Cracking a key threshold this last week is the interest rate drop that took us below 6%.
How the heck is this going to play out? I’m so curious to know because homeowners who secured interest rates in the 2 and 3 percent range years ago have been reluctant to sell. Meanwhile, buyers are reluctant to buy with interest rates in the 6s and 7s.
It’s the beginning of March and the Kauai residential home sales are up or they are down, depending on what part of the island you are looking at. We’ll start by looking at the number of sales and compare that to this same time last year.
I’m filming this update at a gorgeous listing of mine that I can literally walk to from my own home, in fact I have walked to it from my own home.
Now let’s get to the number of sales.
- Island Wide we had a -18.03% decrease going from 61 to 50 home sales.
- The South Shore was off -33.33% going from 24 to 16 homes sold.
- The North Shore on the other hand is up 27.27% at 14 homes sold compared to 11 last year.
- Lihue was stead going from 3 to 4 homes sold a 33.33% Increase.
As of March 1st we have 60 homes on Kauai that are Under Contract and of those only 22 are under a Million. As these sales close out we’ll see how these numbers impact the Median Price which is not looking very accurate right now, especially on the South Shore.
- Island Wide the Median Price is up 11.46% at $1,337,500 compared to $1,200,000 last year.
- The South Shore is down -39% at $950,000 compared to $1,557,500 last year and this is what I mean about the numbers being off. There are 56 homes for sale on the South Shore and 3 of those are under $950,000 and none of those can be vacation rented out.
- The North Shore is down slightly at -2.17% from $2,300,000 last year to $2,250,000 at the end of the first two months.
- Lihue is up 1.09% at $1,162,500 compared to $1,150,000 last year and I don’t see Lihue’s numbers changing anytime soon, they currently have only 9 homes listed and of those only one is under a million.
I hope you have enjoyed this video and have a great rest of your day!
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Aloha!
Lynda Gill RS Lic. 63088
Hawai’I Life Real Estate Brokers 808.346.0056
LyndaGill@HawaiiLife.com
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