The fourth quarter of 2018 followed suit from the first nine months of the year with very strong sales numbers by numerous metrics. The island saw nearly $168M in sales volume closings for residential property during Q4, up roughly 34% from the same period in 2017. The final tally for the year was $749.5M in residential sales volume, an increase of nearly 40% from the 2017 residential sales volume total of $537M. Condominium sales on the island also saw explosive sales numbers for both Q4 and the year as a whole, increasing 27% for Q4 18 and 34% year on year. During Q4, the North Shore of Kauai was also home to a record-setting residential transaction, which was located in Kilauea and which set a new mark for the highest priced residential sale ever in the state of Hawaii. Read more at the Wall Street Journal here. Despite sales volume increasing dramatically within both the residential and condominium, the number of sales transactions are down across all segments. If you’d like to explore the numbers a bit deeper, check out the market snapshot below or via this link for an enlarged version.
Though volume and prices for the fourth quarter were robust, the graphic below again illustrates the reduction in the number of transactions. In particular, December of 2018 saw only four residential closings on the North Shore of Kauai which is the slowest month over the past 13 month sample period.
The graphic below shows the past 11 years of quarterly residential median sales prices for the entire island, as well as the North Shore. Due to Kauai’s relatively small real estate market and therefore our relatively small sample sizes for descriptive statistical analysis, we always need to take these exercises with a grain of salt. That said, in the graphic below, we can see that this current quarter exhibited the highest quarterly residential median sales price over the past 11 years. Additionally, both of the paths charted in the graph illustrate trend lines that continue to have an upward trajectory since 2011.
Lastly, we must extend one more thank you to you all for allowing us to represent you. 2018 was our best year ever. We closed almost $322M in sales volume on Kauai. Additionally, we closed another nearly $20M in sales volume on Maui and Oahu. A big mahalo once again!