Home sales on Hawaii’s Neighbor Islands fell by as much as 65% in May, compared to the same month last year, as the effects of the Covid-19 shutdowns impacted the residential real estate market for a second month.
Maui and Kauai posted the largest drop in sales, with prices on those islands rising by double digits.
Single-family home sales on Maui fell to 42 homes, a drop of 68.7% from 134 homes sold in May 2019, according to statistics released by the Realtors Association of Maui. The median price, however, rose to $800,000, a 13.5% increase from a year ago.
On Hawaii Island, the number of single-family homes sold declined 43.43% to 131 homes sold, from 232 homes sold in May 2019, according to data provided by Hawaii Information Service on behalf of Hawaii Island Realtors. The median price of those homes was $370,000, which was a 10.41% decline from $413,000 last year.
And on Kauai, there were 20 single-family homes sold last month, which was a 64.91% drop from 57 homes sold in May 2019, according to statistics provided by Hawaii Information Service on behalf of the Kauai Board of Realtors. The median price of those homes was $772,500, which was a 17.05% increase from $660,000.
Condominium sales on the three islands dropped by similar numbers, but only Maui saw prices increase.
On Maui, there were 54 condo units sold in May, a drop of 62.8% drop from 145 units sold in the same month last year. The median price of those condos was $680,000, which was an increase of 22.2% from $510,000.
Hawaii Island condo sales dropped to 29 units sold, 63.29% fewer than 79 sold in May 2019. The median price of those condos declined by 14.93% to $319,000, from $375,000 in May of last year.
On Kauai, there were 26 condo units sold in May, which was a decline of 46.94% from 49 units sold in May 2019. The median price of those units was $367,500, which was a drop of 36.64% from $580,000 in May of last year.