Kauai 2012 Housing Stats and 2013 Outlook

259885-0If you are wondering how the Kauai residential real estate market did during 2012, the stats are out. Overall the number of residential real estate homes sales increased during 2012 by 16.02% compared to 2011. There were 420 homes sold compared to 362 sold in 2011. The median sales price for a Kauai home increased slightly to $457,500 compared to $455,000 in 2011, representing less than a 1% increase.

The total number of condo sales increased as well. There were 320 condos sold compared to 291 sold in 2011, representing a 10% increase. The median sales price for a Kauai condo increased from $289.500 compared to $226,000 in 2011, representing a 28% increase.

Vacant land saw an increase in the number of land parcels sold compared to 2011. There were 129 parcels sold during 2012 compared to 97 parcels sold in 2011, representing a 32.99% increase. The median sales price for Kauai land parcels was $275,000 compared to $290,000 in 2011, representing a 5.17% decrease.

2013 Outlook

Real estate experts predict Kauai real estate sales to continue to rise during 2013 year with affordable housing and low interest rates driving buyers to our market place.  Tourism is strong and the overall economic conditions are improving, although jobs are still 8% below the Kauai 2007 peak. The construction industry here in Kauai is still feeling the residual effects from the recession, with Island jobs 37% below the peak 2007 period.

Buying or Selling Kauai Real Estate?

All in all things are improving. Local Realtors will tell you that properties that are competitively priced are selling quicker- some in multiple offers. If you are thinking about selling your Kauai residential real estate, you will need to price it right to be successful. The good news is short sales are in high demand so if you are upside down on your home, you should talk to your lender and your Kauai Realtor about selling your short sale property.

Savvy buyers know that these great island bargains won’t last forever. That is why so many first time buyers and investors have been flocking to Kauai to take advantage of the favorable buyer market conditions.  However, since no one knows how much longer these great deals will last, if you are thinking about buying a Kauai home or condo, you should act now!

Whether you are buying or selling, working with an experienced  Kauai Realtor who understands the local market is highly recommended.  Your Kauai Realtor is familiar with the local inventory and can help you save time and money finding the right property that fits your lifestyle or investment strategies.

Article  on Kaui real estate trends contributed by Jeff Manson of www.adrhi.com/kauai-real-estate/