The April 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 continued to increase! At this time last year there had been 118 residential sales and so far this year there have been 125 (7 more sold); an increase of 5.93%. Sales volume is down slightly compared with 2011. There has been approx. $95.6m in sales so far this year compared with approx. $96.5m in 2011; a decrease of 0.87%. The median sales price increased to $450,000 year to date compared with $446,250 in 2011.
The number of condos sold year to date has increased from 91 sold in 2011 to 94 sold so far in 2012 (3 more sold); an increase of 3.30%. Sales volume for condos has also increased. There was approx. $30.9m in sales last year compared with approx. $33.3m in sales so far for 2012; an increase of 7.76%. The median sales price increased to $287,500 from $204,900 in 2011; a 40.31% 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 and those currently in escrow now range from $36,600 – $89,900.
The number of vacant land parcels sold this year is down compared to 2011. There have been 34 parcels sold in 2012 compared to 39 at this time last year; a decrease of 12.82%. Sales volume for vacant land is down 46.52%. There were approx. $23.8m in sales in 2011 compared with approx. $12.7m so far this year. The median sales price decreased 33.12% from $385,000 to $257,500.
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!