November 2008 Market Statistics
Aloha,
MLS Statistics for November 2008 show an overall decrease in the number of sales of 43% comparing Nov 07 to 08, and an overall 35% decrease comparing 07 to 08 year to date. This translates into 51 sales in Nov 07 compared to 29 sales in Nov 08 and 853 sales in 07 year to date compared to 548 this year. In 06 year to date there were 1430 sales, in 05 there were 1672, 04 saw 1538 and 03 had 1574 in total sales.
Breaking this down further, there were 25 residential sales in 07 and only 15 residential sales in Nov 08; 13 land sales in Nov 07 compared to 7 in Nov 08 and 12 condo sales for Nov 07 compared to 7 in Nov 08. Year to date, there were 379 residential sales this time last year compared to 265 this year; 179 land sales in 07 compared to 113 this year and 282 condo sales in 07 compared to 160 this year.
Sales volume has seen a similar decline. Comparing Nov 07 to 08, Island wide the sales volume is down 41% from $46M to $26M while year to date shows a 40% decline from $740M in 07 to $443M in 08. In 06, year to date, the Island wide sales volume was $980M, 05 posted a record breaking $1124M, 04 saw $861K in sales with 03 posting $663M. For Nov, residential sales volume only fell 1% from $21.621M in Nov 07 to $21.379M in Nov 08. Year to date residential sales fell 33% from $363M in 07 to $240M in 08. There were $9M in land sales in Nov 07 compared to $2M in 08 with year to date coming in at $165M in 07 and $91M in 08. $14M in condos sold in Nov 07 compared to $3M in Nov 08 with $200M in sales year to date in 07 and only $103M in sales for 08.
Interestingly, median sales price increased slightly for residential sales in Nov 07 going from $525K to $615K in Nov 08 but shows a year to date decline of 3% in residential sales from $650K in 07 to $625K in 08. Land declined in Nov 08 compared to 07, dropping from $500K to $255K for a 49% decrease while year to date went from $610K in 07 to $500K in 08. Condos also fell going from $772K in Nov 07 to $425K in Nov 08 and from $575K year to date 07 compared to $542K in 08. In the past years residential sales posted a median sales price in Nov 06 of $600K, Nov 05 was $689K, 04 posted $580K with 03 coming in at $364K. Year to date for residential in 06 was $679K, 05 $645K, 04 $488k and 03 stood at $365K. If you want to see all the statistics for November 2008, click here to go to my website where the document has been uploaded.
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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