Neighbor Island News: Sales Down

The Honolulu Advertiser reports that sales continue to slow on Kauai, Maui and the Big Island.

July's median price for previously owned single-family Maui homes tied the record set in May 2005 at $780,000, up from $750,000 in June and $642,600 in July 2005.

But there were 30 percent fewer single-family home sales on the Valley Isle: 88 in July compared with 125 a year earlier.

Maui condominium sales fell even further, dropping 66 percent to 78 in July from 228 a year earlier. The 78 July sales were the fewest in any month since January 2002, according to the Realtors Association of Maui.

The real shocker is this figure:

The median Maui condo price last month was $525,000, which was off the record $645,000 set in June but up from $380,000 in July 2005.

The median price of a Maui condo fell $120,000 in one month?! Hmm, what's that term I'm looking for....

"There's a correction going on," [broker Keone Ball] said, noting that he's witnessed deals where sellers accept offers $100,000 below asking price. "There's price reductions all over the place."