May 2009 Sales Report

By Coreen S. Sarabia, Realtor

Homes Sales -

There were a total of 15 sales islandwide during the month of May...eight units less than in April.    Year to date, this represents approximately a 32% decrease from the same period last year. 

The dollar volume for all of Kauai in May and year to date is approximately 31-32% off from 2008 figures.

The median price for a house on Kauai was $600,000 compared to $705,000 in May 2008.   The year to date median of $524,5000 for a single family dwelling is far more realistic.  This represents a 20% decrease from last year.

Land Sales -

There were a total of 8 vacant land sales in the month of May, the same number reported in May 2008.  All eight sales occurred either in the south or east districts of the island.  The lowest price paid was $125,000 for a 3,470 sq. ft. lot in Wailua Homesteads, there were 2 sales at the new development, Poipu Beach Estates in Poipu for $350,000 and $390,000.  The highest land sale was a 9.55 acre Omao piece that sold for $950,000 cash.

The total dollar volume for vacant land is still the weakest segment of the market,  down by 81% year to date compared to the same period last year.

The year to date median price for land is $245,000,  which is a 63%decrease from the same time period in 2008.

Condominiums

Twelve months ago, the year to date median price for a condominium on Kauai  was just under $600,000.  It is now half that amount at $297,500. 

Condominium sales in the month of May consisted of both owner occupant and vacation resort type of properties.   In Kalaheo, a 3 bedroom Kalaheo Pali Kai unit sold for $320,000.  On the south shore, a 2 bedroom Makahuena sold for $305,000 while a 1 bedroom Kiahuna sold for $725,000.   In Lihue, a 2 bedroom leasehold Sun Village sold for $180,000.  Two sales at the Islander on the Beach were the lowest priced transactions at $95,000... not quite the dramatic $59,5000 reported at Kauai Beach Resort... both projects by the same bankrupt developer.  On the north shore, two Emmalani Court units owned by a Japanese company sold for $330,000 (1 bedroom/2 bath) and $440,000 (2bedroom/2 bath).  Two Brookfield developer units at Nihilani also recorded for $640,000 (2 bedroom/3 bath) and $650,000 (3 bedroom/3baths)

If you would like to see more details on the actual properties that sold,

Click here for homes

Click here for condominiums

Click here for land

Go to my blog at www.kauaipropertysource.com/blog for updates on the real estate market on the Kauai.