2022. At the same time, the median price jumped 18.05 percent to $1,269,025 from $1,075,000.

The condo market fared slightly better, as it posted a 31.46 percent drop in sales to 61 in October from 89 in October 2022, while the median price advanced 4.38 percent to $835,000 from $800,000 in the same period.

O‘ahu notched a 4.05 percent decrease in home sales to 213 in October from 222 in October 2022. At the same time, the median price climbed 4.76 percent to $1,100,000 from $1,050,000.

Sales of condos fell 8.28 percent to 399 in October from 435 in October 2022, while the median price slipped 0.96 percent to $515,000 from $520,000.

Hawai‘i Island posted a 7.53 percent drop in single-family home sales to 172 in October from 186 in October 2022. At the same time, the median price was up 8.44 percent to $552,500 from $509,500.

Demand for condos on the Big Island was solid, as sales rose 15 percent to 46 in October from 40 in October 2022, while the median price increased 4.81 percent to $528,750 from $504,500.

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Wyatt Haupt Jr., editor, can be reached at 808-245-0457 or whaupt@thegardenisland.com.
Source: The Garden Island

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