Heading into Summer, is Kauai’s East Side Condo Inventory Prime for a Sellers’ Market?
Historically, condo sales always climb during the summertime. East Side sales usually go up by about 1/3 when compared to the first few months of the year. Sunny weather and happy travelers are no doubt a huge factor in the increase of sales.
Will East Side condo sales be up this summer?
I’m not so convinced about that. East Side inventory remains low. Currently, there are only 26 East Side condos actively on the market. In March of 2015, we had 56 condos on the market. We have ½ the inventory! We have a high demand of buyers but not much to show them! Of the 26 condos currently listed, only 11 condos are 2 bedrooms and only 3 of those are priced under $500,000, all 3 are Kauai Kailani units (under 600 sqft). 2 Bedrooms condos then jump to $645,000 for a condo at Waipouli Beach Resort and prices climb from there.
Island wide, our condominium sales are up by 11% for the first quarter of this year, however East Side condo sales for the first quarter of this year remain relatively flat. Kauai’s Coconut Coast sold 22 condos last year during the first quarter and we have 21 sales for the same time period this year. The total sales volume for the entire Kauai Island increased by 14% for a total of $51,557,759 sold.
Cash buyers are out there.
Of our 22 sales during the first quarter of 2018, 13 of them sold for cash. The lowest priced condo sale was a Plantation Hale unit which sold for $185,000 and the highest sales was a Kahalani unit which sold for $649,000.
Our Condos are selling fast with an average of only 90 days on the market! This is showing a sellers market. If your condo has been on the market for a few months you may want to consider your price…
If you are thinking about selling your condominium please don’t hesitate to contact me today. This is a great time to get in a good position. Summer is around the corner. Be sure to throw your line out, your property could be the next catch.