What’s the final word on our 2017 market? What can you expect from the market in 2018?
The 2017 Kauai market was bustling and brisk. The overall number of transactions was up over 12%, and the dollar volume of those sales rose 5%. This means more money was invested and traded in real estate in 2017.
Here’s a closer look at how the median prices for single-family homes and condos played out across all five zones in Kauai:
- Starting in Waimea, the median price for single-family homes rose 10.67%. There were no condo trades because there are no condos in that area.
- In Koloa, prices for single-family homes rose 6.15% and prices for condos rose 8%.
- In Lihue, prices for single-family homes rose 4.8% and prices for condos rose 13.1%. For condos, that number doesn’t necessarily mean that prices went up - just that the trades were higher because of a lack of inventory.
- In Kawaihau, prices for single-family homes rose 9.76% and prices for condos dropped 31.16%.
- In Hanalei, prices for single-family homes rose 1.32% and prices for condos dropped 12.44%.
Now, what can we expect from the 2018 marketplace?
If things continue as they are (and there’s no reason to believe they won’t), we’ll keep seeing strong demand for property and only a limited amount of housing available. Prices should continue to rise, and tourism should continue to stay strong, so if you own a vacation rental home, you should see good returns.
Prices for single-family homes in the modest price ranges will continue to trend upward. There continues to be a couple years’ worth of supply in most areas on the island for homes priced over $2 million, but down toward $550,000 and $600,000 range, buyers could find themselves competing for homes in multiple offer situations.
2017 was a great year for Kauai, and 2018 looks to be very promising. If you’re a buyer, it’s still a good time to get a toe-hold on the marketplace. If you’re a seller, the market is strong as long as your home is priced and marketed correctly.
If you have any questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to get in touch with us. We’d be happy to help you achieve all of your real estate goals, and we wish you a healthy, happy, prosperous 2018. Until next time, aloha!