mid-year 2015

Mid-Year 2015 Kauai Real Estate Market Update

Jim Karlovsky, RB | (808) 282-7981 Market Reports , Real Estate Leave a Comment

Map of KauaiHere we are at the half-way point of another calendar year. After two full quarters of activity, numerous real estate story lines for 2015 are beginning to develop, the most striking of which has to be how hot the North Shore residential (detached home) market has become. Although the year-to-date (YTD) residential sales volume figures in each of the other sectors of the island are down by a substantial amount year-over-year (YOY), the North Shore region is up a whopping 100.53%, largely due to the combination of a 45.28% increase in the number of sales YOY, and a 12.82% increase in the median sales price YOY.  Despite all other regions being down, this notable increase in activity on the North Shore has put the total residential sales volume for the island as a whole up 33.12% this year, compared to last year.

Taking a look at the condominium market, once again the North Shore is outperforming the YTD figures for mid-year 2014, with a 16.62% increase in condo sales volume as of July 1.  The East Side and Coconut Coast condo markets are up, as well, with 51.25% and 7.97% increases in total sales volume YOY, respectively, and both having realized a notable increase in median sales price so far this year.  However, the South Shore condo market has languished, with YTD total sales volume down 33.31% YOY, largely due to the fact that both the number of condo sales and median sales price have decreased by substantial margins.

The charts and tables below provide a substantial amount of additional data regarding the current state of the Kauai Real Estate Market, including a unique breakdown of trailing-twelve-month sales trends for the residential and condo markets by price range.  Here are a few things worth highlighting:

  • Princeville and Hanalei are the healthiest overall markets, with the biggest average increases in List Price vs. TTM Sales Price for both homes and condos, as well as the lowest average levels of supply (10-12 months on average).
  • Kilauea and Kapaa homes priced $0 – $1M are currently in the shortest level of supply of any property type, in any region of the island, in any price range.  Kilauea currently has an estimated 8 months of supply, and Kapaa has an estimated 9 months of supply.  [Note – months of supply is calculated as (#active listings)/((TTM # Sold)/12)].
  • Kilauea and Kapaa homes priced $1M – $2M are currently in the highest level of supply of all residential homes priced below $2M, in all regions.  Kilauea realized 10 residential sales of $1M – $2M properties in the last 12 months, but currently has 27 listed for sale, indicating 32 months of supply.  Kapaa realized 6 residential sales of $1M – $2M properties, but currently has 17 listed for sale, indicating 34 months of supply.
  • Kapaa Condominiums priced $0 – $1M are realizing a 79% increase in List Price vs. TTM Sale Price – the largest increase of all property types in all regions on the island.
  • Hanalei/Haena homes priced $2M – $5M are realizing a 30% increase in List Price vs. TTM  Sales Price – the largest of all residential properties in all regions.
  • Ultra-luxury homes in Poipu ($5+ million) are in the shortest level of supply compared to all other regions of the island.  With only 4 homes in the $5+ million range currently available in Poipu, and 3 homes in this price range selling in the last 12 months in this region, the supply level is 16 months.  Compare that to 14 homes and a 28-month supply in Hanalei, and 14 homes and a 84-month supply in Kilauea.

Residential Market Activity By Region & Price Range

Condominium Market Activity By Region & Price Range

Monthly Sales Volume By Region – Last 12 Months

Monthly Sales Volume By Product Type – Last 12 Months

Contact Jim Karlovsky for assistance with all of your Kauai real estate needs.
About the Author

Jim Karlovsky, RB | (808) 282-7981

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Having worked as a licensed Real Estate Broker in 3 states (HI, CA & IL), with $6.7 Billion in real estate sold, leased, advised upon and/or formally valued for clients, and with the experience of more than 150 completed transactions involving luxury residential, vacant land, retail, office and industrial property types, I bring a wealth of knowledge and experience to the real estate advisory and sales services I provide to my clients here on Kauai. I hold myself to the highest ethical standards and always place my clients’ interests above my own. With an unwavering and unsurpassed work ethic, I work to advance the objectives of my clients with integrity and in a manner that fosters a sense of trust and respect.