January 2009 Market Statistics
Aloha
January Statistics are out showing a total of 20 sales this month compared to 50 in 08, 69 in 07, 121 for 06, 105 in 05 and 122 for 04. I guess that just about says it all. The majority of the sales were residential with 10 transactions, 3 for vacant land, and 7 condos. Most of the sales were in the Kawaihau district where 5 houses, 3 land parcels and 1 condo sold. There were 2 houses and 2 condos sold in the Hanalei district, 3 Lihue district condos, 2 houses and 1 condo in Koloa area and 1 house in the Waimea district. If you are not sure what areas comprise each district, please go to my website www.kauairealestatenow.com and click on RE 101 and look under “taxkey numbers, what are they and how can they help you?” There’s also a taxkey map there that shows how the whole island is divided by zone (district) section, plat and parcel.
Sales volume was at $23M down from $46M in 08, $54M for 07, $95M in 06, $67M in 05 and $56M in 04. Island wide, slightly less than $21M went towards residential sales, $560K was invested in land and $2M was used to purchase condos.
The median sales price for homes Island wide was $466K this January 09 compared to $585K in 08. 07 was the high point with a January median sales price of $799K up from $651K in 06, $492K in 05 and $379K in 04. Please keep in mind that these are median and not average sales prices, which would be a whole different number.
Land saw a big drop in median sales price, with January 09 showing $200K, compared to $855K in 08. Condos were also down to $235K in January 09 from $586K in 08. Some may look at this and think the market overall has dropped but what it is saying is that the properties that are selling throughout are simply the lower end or “starter” properties as opposed to more high end or move up properties.
Just to clarify this a bit further, I looked up the sales prices of the 10 homes that closed in Jan 09. They were as follows:
$329,000
$350,000
$360,000
$365,000
$408,569
$525,000
$862,000
$1,150,000
$3,500,000
$13,000,000
Looking at this list you can see that with 10 properties sold there is no midpoint. It appears that the MLS statistician took the two numbers that represent the midpoint, that is, $408,569 and $525,000, added them together then divided by two to arrive at the median sales price of $466,785. If you added all these together to come up with the average sales price it would be quite a different story – due to the unusually large sale of $13M your “average” would be $2,084,956. While numbers do not lie they also do not always present an accurate overall picture of what is happening.
…and if curiosity has gotten the better of you, that $13M purchase was listed at $15M and consisted of 55+ acres with a home and other “out buildings.” This is how it was described on the MLS :
“Kauai’s FINEST and most private estate located on the North Shore in the town of Kilauea is a home of beauty, quality, function and craftsmanship. A world class property nestled within a 1500 acre gated preserve, this Japanese country home is something that must be seen to be appreciated. Also included is an impeccably finished 3,136 sq ft art studio/ garage/office/gym with 2 full bathrooms. Throughout the property flows a series of beautiful water features including large natural swimming pools, rapids, and rope swings. The home, designed by Ross Anderson, is a 4 bed, 4.5 bath open design. Three large pavilions are connected by enclosed breezeways and surrounded by generous overhangs and huge decks. The cooks’ kitchen has a 6-burner Thermador gas stove and double ovens. Two Subzero Refrigerator Freezers, 2 Subzero Refrigerator drawers, Bosch dishwasher and an icemaker. The adjoining pantry/laundry has 2 sets of stacking Neptune Washer & Dryer. The living room/dining areas are all completely open to the kitchen with amazing views. Also in the main pavilion is a library and home theatre. The entire home is outfitted with top of the line custom cabinetry, high-tech lighting, and music systems. The floors throughout are a combination of wide plank Tropical Walnut and limestone. All walls are finished with Venetian plaster . The windows, doors and trim are all the finest custom Teak construction. The master wing includes a huge master bedroom, bathroom, walk-in closet, indoor/outdoor showers, and a beautiful built-in Jacuzzi spa. There is also a child’s bedroom and bathroom in this wing. There is a 100 year old hardwood forest, and over 2000 Mahogany trees that have been planted and several other swimming ponds within the compound. The property is only minutes from several world class beaches.”
It just goes to show there is money being spent at both ends of the spectrum. To see the full January 2009 report click here. Until next month….
Aloha,
Elaine
View of the pier from high above Hanalei
Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge – Princeville Resort Office
Certified Residential Specialist
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!
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