To grasp the temperature of Kauai’s early 2018 real estate market, take a singular view of February 2017 versus February 2018.
February 2017 provided Kauai with a mixed bag of real estate sales results that afforded little guidance. Although total sales bested February 2016 by 10.29%, February 2017 residential closings on the southshore of Kauai were off by a daunting <56.25%>, land stood flat while condo sales were up by a jaw dropping 366.67%. Who could make sense of that? The northshore of Kauai wasn’t immune from the confusion either producing February 2017 sales of <25%>, vacant land closings of <60%> and condo sales up 14.29%.
Leap forward 12 months into February 2018 where Kauai real estate sales across all categories clobbered February 2017 by 37.33%. Residential sales in Poipu Beach and the surrounding areas of the southshore of Kauai indicate a gain of 71.43% above February 2017 while vacant land is up 100% and condos trail at a <28.57%>. Contrasting this with Princeville, Hanalei and surrounding communities February 2018 results look highly favorable with residential sales up by 133.33%, vacant land coming in at a positive 50% and condominium sales up again by the same 50%.
This quick assessment above and further analysis of Kauai real estate data allows affirm that Buyers are back in full force capitalizing on the deals. An excellent case in point is the sell out of the Poipu Beach development, Emerald Homes at Wainani. As the listing agent for DR Horton’s collection of 3 bedroom golf course frontage homes, our 2015 and 2016 sales results came in somewhat sluggish. Yet, from February 2017 through month end February 2018, the Developer adjusted pricing to market, and sales piggy backed one right after the other resulting in a complete close out of inventory.
An 8-year healing from the 2008 downturn set the island on a course to move slowly and predictably forward evidencing a very stable marketplace. For the most part, buyers of Kauai real estate continue to acquire properties at sub 2008 prices and have a healthy selection of island wide properties to choose from. However, buyers are advised to watch the supply of properties carefully looking for any notable decrease in inventory. At month end February 2018 the Kauai MLS service reflects just over 260 residential listings, 185 vacant land listings for sale and 185 condominiums. When removing leasehold condominiums from the sort, the number of condominiums for sale across the island of Kauai lands at 143.
As they say, what a difference a year makes.