As summer 2016 concludes, Buyers are placing a high sense of urgency in entering the Kauai real estate market. Over June, July, and August a significant push into homes priced below $600,000 occurred and, thus far, it appears that local Kauai residents are leading the charge.
There are currently 57 homes across Kauai priced below $600,000 that are in escrow. The total number of homes in escrow as of mid September stands at 133 with list prices reaching as high a $11,250,000.
As of the end of the second quarter 2016, Kauai’s unemployment numbers hover at about 3.7 percent. With a lack of supply of qualified labor, wages see upward pressure. Meanwhile, visitor numbers reflect another million-plus visitors to Kauai for 2016. Visitors show a preference for hotels; however, both timeshare and vacation rental property occupancies look steady with last year.
Although the market is moving, Kauai’s numbers show a moderate 7 percent increase in home sales volume over the same period last year. In addition, if we compare the overall sales volume through August 2016 with August 2006, it shows that this market has more headroom.
* Graph Data Sourced 9/16: Hawaii Department of Business Economic Development and Tourism