September 2008 Monthly Market Statistics
Comparing September last year to this year, there has been an overall 35% decrease Island wide in the number of sales, which translates into 23 fewer sales this past month. Comparing year to date last year to this year, Island wide, the decrease is 36% or 274 fewer sales so far this year.
Breaking it down, there were 15 fewer residential sales this September than last, and a decrease of 32% or 109 fewer sales year to date 2008 compared to 2007. Land, however, is up from last September, with 12 sales in September 08 compared to 8 last September. Year to date land sales are down from 157 in 07 to 93 sales in 08. Condominiums are off from September 2008, with only 8 sold this past month compared to 20 last September with year to date showing a 40% decline of 97 fewer sales, from 241 to 144.
As expected, sales volume is also down, showing a 49% decrease comparing September 07 to 08 from $56M to $28M, and is down 39% year to date, with $643M invested this time last year compared to $392M year to date. Residential is down 45% comparing September 07 to 08 and down 36% year to date with $325M in sales this time last year compared to $206M this year. For September, land sales volume declined by $2.9M from $8.5M to $5.5M with year to date showing a 41% decline. Condominiums are dramatically down from a total of $13M selling last September to only $3.7M sold this September. This drop in condo sales is probably due to the developer’s Nihilani and Ka’iulani sales, both of which are in Princeville. Support of this is seen in the Hanalei district which shows a $6.4 M decline comparing September to September which is a $78% decline. Comparing year to date, the Hanalei zone fared much better with only a 32% decline going from $88M to $59M in sales.
The median sales price is, as expected, also down. In residential, we see a decline of 21% comparing September to September and 28% year to date, going form $661K to $632K. Land is up for September, going from $400K to $436 but year to date indicates a 7% decline, from $610K to $567K. Condominiums are down 16% in September going from $590K to $495K with year to date showing that condos are holding steady, with the median price the same this year as this time last year; $560K.
That’s it for this month. What with the financial meltdown we are seeing at the National level, I would expect the softness to continue on into 2009. To see the full three page Monthly Statistics report, click 2008-september.pdf or go to my website, www.kauairealestatenow.com and click on Monthly Market Statistics.
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
……you can have your own piece of paradise
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