November 2007 MLS Condo Statistics
November MLS statistics are out indicating that Islandwide the number of condo sales are down 65.71% with 35 sold in Nov 06 compared to 12 in Nov 07. Year to date there is a 56.41% decline with 365 fewer sales than at the same time last year. Looking at the various Zones, Koloa had 5 sales in Nov 06 compared to 1 in 07 for an 80% decline with year to date showing 74 sales in 06 and 68 in 07 for a 8.11% decline. Lihue had 12 sales in Nov 06 with 2 in Nov 07 for an 83.33% decline with overall statistics of an 81.19% decline year to date with 404 sales this time last year compared to 76 this year. Kawaihau had 10 sales in Nov 06 compared to 1 this Nov for a 90% decline with a year to date decline of 60.34% from 58 last year at this time to 23 this year. Hanalei stayed even with 8 sales last Nov and 8 sales this Nov. Overall, the Hanalei zone is up 2.70% with year to date 114 sales compared to 111 last year at this time.
As for sales volume, overall condos are down 34.51% from $21M to $14M comparing Nov 06 to 07 and year to date shows a 37.86% decline from $322M to $200M. (Please note, all dollar amounts in the sales volume are rounded down, athough median prices which are next, are not.) In Koloa, last Nov saw $2.98M in volume compared to $257K this Nov for a 91.38% decrease while year to date is down 13.28% from $53M to $46M in volume. Lihue is down 74.81% from $3M last Nov to $875K this Nov. Year to date has declined 80.79% from $149M last year this time to $28M this year. Kawaihau is down 89.75% with $6M in sales last Nov compared to $715K this year with year to date showing at 78.17% decrease from $43M this time last year to $9M this year. As for Hanalei zone, which includes Princeville and Haena condos, the sales are up from $8M last Nov to $12M this Nov and year to date from $75M to $115M for a 51.56% increase.
Finally, the median sales price has increased Islandwide from $550K to $772K from Nov 06 to Nov 07 for a 40.36% increase while year to date shows a 44.11% uptick from $399K to $575K. Koloa zone went from $445K last Nov to $257K this Nov for a 42.25% decline with year to date showing an 11.05% decline from $679K to $620K. Lihue went up from $286,130 last Nov to $437,500 this Nov for a 52.90% increase while year to date went down.04% from $335K to $334,867. Kawaihau went up from $637,500 last Nov to $715K this Nov for a 12.16% increase with year to date showing a decline of 58.49% from $662,500 to $275K. Hanalei remains “healthy” most likely due to the many closings of the luxury Kai’ulani condos in Princeville. From last Nov to this Nov, the median price went up from $732K to $1,770,635 for a 141.89% increase while year to date shows an increase of 27.31% from $630K to $802,050. Basically, what the median price says is that the rich are always rich and are not as impacted by a “bad” market as those who are not as financially strong.
If you want to see the entire November 2007 MLS statistics, please click here. It will take my to my website where you can access the information. Also, when referring to the various Zones, please check the taxmap key here to clarify which areas are included. Waimea was not included in the condo stats as they have a very limited number of condos and little or no monthly activity.
Any questions, I’m here to dig up the answers!
Aloha, Elaine
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