Wondering how the Kauai real estate market was in 2011 compared to 2010? The number of residential sales was steady with only two more homes sold in 2010 than in 2011, but the sales volume was up by over 16%! The number of condos sold went up quite a bit in 2011, but the number of vacant land sales went down. Below is a summary comparing 2011 sales to 2010 island wide.
Residential sales for 2011 have remained very steady when compared with 2010. There were 360 residential sales in 2011 compared with 362 in 2010, however sales volume was up compared with 2010. There was approximately $284m in sales for 2011 compared with approximately $244m in 2010; an increase of 16.44%. The median sales price decreased to $455,000 compared with $500,000 in 2010.
The number of condos sold in 2011 increased from 2010. There were 245 sold in 2010 compared to 290 in 2011 (45 more sold); an increase of 18.37%. The sales volume for condos increased from approximately $85m sold in 2010 to approximately $92m sold in 2011; an increase of 8.40%. The median sales price decreased to $227,000 in 2011 compared to $270,000 in 2010. Keep in mind, this is due in part to the high number of sales of inexpensive “condo-tel”units sold this year at Kauai Beach Resort, many under $50,000.
The number of vacant land parcels sold in 2011 was down compared to 2010. There were 97 parcels sold in 2011 compared to 111 in 2010; a decrease of 12.61%. Sales volume for vacant land was down in 2011 as well by 43%. There were approx. $83m in sales in 2010 compared with approx. $47m in 2011. The median sales price increased 5.45% from $275,000 to $290,000.
The above is a look at the Kauai market statistics island wide. If you’d like to know how the market is doing in a specific area of the island just let me know. I’d be happy to email you a summary of the market statistics in your area!