Now that we’re past the midway point of 2019, it’s time to assess the state of our Kauai market by looking at some of the latest year-to-date statistics.
As I’ve said previously, our market—like many markets throughout the US—has slowed down just a little bit, and prices have leveled off as well. Island-wide, sales are down 10.7%, and the volume of those sales decreased by 24% from $612 million to $463 million.
The median sale price of single-family homes, meanwhile, dropped 12% from $732,000 to $642,000. Because this statistic represents the middle of the market, though, it can be influenced by a small number of transactions.
As we delve further into the latest numbers, we see more revealing data. Market prices have been rising since 2014, and right now we have a lot of properties listed at or near the top of the market. There’s still robust activity going on, but that’s not the case in the luxury markets. In the North Shore, for example, sales are down 32%, and the volume of those sales dropped 65%.
As I’ve mentioned before, this could be because there weren’t enough multi-million dollar home sales during the first six months of the year. In general, though, because prices are highest in the North Shore and appreciate the most, it’s normal for conditions to stagnate.
If you’re a seller, it’s still a good time to get your property sold, but a global event like a trade war with China will have an immediate impact on our market.
In the more affordable areas of our market, such as the east side of the island, year-to-date sales are up 13.25%, the volume of those sales is up 24%. This is where more affordable homes are located, so there will naturally be more transactions. Demand is still strong, and prices are still inching upward.
The number of active listings has remained fairly consistent. As of the recording of this video, there are 644 homes on the market and 235 properties under contract. A significant number of properties under contract come from two specific projects: the PiliMai luxury air-conditioned townhomes in Poipu (38) and Ho’oluana development by DR Horton (13).
If you have any questions about any of these statistics or the future of our Kauai market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.