Kauai Real Estate Market Statistics for March 2012

The March 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.

Residential Sales
Year to date island wide residential sales have increased! At this time last year there had been 91 residential sales and so far this year there have been 96 (5 more sold); an increase of 5.49%. Sales volume is down compared with 2011.  There has been approx. $67.8m in sales so far this year compared with approx. $79.7m in 2011; a decrease of 14.99%.  The median sales price decreased slightly to $449,250 year to date compared with $450,000 in 2011.

Condo Sales
The number of condos sold year to date has decreased from 68 sold in 2011 to 59 sold so far in 2012 (9 less sold); a decrease of 13.24%.  However, sales volume for condos has increased just slightly. There was approx. $20.7m in sales last year compared with approx. $21m in sales so far for 2012; an increase of 1.45%.  The median sales price inreased to $290,000 from $187,450 in 2011; a 54.71% 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 continued to increase each month this year.  The inventory of super cheap $25,000 units are gone and prices of active listings now range from $44,900 – $89,900.

Vacant Land
The number of vacant land parcels sold this year is down compared to 2011.  There have been 24 parcels sold in 2012 compared to 32 at this time last year; a decrease of 25%.  Sales volume for vacant land is also down 52.62%.  There were approx. $21.5m in sales in 2011 compared with approx. $10.2m so far this year.  The median sales price decreased 29.01% from $405,000 to $287,500.

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!