Although Kauai’s spring selling season began with the rainstorm of the century on April 14, 2018, the real estate market here has not been dampened at all. Total Kauai real estate sales through April 2018 stand at 418 closings compared to 380 last year. Residential sales posted the biggest gains reflecting a 23% increase; condo sales were up by 13% and commercial sales bounced by 20%. Land sales continued in a downward trend at -25%.
The most active pockets on the island remain Hanalei and Koloa with each community producing a total of 119 sales during April 2018. The Kawaihau district came in 3rd with 91 sales. Hanalei and Koloa consistently produce strong cumulative numbers evidencing each location’s depth of inventory across residential, condominiums and land. In contrast, Kawaihau offers very few condominium options.
Sales volume is up by staggering numbers. At the conclusion of April 2017 overall sales volume through 4 months stood at $255,770,758. One year later volume is up by 58.34% to $405,000,203. These numbers place the Kauai real estate market somewhere in-between 2005 and 2006 volume.
The most noteworthy trend thus far in 2018 is the dramatic drop in land sales counts. Specifically, each month witnessed double digit sales declines from the year prior. Yet, overall volume is up by 7%.
|Month Comparison||# Land Sales||Land Sales Volume|
By our assessment, Kauai’s overall reduction in land inventory for sale is the driver in the deep reduction in sales counts. Currently Kauai’s vacant land for sale disburses out as follows:
|Area||# of Vacant Land Listings|
Land prices currently begin at $65,000 for a single family sized lot and reach as high as $27,000,000 for a 400 acre development parcel. A search of the island’s offers reflects inventory at all price points.