James Pycha
Locals and visitors of Kauai are all enthralled by the Garden Isle’s effortless beauty and laidback beach community ambiance. At Kauai, you can find a great selection of beautifully designed single-family homes, condos and townhomes with scenic ocean views as well as luxury estates featuring resort-style amenities. If you’d like to know more about the current state of the Kauai real estate market, read on:
Overview
Sales this November were at 56, down 29% compared to November 2013, which had 79 sales. Land sales experienced a significant drop as well, with only 6, compared to last year’s 20. Condos didn’t do too well either, with 15 sales compared to last year’s 27. Single-family homes, however, had 35 sales compared to 30 in the same period last year.
The midpoint of this year showed promising signs, with year-to-date sales at 542 in June, compared to June 2013’s 493. Year-to-date sales in the last quarter have still shown an increase, though not quite as dramatic – it was 919 this November, up by 5 compared to last year’s 914.
This year also saw the lowest sales volume for the past six years, with just $35M in total, compared to $44M of last year. November 2009 had $48M, 2010 had $46M, 2011 had a record-high $74M, and 2012 had $48M.
Land sales were this year’s high point. Although land sales in the South Shore were down by 26%, prices have gone up by 32%. The land sales in Lihue are also down 45%, but prices are up 14%. Land prices throughout the island are increasing as well.
Median sales price for single-family homes was lower this year at $499k this past November, compared to $589,400 last year. The land median price increased from $327,500 in November 2013 to $601,500 this November 2014. Condos experienced an increase in price as well – from $290k last year, it went up to $400k this November.