Despite low inventory, Buyers contributed to a 21% increase in home sales this quarter when compared to the same time period last year.
During the first quarter of 2018 we sold a total of 156 homes on Kauai. The largest group was the North Shore of Kauai which sold a total of 48 homes. Followed by Kawaihau which saw a total of 44 homes sold. Lihue sold 36 homes, Koloa sold 20 and Waimea had 8 homes sold.
Of the 156 homes that sold this quarter 53 sold for all cash. The highest sale this quarter was a home on Weke Road in Hanalei that sold for $14,000,000 all cash. The lowest sale on Kauai was a home that sold in the Wailua Houselots on Haleilio Road for $299,250 also all cash.
The median sales price of a home on Kauai is currently $744,000 — an increase of 15% of last year during the same time.
Waimea district saw the largest price increase as their median jumped by 29% to $490,000. The current median sales price for a home in Hanalei is $1,262,500. The current median for the Kawaihau district is $600,000. The Lihue median sales price is $617,285 and the median in Koloa is currently $770,000.
Severely lacking inventory on Kauai is fueling the continuing rising prices.
The current number of homes available on Kauai had decreased by 36% during the last 3 years. As of March 2018, there are 252 homes on the market. During March of 2015, there were 368 homes on the market. With low inventory also comes shorter days on the market. We are currently seeing Kauai homes sit on the market for an average of 3 months.
If you are thinking of purchasing or selling a property on Kauai, please contact me today.
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