October 2008 Market Statistics
Aloha,
October statistics show an overall 19.30% decrease in the number of sales comparing Oct 07 to Oct 08. This Oct there were 46 sales Island wide compared to 57 in Oct 07. As a point of comparison, in Oct 03 there were 142 sales with 137 in Oct 04. Oct 05 had 162 and in 06 there were 92 sales Island wide.
Year to date shows a similar decline, going from 802 sales up to this point in time last year to only 518 sales this year. In 03 the numbers were at 1429, 04- 1421, 05-1543 and 06-1349.
Of the 46 sales this month, 23 were residential, 12 were land, 1 was a commercial property, 9 were condos and one was a business. Of the 23 residential sales, 3 were in Waimea zone, 8 in Koloa, 2 in Lihue, with 7 in the Kawaihau District and 3 in Hanalei. In case you are in Hanalei town, you will find that the one business that sold was the Hanalei Hair and Body Care which was listed for $69K and sold for $50K. This does not include the sale of the building which is leased by the business.
Sales volume is down, as you might expect. For Oct 07, the sales volume was $50M while Oct 08 saw sales volume of only $23M which is a 23% decline. In October 03 there was $63M in sales and $79M in sales in October 04. October 05 saw $96M in sales volume with $69M in 06. Year to date in 07 there had been $693M in sales compared to only $416M this year. Year to date in 03 there was $599M in sales with $793M in 04, $1B year to date in 05 and $916M in 06. Island wide in Oct 08, the money went mainly to residential, with almost $13M in sales, with $5M going towards land, just under $5M in condos and the remainder split between commercial and business.
Median sales price is also down from Oct 07 to 08 Island wide, going from $650K to $515K for residential, $500K to $363K for land, and from $565K to $520K for condos. To date, Island wide residential went from $660K to $625K, land from $610K to $520K and condos went from $560K to $547K.
Comparing this to previous years, we have houses year to date for 03 at $365K, 04 at $485K, 05 at $640K and 06 at $680K. Condos for 03 year to date median price was $280K, 04 was $375K, 05 was at $435K while 06 fell back to $395K. Keep in mind that the median sales price is nothing like the average sales price. The median is simply the midpoint price of all properties sold; that is, if you have a home that sold for $1.5M, one for $1M and one for $350K, the median sales price is $1M since that number is the midpoint of the three numbers.
If you want to see the entire October Sales Statistics, please click here to go to my website where they are posted every month.
As always, happy selling and buying and don’t hesitate to ask for data when you need it.
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
ask me how!
Leave a Comment