Republished August 21, 2018 - 6:44 AM
Original Publication Date August 20, 2018 - 10:21 PM
HONOLULU - The number of resort homes sold last year increased, reaching the highest level of sales in a decade, according to a Hawaii housing report.
More than 1,500 residential properties at resorts in Hawaii were purchased last year, rising by 16 per cent from the more than 1,300 sold the previous year, the Honolulu Star-Advertiser reported Monday. The number of sales last year is the highest since the more than 1,700 resort homes sold in 2007.
"The market is accelerating," housing market researcher Ricky Cassiday said in the report.
Prices have been flat on average for the last three years, but that could change next year in part due to the strong economies in areas that supply many of the resort home buyers, Cassiday said.
"Next year is probably the year that pricing builds atop the current trend," Cassiday said.
The average price of condominiums, single-family homes and residential lots last year was $1.3 million, unchanged from the two previous years, according to the report. The record was nearly $1.6 million in 2008.
On average, a single-family home sold for $2.4 million. Condos sold for $1 million on average, and lots were priced at about $936,000.
The number of single-family homes sold increased by 9 per cent to 351. Condo sales were up 18 per cent, rising to 1,055 last year. The number of lots sold increased by 30 per cent to 150, according to the report.
Kauai had the largest portion of sales at 485, followed by the Big Island with 467, Maui with 445 and Oahu with 149.
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Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com
News from © The Associated Press, 2018