February 2009 Sales Report
The following is the February Newsletter from my website. Statistics are as of March 16, 2009
February 2009 Sales Report
By Coreen S. Sarabia, Realtor
Double digit decreases in number of units sold, median price and dollar volume continued into February.
Homes Sales -
There were a total of 11 sales islandwide during the month of February which is an increase by 1 from January(10) sales. Year to date, this represents nearly a 56% decrease from the same period last year.
The dollar volume for all of Kauai was approximately 78% lower than what was recorded during February of 2008. Year to date figures are only off by 35%, however, it is skewed by two high end sales in January.
The median price for a house on Kauai in February 2008 was $760,000 compared to $400,000 this month. Year to date numbers are probably a little more realistic at $662,500 for February 2008 versus $408,569 for February 2009.
Land Sales -
There were a total of 4 vacant land sales in the month of February. Two were 10,000 square foot parcels in the south and central areas of the island which were purchased for $147,500 and $209,000 respectively. The other two were 1 and 2 acre CPR units which both sold for $225,000. The median sales price to list price is 97%.
The total dollar volume for vacant land was again down nearly 95% from the same period last year.
The median price also fell sharply by nearly 76% from $898,000 to $217,000
Condominiums sales-
Condominium sales are still down by over 50% year to date, however, February inched by January with 3 more reported sale and even one that sold for over $1,000,000! Overall, the sales were by motivated sellers or bank owned properties. For buyers looking for entry level condominiums, there were several that sold for $200,000 and below.
Dollar volume in this category decreased by nearly 70% and the median dropped from $565,000 to $338,500 representing a 40% difference from the same period last year.
Click here for February sales statistics.
Go to my blog at www.kauaipropertysource.com/blog for updates on the real estate market on the Kauai.
