The February 2012 market statistics are available! Below is a summary of how the Kauai real estate market is doing year to date so far for 2012 compared to last year.
Year to date island wide residential sales have increased! At this time last year there had been 56 residential sales and so far this year there have been 63 (7 more sold); an increase of 12.50%. Sales volume is down compared with 2011. There has been approx. $42m in sales so far this year compared with approx. $57m in 2011; a decrease of 26.23%. The median sales price decreased to $425,000 year to date compared with $459,000 in 2011.
The number of condos sold year to date has decreased slightly from 44 sold in 2011 to 40 sold so far in 2012 (4 less sold); a decrease of 9.09%. However, sales volume for condos has increased There was approx. $13m in sales last year compared with approx. $15m in sales so far for 2012; an increase of 14.85%. The median sales price inreased to $295,000 from $188,755 in 2011; a 56.29% increase. This is likely due in part to the decreasing inventory of inexpensive “condo-tel” hotel room units available at Kauai Beach Resort. The sales prices on these units have increased over the last few months as well. The inventory of super cheap $25,000 units are gone.
The number of vacant land parcels sold this year is down compared to 2011. There have been 14 parcels sold in 2012 compared to 17 at this time last year; a decrease of 17.65%. Sales volume for vacant land is also down nearly 50%. There were approx. $10m in sales in 2011 compared with approx. $5m so far this year. The median sales price decreased 34.75% from $400,000 to $261,000.
The above is a look at the 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