Hawaii Big Island Homes Prices Drop Over 20%

Though the Big Island garnered national publicity for being one of the hottest second-home markets earlier in the year, residential real estate on the Big Island last month more closely resembled the old adage -- what goes up, must come down.

The number of previously owned single-family homes sold on the Big Island was down 18.83 percent for the first half, with the June figure falling by 22.6 percent. The number of condominiums sold on the Big Island was down 37.79 percent for the first six months of 2007 and down 44.44 percent in June.

Big Island prices also dropped. In June, more than half of the
single-family home buyers on the Big Island paid $363,000, a 20.21 percent drop from year-ago June. The median price, $405,000, paid for a Big Island condominium in June represented a 9 percent drop from the prior year. For the first six months of the year, the median price paid for a Big Island
single-family home fell by 4.75 percent and it fell by 14.74 percent for condominiums.