December 2007 Statistics for Kauai Condos
The end of year statistics are out and overall for Princeville condos it was a good year after all, despite all the gloom and doom news heard on every new channel and in every newspaper. For Hanalei Zone, which includes the condos both in Princeville as well as Hanalei Colony Resort down in Wainiha, the total number of sales for the year was only off 2.44%. In 2006, 123 condos were sold while in 07 only 3 less were sold! For the month of December there was a huge 50% drop which sounds bad but only means that 6 instead of 12 condos sold like they did in 2006.
Interestingly, sales volume is up too, probably due in part to the release of Kai’ulani which is a beautiful high end complex still under construction in the Princeville Queen Emma’s Bluffs area. (by the fountain as you first enter.) Sales volume overall is up a hefty 40.32 % with 2007 showing $118M over 2006’s $84M while monthly sales for December 06 vrs 07 show a decline from $8M to $4M.
The median sales price also shows an increase with the median for 07 up a strong 24.77% over 06. Of course, this just means that more high end than low end condos were sold. As I always say, the rich always have money and usually do not have the same concerns as those who are struggling to find mortgage money or make payment. In the Hanalei Zone the median condo price went from $640K to $798K. Again, December overall was a down month as the median price went from $750K in 12/06 to $472K in 12/07 for a 37% drop.
If you were wondering if Princeville is a popular and /or desirable place, here’s what I call a clue — Island wide the number of condo sales for the year were off a whopping 57.74%, down from 698 sold in 06 to 295 sold in 07. For the month of December the statistic is just as dismal, with 51 sold Dec 06 and 13 sold in Dec 07 which is a 74.51% drop.
Condo sales volume Island wide was also down from $353M in 06 to $208M in 07 for a 41.07% drop. Interestingly, condo median sales price Island wide was up from $405K to $565K.
And for a final note of comparison, Koloa Zone condos sales which includes Eleele to Koloa, are down year to date 10.98% with 82 sold in 06 and 73 in 07. Lihue “zoned” condos which includes Puhi to Wailua are down year to date from 472 in 06 to 78 in 07 for an 81.65% drop. And finally in the Kawaihau area which is Wailua to Aliomanu, condo sales are off 66.18% from 68 in 06 to 23 in 07.
If you’d like to view all the December statistics, click here to go to my website for your viewing pleasure. Hurray for Princeville for a good 2007! As an owner of two condos up here, I’m happy to see that the buyers are still buying Princeville!
Aloha Elaine
Elaine Schaefer (R, GRI, ABR)
Broker in Charge – Princeville Resort Office
Graduate, Realtor’s Institute
Accredited Buyer’s Representative
Top Producer 100% Club
RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email:soldonkauai@yahoo.com
website: www.kauairealestatenow.com
blog: www.blogs.alohaliving.com/princeville-condo-sales
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