Aloha Real Estate Fans!
One of the top questions we get here at Kauai Real estate Group is… How’s the market? It is healthy? Here I’ll answer that question for the island as a whole. Our area specialists will weigh in below for their respective zones of expertise. Steve Cole will talk North Shore, Brady Beyers South Shore, Stephenie Brown East Side and last but not least Ann Luckett doubles down on her home town of Princeville.
Overall we are looking pretty healthy for Single Family Residences. Actually the volume of SFR sales is up a whopping 32.93% year over year.
The median price for a home here on island jumped as well. 19.40%
Here is Brady’s report on the South shore:
Hey there Brady here reporting on 2015 vs. 2014.
If you want to send just this report to a friend I’ve made my own page. Here’s the link:
1. Condos: Volume was up just a little more than 5% but the amount of closed condo deals jumped from 67 in 2014 to 85 in 2015. Condos are moving! That being said it looks like the lower end of the condo market is what is driving the buyers to write offers because the overall median price for condos in Koloa (96756) was down 8.14%. In 2014 the condo median was 430k and now we are under 400k at roughly 395k avg.
2. Land and Lots… Ouch. If you have land listed on the South shore this year it’s probably not been very active. The number of closed land deals this year is 34, compared to almost double that last year. Sales volume also slipped from 38m to under 26m, a year over year change of -33.5%.
3. Homes: Number of sales was down almost 10% from 2014 and the volume was also down about 8.5%. The interesting fact is that the overall median price shot up about 21% so it’s much harder to break into the housing market here. Last year the median price was just over 550k and this year it’s nearly 700k! With interest rates likely rising soon that should be interesting to watch in 2016. I’m guessing that there may be a correction.
Heres a link to Commercial Real Estate on the south shore if you are curious about the commercial market here on island.
If you’d like to know what your property / home / condo is worth on the south shore (or anywhere really) check out www.KauaiHomeValuations.com and we will give you an idea of what you can expect to get from your real estate. As always if you have specific questions about anything on the South shore or want to expand your Real Estate portfolio feel free to give me a call. Here’s my info below:
PS: Mahalo Old Republic for giving me these stats!
STEVE COLE NORTH SHORE REPORT:
My name is Steve Cole and I’m the north shore specialist for Kauai Real Estate Group. If you’d like to sell, buy, build or invest on the North shore… I’m your guy! I’ve been doing business on Kauai for quite some time, maybe you recognize this face?
This year the North shore of Kauai accounted for over 50% of the sales volume on the whole island. By mid November we broke 250 million of closed sales on the North shore in what is called the “Hanalei district”.
VACANT LAND REPORT:
Land didn’t really help that statistic very much . In 2015 we have only had 27 closings on all of the North shore so if you are looking to buy land, it might be a good time to negotiate a little harder than usual to get the price you want. In 2014 there were 40 closed Land deals. The median price did go up slightly and the land volume to date is just under $19 million.
This market is pretty much on fire. We have had 130 closings this year up 30 percent from last year. Also it’s not cheap to get a home on the North shore. in 2014 we had median prices at around $930k, this year it’s over $1.1m.
Ann Luckett is our Princeville specialist so I’ll let her report on condos on the North shore because with the exception of the development at Hanalei Colony Resort, all the condos are in Princeville.
Below I’ve linked our area guides to the North shore so you can get acquainted with each part of this lush paradise:
One other very interesting point is that as of Dec 2015 there are no actively listed foreclosures or Short Sale properties on the North shore of Kauai. One is in escrow but that means that overall we have a very healthy market and folks are able to keep making payments on their investments!
If you have further questions please call or email me direct:
Steve Cole – North Shore Specialist
If you are considering selling your home on Kauai:
Other helpful information about the North shore: