October Kauai Real Estate report

November 19, 2011

As of October 31, 2011 (year-to-date),  the number of Kauai  residential homes increased 7% from last year.  The number of Kauai Condo sales showed an even greater percentage increase of 16.50% from last year.  On the other hand, the number of Kauai vacant land sales decreased by 14% as compared to last year.

 

  Kauai Island Real Estate

  Increase  (Decrease)

   from 2010

  Residential

     7%

  Vacant Land

  (14%)

  Condos

   16.50%

 

Despite the distressed economy,  Kauai’s increase in home purchases seem to be due to the availability of  the many homes that are unfortunately being sold via short sale or because of foreclosure.    Kauai land sales continue to struggle because of the difficulty  to obtain financing for vacant land.   On the other hand, Kauai’s condo market seem to be doing very well.  Kauai’s second home market has seen an increase in activity also due to the low prices generated by the many preforeclosure and foreclosure condos on the market.  In this situation as well, despite the distress economy, Kauai’s second home market  seems to be priced right and very favorable for those who find Kauai a treasured vacation destination.  

 

Below are the percentages (by district) based on the total number of real estate sales for the month of October 2011:

Kauai residential  homes:  Hanalei district 38%, Koloa district 20%, Kawaihau district 15%, Lihue district 15%, Waimea district 12%

Kauai vacant land:  Hanalei district 40%, Kawaihau district 30%, Koloa district 30%

Kauai  condos:  Hanalei district 30%,  Koloa district 30%,  Kawaihau district 20%,  Lihue district 20%

 

Tim Mira
Author: Tim Mira