09 May Kauai sales statistics for April
Kauai single family home sales dropped in April, according to statistics from Hawaii Information Service but condos saw a slight improvement. There were 27 single family homes sold on Kauai this April which is down 29 % from the 38 sales during the same month last year. The median price of a single family home last month was $455,165, down from 12.9% from $522,500 last year. These are mostly REOs and this price point is not even available in the Poipu area. There were 19 condominium sales in April, up 11.8% from the 17 sold last April. The median price was $294,000, down 31% from the $426,000 in 2010. The most sales in Poipu in that range were in Waikomo Streams which had several REOs. Foreclosures always tend to hit the lower end properties first and foremost. Kiahuna has only one foreclosure and Regency has also had one. Once this low end inventory is off the shelf, I believe that the prices will increase. Occupancies are vastly improved from 2010 and are looking good into the summer. It is still clearly a buyers market here in Poipu but I believe that prices have bottomed out. Folks are still jumping for joy at getting to vacation in Poipu!!!