Real Estate in the first quarter 2015 has been very active. Here is an update on the island economy and in particular the Real Estate market on Kauai. Unprecedented high-end sales in Hanalei Town have driven the median home price on the North Shore over the $1 million mark, up 16 % from the same time period last year. Sales volume in the inventory-strained Hanalei District has also been on the rise, up nearly 150% to about $110 million year to date in 2015, compared to the same period in 2014. Currently, there are approximately 322 listings on the North Shore between Kilauea and Haena, of which 66 are in escrow. Since the first of the year 98 sales have recorded. If this trend continues, 2015 will be a banner year.
Below is a news release from the Department of Business, Economic Development & Tourism titled HAWAII ECONOMIC EXPANSION CONTINUES WITH SLOWER PACE.
HONOLULU—In its second quarter 2015 Statistical and Economic Report, the Department of Business, Economic Development & Tourism (DBEDT) projects that Hawaii’s economy will continue its stable growth in 2015 and beyond but at a slower pace than previously projected. “The downward adjustment in Hawaii’s economic growth rate is mainly due to the slower than expected growth of the U.S. economy during the first quarter and the decline in Japanese visitor spending as a result of a strong U.S. currency.
For the current economic projection, DBEDT adjusted Hawaii’s economic growth (growth in real gross domestic product) to 2.5 percent for 2015, down from the 3.1 percent projected three months ago. Compared with the average economic growth rate of 1.2 percent during the past 20 years (1994 – 2014), Hawaii’s current economic growth rate is still very healthy.
DBEDT expects healthy economic growth to continue into the future, as seen by real GDP growth projected to be at 2.4 percent in 2016 and 2.2 percent in 2017. Though lower than previously expected, the economic growth is well above the average growth rate experienced during the last 20 years. The current economic expansion is expected to last beyond 2017.
The full DBEDT Quarterly Statistical and Economic Report is available at http://dbedt.hawaii.gov/economic/qser
Kauai Real Estate Services and Vacation Accommodations
If you are considering buying a home on Kauai you can see some of the island’s best real estate deals by browsing through the Coldwell Banker Bali Hai Realty Kauai Real Estate Galleries, or use the Map-Based Kauai Home Search.
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