Below you will find a sample of some Kauai relevant market statistics from Q3 ’16. If you’d like to explore the numbers a bit deeper, check out the Q3 2016 Kauai Snapshot.
The third quarter of 2016 just about paralleled Q2 in terms of sales volume. Sales volume topped $125,000,000 between July and September, inching up from Q2, yet 8.4% from the $136,000,000 we saw for Q3 2015.
Island-wide median residential prices continued their upward trend, climbing 5.8% from one year ago to $635,000. Number of island-wide residential sales also grew in a year on year comparison, with 143 sales in the quarter versus 134 a year ago.
The North Shore residential stats, relative to last year, diverged from some of the island-wide trends. Residential sales volume in Q3 dropped 21.8% from the same period in 2015, with $51.9M versus $66.4M. Number of sales were about flat with 33 North Shore residential sales, and median sales price for North Shore residential properties dropped 10% to $1,035,000 from $1,150,000 in 2015.
Like last quarter, we continue to see a large inventory of high end residential properties, but over the past several months we have also seen a significant uptick in movement within this segment. Since August, we have seen closed sales of two residential properties listed for over $5M, as well as another four transactions currently in escrow for residential properties listed at over $7.5M.
The long-term graphic below displays quarterly median sales prices over the past 11 years. Clearly evident in this graphic is the general upward trend in sales prices the market has seen since late 2011, although the past few quarters of data appear to signal that prices may be leveling off.
Though our sales pace this quarter compared to last indeed reflects the tempered North Shore market statistics for Q3, our pulse on the market leads us to believe that the year end sales numbers for 2016 will be exceptionally strong.