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Single-family home price tops $1.4 million on Kaua‘i

LIHU‘E — A woozy housing market that couldn’t find its footing last year appears to be on firmer ground in 2024, as evidenced by stronger sales and loftier home prices.

Single-family home sales climbed to 28 in February from 25 in February 2023, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu. That marked an increase of 12 percent in the period.

At that same time, the median price of a single-family home leaped 42.50 percent to $1,425,000 from $1,000,000. The latest figure was the most expensive of the four major Hawaiian islands and more than $900,000 higher than the median price on Hawai‘i Island, which was the lowest in the period.

While demand for single-family homes is on the upswing through the first two months of the year, the condominium market has given up some ground.

Sales eased 8.33 percent to 22 in February from 24 in February 2023, while the median price inched up 2.25 percent to $689,700 from $674,500 in the same period.

Single-family home sales and prices were also up across the other three major islands with solid numbers posted on Maui. Home sales on Maui jumped 37.78 percent to 62 in February from 45 in February 2023, while the median price was up 15.92 percent to $1,250,760 from $1,079,000.

But sales of condos slipped 1.49 percent to 66 in February from 67 in February 2023, while the median price dropped 18.63 percent to $744,500 from $915,000.

Demand for single-family homes was mightiest on O‘ahu where sales were up 3.47 percent to 179 in February from 173 in February 2023, while the median price was up 8.92 percent to $1,075,000 from $987,000.

Sales of condos rose 2.77 percent to 334 in February from 325 in February 2023, while the median price was up 6.77 percent to $512,500 from $480,000.

Single-family homes on Hawai‘i Island ballooned 26.32 percent to 168 in February from 133 in February 2023, while the median price was up 8.92 percent to $500,500 from $459,500.

But sales of condos were off 12.50 percent to 42 in February from 48 in February 2023, while the median price swelled 20.49 percent to $667,500 from $554,000.

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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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