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.
For a potential Buyer, in addition to greater Seller motivation, the market has four aspects that distinctly work to your advantage; inventory, interest rates, incentives and most importantly, price. Buyers have many choices in the various property categories, interest rates are at historic lows, Sellers are often offering incentives to perspective Buyers to make their property more attractive and in most cases, list prices for properties are as low as they have been in 6 or 7 years.
From a Seller’s perspective the rate of sales is increasing year-to-year. For the first half of 2010 versus the first half of 2009, there was an increase in the number of residential unit sales by 71%, a 62% increase in the number of condominium sales and a 36% increase in vacant land sales island-wide.
If you look at the recent history in terms of sales volume, 354 residences were sold January through June in 2006 and so far this year nearly half as many homes were sold or 176. 404 condominiums were sold by June of 2006 and only 113 to date. 267 parcels of vacant land sold in 2006 through June and a scant 49 have sold this year.
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.
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)