Lots of Headroom for Kauai Real Estate
Author: Hannah Sirois
In the hierarchy of Hawaii real estate, Kauai’s sales numbers align with its slow-paced lifestyle. With the smallest population out of the 4 major islands (Kauai 70,000, Oahu 1,000,000++, Maui 150,000++, Hawaii 200,000), we are right where we belong.
This year we’ve seen 3 months where the island just inched over 50 home sales. The remaining 6 months all fell below 50. Whereas the slowest month for Maui came in at 63, the Big Island showed 201 and Oahu’s slowest month still saw 221 residential sales.
Condominium sales, the hot ticket across America, and which this island lacks long term adequate supply of, saw steady sales numbers across the state. Kauai’s 2017 condo sales fall below 50 sales per month, whereas Maui and Oahu stand in triple digits and the Big Island averages 75 sales per month.
Sales represent just one side of the picture. With scarcity a constant on this island, our median prices are right up near the highest in the state. Kauai residential sales through September came in at $625,000, which is 85% of Oahu’s incredible $732,000. The condominium median price data places Kauai $399,000 as the second strongest just below the priciest, Maui, at $417,000.
The above is a factual reminder of how unique and small our Kauai marketplace is. For Sellers, forget the media’s influence and make sure that your opinions on how the Kauai market should be performing are backed up with the facts. With sales on the Garden Island mirroring our “relaxed” paced lifestyle, keep in mind that Kauai’s current market is trading at 2003-2004 pricing. Amazed? Not possible? It’s true. In 2004 Kauai closed 1,281 transactions through the 3rd quarter. In 2017 Kauai closed 981 through the 3rd. Similarly, year to date sales volume in 2004 recorded $713,000,000 and in 2017 we come in at $662,000,000. There’s lots of head room in Kauai’s marketplace.
Greatest # of Listings, Top 3
Strongest Sales Volume
Over and Above
Susan Leininger for her perseverance in getting back to basics, doing Open Houses and closing deals because of it.
Jim Karlovsky for joining EPP and immediately utilizing the a vast plethora of tools that the company affords all to use
Yen Upson for her community spirit in heading up the Kauai Junior Golf Fundraiser and giving EPP great media coverage