Kauai Real Estate Market Reports
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2007 Year End Statistics
By Coreen S. Sarabia, R, ABR, CIPS, CRS, GRI, SRES
Residential year end dollar volume and number of units sold decreased islandwide by 10% & 14% respectively. Median prices were only down by about 4%. The chart below shows the actual figures and how they compare to 2006.
|
|
2007 Year End |
2006 Year End |
% change |
|
Dollar Volume |
|
|
|
|
Residential |
$395,479,709 |
$439,766,645 |
-10% |
|
Condominium |
$208,080,599 |
$353,099,756 |
-41% |
|
Land |
$178,008,833 |
$286,774,128 |
-38% |
|
Total |
$781,569,141 |
$1,079,640,529 |
-28% |
|
Units Sold |
|
|
|
|
Residential |
409 |
475 |
-14% |
|
Condominium |
295 |
698 |
-58% |
|
Land |
190 |
360 |
-47% |
|
Total |
894 |
1533 |
-42% |
|
Median Price |
|
|
|
|
Residential |
$650,000 |
$675,000 |
-4% |
|
Condominium |
$565,000 |
$405,000 |
40% |
|
Land |
$607,500 |
$377,150 |
61% |
These figures represent the island as a whole. To get a better understanding of the different areas, the following breaks down the dollar volume/number of units sold/median price by the five districts on Kauai.
Dollar Volume
|
Dollar Volume |
2007 Year End |
2006 Year End |
% change |
|
Waimea (West) |
|
|
|
|
Residential |
$21,563,500 |
$24,064,000 |
-10% |
|
Condominium |
$490,000 |
0 |
0% |
|
Land |
$653,000 |
$5,972,000 |
-89% |
|
|
|
|
|
|
Koloa (South) |
|
|
|
|
Residential |
$88,487,184 |
$123,848,198 |
-29% |
|
Condominium |
$49,800,000 |
$59,292,000 |
-16% |
|
Land |
$91,799,144 |
$89,788,125 |
2% |
|
|
|
|
|
|
Lihue (Central) |
|
|
|
|
Residential |
$36,986,400 |
$35,445,900 |
4% |
|
Condominium |
$29,422,573 |
$157,577,254 |
-81% |
|
Land |
11,186,690 |
$35,127,100 |
-68% |
|
|
|
|
|
|
Kawaihau (East) |
|
|
|
|
Residential |
78,917,700 |
$96,152,848 |
-18% |
|
Condominium |
$9,441,900 |
$51,476,500 |
-82% |
|
Land |
$23,235,999 |
$88,773,903 |
-74% |
|
|
|
|
|
|
Hanalei (North) |
|
|
|
|
Residential |
$169,524,925 |
$160,255,699 |
6% |
|
Condominium |
$118,926,126 |
$84,754,002 |
40% |
|
Land |
$51,134,000 |
$67,113,000 |
-24% |
The two residential sections that showed an increase in dollar volume were the central (Lihue) area and the north shore. The sale of a $3.3 million dollar home in Nawiliwili is solely responsible for pushing the volume in central Kauai into positive territory. The north shore had eight residences that recorded for over $5 million dollars apiece with the highest being a $9 million purchase of an Anini Vista property.
The high increase in condominium sales is a result of closings from the new project, Kaiulani of Princeville. This had a positive effect with double digit numbers for dollar volume and median prices for this category, however, the number of condominiums sold still fell by 2%.
Units Sold
|
Units Sold |
2007 |
2006 |
% change |
|
Waimea (West) |
|
|
|
|
Residential |
34 |
41 |
-17% |
|
Condominium |
1 |
0 |
0% |
|
Land |
4 |
8 |
-50% |
|
|
|
|
|
|
Koloa (South) |
|
|
|
|
Residential |
104 |
126 |
-17% |
|
Condominium |
73 |
82 |
-11% |
|
Land |
83 |
141 |
-41% |
|
|
|
|
|
|
Lihue (Central) |
|
|
|
|
Residential |
54 |
54 |
0% |
|
Condominium |
78 |
425 |
-82% |
|
Land |
18 |
107 |
-83% |
|
|
|
|
|
|
Kawaihau (East) |
|
|
|
|
Residential |
116 |
142 |
-18% |
|
Condominium |
23 |
68 |
-66% |
|
Land |
47 |
63 |
-25% |
|
|
|
|
|
|
Hanalei (North) |
|
|
|
|
Residential |
101 |
112 |
-10% |
|
Condominium |
120 |
123 |
-2% |
|
Land |
38 |
41 |
-7% |
While the percentages varied by sections, the number of sales were down everywhere on Kauai.
Median Price
|
Median Price |
2007 |
2006 |
% change |
|
Waimea (West) |
|
|
|
|
Residential |
$423,750 |
$479,000 |
-12% |
|
Condominium |
$490,000 |
0 |
0% |
|
Land |
$180,000 |
$302,500 |
-41% |
|
|
|
|
|
|
Koloa (South) |
|
|
|
|
Residential |
$652,500 |
$725,000 |
-10% |
|
Condominium |
$615,000 |
$697,000 |
-12% |
|
Land |
$950,000 |
$375,000 |
153% |
|
|
|
|
|
|
Lihue (Central) |
|
|
|
|
Residential |
$547,000 |
$562,500 |
-3% |
|
Condominium |
$335,000 |
$335,000 |
0% |
|
Land |
$417,500 |
$299,000 |
40% |
|
|
|
|
|
|
Kawaihau (East) |
|
|
|
|
Residential |
$570,000 |
$605,000 |
-6% |
|
Condominium |
$275,000 |
$662,500 |
-58% |
|
Land |
$450,000 |
$550,000 |
-18% |
|
|
|
|
|
|
Hanalei (North) |
|
|
|
|
Residential |
$1,099,000 |
$1,057,000 |
4% |
|
Condominium |
$798,500 |
$640,000 |
25% |
|
Land |
$722,000 |
$1,030,000 |
-30% |
The significant increase in the median price of land in the Koloa section of Kauai is due to the closings at two new developments in Poipu. The majority of the sales were at the DMB Kukuiula project and Poipu Aina where prices averaged over $1 million dollars.
For a graph to compare how 2007 sales compared to 2005/2006, go to Buyers Report
Further details on Kauai real estate sales can be found in future postings to my blog.
