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Median price of a home leaps 28.89 percent to $1.45 million on Kaua‘i

LIHU‘E — A big jump in the median price of a home gave the Kaua‘i housing market the dubious distinction of being the most expensive in the Hawaiian Island chain last month.

The median price of a single-family home leaped to $1,450,000 in May from $1,125,000 in May 2023. That marked a gain of 28.89 percent in the period and was easily the highest median price among the four major islands in the chain.

The median price is the point where half the homes sell for more and half sell for less.

At the same time, home sales climbed 10 percent to 33 from 30, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu.

The condominium market also posted some lofty numbers, as the median price increased to $733,250 in May from $615,000 in May 2023. That marked a gain of 19.23 percent. Sales of condos were up 23.08 percent to 32 from 26 in the same period.

The Kaua‘i single-family housing market was also the only one of the four major islands to post an increase in sales and price last month.

The most active market was O‘ahu with 249 single-family homes sold in May, compared with 262 in May 2023. That marked a decrease of 4.96 percent. At the same time, the median price eased 2.16 percent to $1,085,000 from $1,109,000.

Sales of condos rose 9.13 percent to 478 in May from 438 in May 2023, while the median price slipped 1.98 percent to $495,000 from $505,000.

Home sales on Hawai‘i Island dipped to 182 in May from 190 in May 2023 or 4.21 percent, while the median price rose 11.98 percent to $551,500 from $492,500.

Sales of condos vaulted 31.58 percent to 75 in May from 57 in May 2023, while the median price increased 23.64 percent to $680,000 from $550,000.

Home sales on Maui were unchanged at 74 in May, while the median price was up 2.04 percent to $1,297,500 from $1,271,500.

Condo sales dropped 16.48 percent to 76 in May from 91 in May 2023, while the median crept up 1.27 percent to $840,500 from $830,000.

The Maui and Kaua‘i single-family housing markets have both had the distinction of being the priciest this year.

But Kaua‘i stands atop the list through the first five months of the year with a median price of $1,425,000. That figure represented a gain of 29.55 percent. The median price on Maui was up 11.11 percent to $1,300,000 in the same period.
Source: The Garden Island

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