The Honolulu Advertiser today reported about the Kauai numbers for May. Our MLS is a real-time system so the monthly numbers and comparision to prior years is always available.
The Advertiser reports:
Prices of single-family homes on Kauai rose in May, while prices of condominiums slipped.
However, the median price for both categories was based on much lower sales volume compared to the same month a year ago, according to statistics from Hawaii Information Service.
The median price of a single-family home on Kauai last month was $677,500, which was 19 percent over May 2007 when it was $570,000. The year-to-date median price was $655,000, no change from 2007.
The median price of a condo was $627,000, down more than 10 percent from the May 2007 median price of $700,000. The median price for the first five months of the year was $579,500, more than 10 percent above the same period in 2007, when it was $525,000.
There were just 20 single-family homes sold in May on the Garden Isle, down 51 percent from May 2007 when there were 41 homes sold. Year-to-date, there were 119 houses sold during the first five months of the year, down 40 percent from the same period in 2007, when there were 199 sales.
Condo sales numbered 18 last month, down 28 percent from 25 units sold in May 2007. Sales for the first five months of the year were also 40 percent down for condos, with just 88 sales recorded, compared to 146 sold during the same period last year.
It's important to note that with such a small number of sales compared to a larger urban market like Honolulu or any large city on the mainland, the median price may not be that indicative of market trends. Stating that the prices of homes rose simply means that the mix of higher end homes compared to lower end homes was greater. There really is not an area on Kauai where prices are currently rising that I am aware of. So, if you are reading about our market data, make sure you have an open dialogue with a knowledgeable raltor who can put that information into the most meaningful context regarding the Kauai Real Estate market.
For instance, look at the numbers for sales volume in the Koloa/Poipu area. They are down almost 70 PER CENT, while the median price is up for the year significantly. You need someone knowledgeable to help you understand these numbers.
Ron Margolis, RA, CDPE, ABR Hawaii Life Real Estate Services 808.346.7095 email: firstname.lastname@example.org