Hey there Brady here reporting on 2015 vs. 2014.
On the South shore this year we had some interesting trends. Here’s a few things that you might like to know about the South shore market in 2015.
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… 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.
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!