The most common question posed to Kauai Realtors® by residents and visitors alike is; “How’s the market?” The answer can be good or bad depending upon your perspective as either a Buyer or a Seller.
From a Seller’s perspective, although activity and the corresponding rate of sales is increasing year-to-year, the median sales price* is flat or decreasing year-to-year.
The median sales price so far in 2010 for residences has declined by 1%, condominium median sales prices decreased by 15% year-to-year and vacant land sale were up 6%. To add more perspective, median sales prices from just two years ago for residences are down 28%, condominiums are down 56% and land is off 58%.
As of June 30, 2010 73 residences are in escrow or under contract with a median list price of $500,000. 176 residences changed hands in the January through June 2010 period with a median sales price of $473,500. There are 35 condominiums in escrow or under contract with a median list price of $335,000 and 113 condominiums were sold in the first half of 2010 with a median sales price of $264,350. 35 vacant lots are in escrow with a median list price of $295,000 and there were 49 vacant land sales January through June with a median sale price of $295,000. These pending transactions indicate a positive momentum as we enter the busier summer season.
For additional median sales price comparisons if we look back to June of 2008, the median sales price for Kauai residences was $657,500 whereas it is $473,500 today. Condominiums were $599,500 then and are $264,300 now and vacant land was $700,000 in 2008 as opposed to the $295,000 median sales price we see today.
*Median Sales Price is defined as the midpoint between the most expensive property and the least expensive property sold in an area during a specific time. The Median Sales Price is often regarded as an indicator of the strength and the direction of a real estate market.
All property sales information provided by Hawaii Information Services, which is deemed reliable, but not guaranteed.
Contributed by Sean Ahearn (RA, ABR, SFR, e-PRO)