July 2008 Market Statistics

Aloha,

It’s time again for the ups and downs of last month’s market. Starting with the number of sales, Island wide residential sales are down 12% comparing July 07 to 08 going from 33 to 29 sales and 36% year to date compared to last year at this time. 278 homes had sold this time last year while only 177 sold this year to date. Vacant land declined 50% in July from 22 to 11 sales and 44% year to date with only 72 sales compared to 130 this time last year. Condos saw a 48% decline from July to July, with 27 selling last July and only 14 this July. Year to date, there is a 35% decrease from 197 units sold to only 127.

Waimea zone residential sales went from 3 to 1 comparing July to July and from 27 to 6 year to date for a hefty 77% decrease. Waimea land saw no changes in comparing July to July with no sales in 07 or 08. Year to date went from 3 to 1 sales. Koloa area residential sales went from 7 to 6 sales in July which resulted in a 14% decline while year to date saw a decline from 74 to 35 for a 52% decline year to date. Koloa land went from 5 to 3 sales in July and from 58 to 31 year to date for a 46% decrease. Condos declined 50% July to July with 8 selling in July 08 and only 4 in July 08. Year to date saw a 42% decline going from 50 to 29 units selling.

Lihue zone had a rare up tick in sales in July going from 3 to 5 for a whopping 66% increase. Year to date was a different story with sales declining 26% from 34 to 25 homes selling. Land also increased in Lihue, from 2 to 3 sales in July but again declined year to date going from 10 to 7 parcels sold. Condos in July were down with 4 sold in 07 and 2 selling in 08. Year to date saw 63% decline from 63 to 23.

The Kawaihua zone had 13 home sales in July 07 and 08 for a zero percent increase/decrease. Year to date is down 13% from 79 to 68. Land is down 100% for July, with 8 selling in July 07 and none in 08. There were 33 lots sold year to date last year but only 10 sold this year to date for a loss of 69%. One more condo sold in July 08 than July 07 – 2 to 3 units sold for an increase of 50%. Year to date is also up from 11 to 16 which is a 45% upturn. For Hanalei district, residential for July is off from 07 to 08 going from 7 to 4 and for year to date it is down from 64 to 43 which is a 32% decline.

Sales volume tells a similar story with Island wide residential down from $28M to $26M comparing July to July and down 41% year to date from $274M to $160M. Vacant land saw a similar decline from $21M to $10M comparing July 07 to 08 with year to date showing a 40% decrease from $119M to $71M. Condos were down 65% in July going from $19M to a mere $6M with year to date showing a 34% drop of $134M to $87M.

The Waimea zone had a 59% July residential decline from $1M to $439K with year to date coming in at an 86% drop from $18M to $2M. Land remained flat with no sales in July of 07 or 08 but year to date declined from $588K to $300K for a 48% drop. Koloa residential went up from $6M to $11M from July to July but declined year to date from $64M to $46M for a 27% decrease. Land went up dramatically from $3M to $7M which is a 115% increase while year to date declined from $60M to $33M for a 45% drop. Condos were also down from $4M to $2M in July and from $34M to $15M year to date for a 54% decline.

Lihue residential went from $4M to $2M in July which is a 44% decline while year to date was down 42% from $26M to $15M. Land went from $1M to $792K in July which is a 58% drop with year to date showing a 65% decline from $5M to $1M. Condos were also down from $1M in July 07 to $670K in July 08 with year to date dropping from $23M to $8M which is a 64% decrease. Kawaihau residential only declined slightly from $8M to $7M in July and from $54M to $42M year to date. This represents a 22% decline. Land had a 100% decrease in July with $4M selling in 07 compared to none this past July. $16M sold year to date last year while only $5M changed hands this year to date for a 68% decrease. Condos were down 13% comparing July to July going from $734K to $635K but were up comparing year to date from $5M to $7M for a rare 46% increase. Hanalei zone was down on all counts, starting with residential that went from $8M to $4M comparing July to July and from $111M to $53M for year to date which is a 52% decline. Land was down in July from $11M to $2M for a 76% decrease while year to date went from $36M to $30M. Condos were down substantially in July going from $13M to $3M and from $70M to $55M for year to date.

The median sales price declined in most all categories. Island wide residential went from $687K to $645K comparing July 07 to 08 for a modest 4% drop and year to date fared even better, going from $661K to $655K for a .9% decline. Vacant land in July went from $536K to $325K which is a 39% decrease while year to date went from $634K to $617K which is only a 2% drop. Condos went from $575K to $380K comparing July to July and but went up comparing year to date from $549K to $569K.

Waimea residential median prices went up from $427K to $439K comparing July to July while year to date saw a slight decrease from $445K to $415K for a 6% decline. No land changed hands in Waimea in July of 07 or 08 but year to date shows an increase from $210K to $300K which is a 42% increase. Koloa residential went from $722K to $1.454M which is a 101% increase comparing July 07 to 08 and year to date is up a substantial 71%, going from $669K to $1.150M. Land didn’t fare as well, going from $380K to $197K in July and from $1.030M to $786K year to date for a 23% decrease. Condos didn’t do any better, going from $507K to $450K in July and from $625K to $515K comparing 07 to 08 year to date.

Lihue zone residential saw a decline going from $675K to $500K in July while year to date went from $555K to $485K. Land was down from $962K in July 07 to $247K in July 08 for a 74% drop. Year to date land went from $380K to $249K which is a 34% decrease. Condos were up slightly comparing July 07 to 08, going from $316K to $355K while year to date went down from $335K to $305K which is only an 8% decrease.

Kawaihau district residential went up from $499K to $540K in July while year to date was slightly down going from $570K to $540K for a slight 5% decrease. Land in July 07 was at $540K but since there were no sales in July 08 it shows a 100% decline. Year to date, land went from $465K to $308K which is a 33% decrease. Condos were also down, going from $367K in July 07 to $225K in July 08 while year to date the drop was less, going only from $320K to $315K. Hanalei zone residential saw a good increase of 13%, going from $995K to $1.125M in July but went down year to date from $1.202M it $975K which represents an 18% decline. Land went up comparing July to July, from $500K to $525K and was also up year to date, from $738K to $855K. Condos saw a decline in July of 35% going from $815K to $529K but were up 4% year to date from $810K to $845.

That’s it for this month. To see the July statistic in it’s entirety, please go to my website www.kauairealestatenow.com and click on Monthly Statistics. See you in September with August stats!

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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August 7th, 2008