As we gear up for the busy winter season of sales (snowbirds and the like), let’s take a look at our current real estate market conditions on Kauai.
Old Republic Title and Escrow here on Kauai has been creating monthly statistic reports, which you may find interesting. Be careful though. In an island and market as small as ours, a couple of transactions can have a big influence on the market.
The market seems to be sustaining its recovery in each of the three market segments that our Multiple Listing Service (MLS) tracks; homes, condos, and land. As far as pricing goes, the single family market continues to lead the way. While pricing has certainly risen from the bottom, prices are not quite back to the peak of the boom (summer of 2005) and may not get there in this cycle, time will tell.
Click photo to enlarge
If you view the above graphic by clicking on it, you will see the rise in sales from 4 out of the 5 districts on island. Each colored area represents a district (numbered 1 through 5 and running counterclockwise from our Western Shore). The districts with the largest volume of sales are Hanalei (the North Shore), and Koloa (the South Shore).
The median price of single family homes has risen in 4 out of the 5 districts (only the West Side has not) with the resort areas having the highest prices. Median price of a single family home in Koloa is now $600,000, up 2.6% from September of 2013. The median price in the Hanalei district (Kilauea to Haena) is up from $855,000 to $962,500 in the year over year timeframe through the end of September 2014.
The fact that the single family market has the smallest amount of inventory (according to the absorption rate on the last page of the downloadable PDF) means prices are rising or staying stable, depending on supply and demand in a given neighborhood.
Download the full Kauai market report courtesy of our friends at Old Republic. If you need interpretation of any of the data, we are happy to explain it to you.