The median price of single-family homes on Kaua’i rose to $368,000 in December, a 12 percent increase from the same time last year ($328,500), according to a report from a statewide real estate information service. This week the Hawaii Information
The median price of single-family homes on Kaua’i rose to $368,000 in December, a 12 percent increase from the same time last year ($328,500), according to a report from a statewide real estate information service.
This week the Hawaii Information Service provided year-end statistics for the island’s home and condominium real estate sales for 2003.
The report showed that the number of year-to-date real estate sales jumped to 667 from a count of 536 for 2002, an increase of 24 percent.
“As far as median prices rising, there are two reasons,” said Sandy Thomas, principal broker for All Kauai Real Estate. “Over time, it’s supply and demand. Our inventory has been very low for houses priced under $400,000, and particularly for those under $350,000 for over a year now.
“If a house is priced under $400,000, it is likely to go under contract within a couple weeks, unless it has some real problems. The competitions among purchasers is very stiff in that price range, and it’s not unusual to get several offers.”
For the month of December 2003, there were 54 single-family home sales and 41 condominium sales.
“Our economy is good and unemployment is low,” said RE/MAX Kaua’i Operation Manager Carol Curran. “An increased number of resorts and hotels means more workers are looking for housing.”
The median price for a single-family home during December of 2003 was $396,000 while the median price for condominiums was $387,000.
Kaua’i’s condominium market showed some of the strongest price appreciation over the course of last year.
The median Kaua’i condo sales price in 2003 soared to $289,000, up 37.6 percent from a year-to-date median of $210,000 reached in 2002.
In 2002, there were 472 condo sales. However, that figure jumped up 13.1 percent to 534 condo sales for the year.
Curran added, “Very few low-to-mid-priced homes or condos are being built on Kaua’i which causes greater appreciation in existing units, causing people to be priced out of that low-mid market segment.”
Business Editor Barry Graham may be reached at 245-3681 (ext. 251) or mailto:bgraham@pulitzer.net.
