March 2009 Market Statistics
This past month ended with a total of 40 sales, down from the 60 we saw in March 2008. Year to date sales are lagging, with only 87 reported, compared to 167 last year at this time, 255 by March 2007, 487 year to date March of 2006, 341 for year to date March 2005 and 394 for 2004. If you are in the market for a new home, be it a condo, house or land to build, and you don’t think now is a good time to buy, hopefully these statistics will convince you otherwise. Imagine how happy just about any seller would be to have one of the 40 buyers who actually came through and closed an escrow come walking into their property. If you are the buyer, now imagine how much bargaining power you have.
To continue, going back as far as 2004, the busiest March was in 2006 when 261 properties changed hands. This past month, of the 40 sales, 22 were residential, 5 were lots, 1 commercial property sold, 11 condos and 1 business sold. Of these sales, 4 were in the Waimea zone, 6 in Koloa zone, 10 were in Lihue area, 8 in the Kawaihau zone and 12 were in the Hanalei zone. There were 7 residential sales on the Hanalei zone. Take a look at the market time on some of these properties:
Copyright 4/8/2009 by Hawaii Information Service
217182 RC S 97 4-5-1-5-40-1 FS $601,900 4540 Waiakalua St #1 2.00 ac 1,260 3/2
SOLD 3/30/2009 for $524,000 (CNV) DOM 97
197533 RC S 556 4-5-2-17-20-4 FS $1,690,000 4571-C Kahiliholo Rd #4 3.45 ac 2,380 3/3
SOLD 3/31/2009 for $1,550,000 (CNV) DOM 556
211676 RC S 274 4-5-2-22-16-4 FS $2,600,000 Kahiliholo Rd #4 3.01 ac 2,305 4/3
SOLD 3/24/2009 for $2,500,000 (CASH) DOM 274
199006 RC S 253 4-5-2-10-15-2 FS $2,995,000 05-3000 Kuhio Hwy #B 3.16 ac 1,903 3/2
SOLD 3/30/2009 for $2,000,000 (CNV) DOM 253
217017 RS S 102 4-5-4-20-25 FS $594,900 5143 Iolani Pl 10,907 sqft 2,224 3/2
SOLD 3/30/2009 for $567,000 (CNV) DOM 102
208367 RS S 321 4-5-4-17-23 FS $895,000 4890 Victoria Loop 10,678 sqft 1,780 3/3
SOLD 3/31/2009 for $795,000 (CNV) DOM 321
194409 RC S 171 4-5-8-9-52 FS $2,095,000 7304 Alealea Rd 12,138 sqft 1,740 3/2.5
SOLD 3/31/2009 for $1,700,000 (CNV) DOM 171
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
As you might expect, sales volume is also down, from $53M sold last March 08 to only $23M sold this March. The all time high for March sales volume, going back to 2004 is March 2006 which saw $177M in sales! Year to date, there have been $58M in sales compared to $153M last year this time. The highest year to date was March 2006 with $339M in sales. Islandwide, residential sales totaled $16M, land was $1.5M, commercial was $1.4M, condo’s totaled $4.2M and the business sold for $35K.
Median sales price for residential this past March was $501,500 compared to $681,450 March 2008. However, this is up from last month where the median price for residential was $400,000. March 2009 land median sales price is $265,500, compared to last month which was $217,000. March 2008 the median sales price for land was $681,450. Condos had a median sales price of $220,000 in March 2009, $290,000 in February 2009 and $677,500 in March 2008. Here are the condos that sold in March 2008:
Copyright 4/8/2009 by Hawaii Information Service
Prince Kuhio #402 402 2 1.00 904 87 200,000 3/20/2008 $200,000
Kiahuna Plantation #442 442 1 1.00 640 39 249,000 3/25/2008 $239,500
Kiahuna Plantation #434 434 1 1.00 640 425 309,000 3/6/2008 $245,000
Kiahuna Plantation #414 414 1 1.00 640 41 319,000 3/14/2008 $280,000
Halelani Village At Puhi Ph Ic #DD101 DD101 3 2.00 980 153 360,000 3/7/2008 $320,000
Islander On The Beach #351 351 0 1.00 372 208 399,000 3/25/2008 $330,000
Kalaheo Pali Kai #57 57 3 2.00 1,205 227 479,000 3/3/2008 $380,000
Villas At Puali #92 92 3 2.50 1,392 125 535,000 3/28/2008 $485,000
Hale Moi #220 220 1 2.00 1,033 183 575,000 3/10/2008 $500,000
Kiahuna Ph Ii #73 73 1 1.00 620 155 750,000 3/24/2008 $675,000
Alii Kai Ii Hanalei #14E 14E 2 2.00 1,037 332 725,000 3/19/2008 $680,000
Lae Nani #316 316 2 2.00 1,072 19 749,000 3/10/2008 $730,000
Kuhio Shores At Poipu #410 410 2 2.00 1,059 501 999,995 3/7/2008 $850,000
Kaiulani Of Princeville #64 64 2 2.50 1,781 0 855,000 3/4/2008 $861,070
Kaiulani Of Princeville #65 65 2 2.50 1,901 0 855,000 3/4/2008 $861,160
Kaiulani Of Princeville #63 63 2 2.50 1,901 0 975,000 3/27/2008 $975,000
Waipouli Beach Resort #H203 H203 2 3.00 1,158 0 1,300,000 3/11/2008 $1,300,000
Puu Poa #305 305 2 2.00 1,352 622 2,385,000 3/20/2008 $1,535,000
Kaiulani Of Princeville #43 43 3 3.50 2,443 306 2,150,000 3/20/2008 $1,650,000
Kaiulani Of Princeville #8 8 3 3.50 2,864 0 1,950,000 3/31/2008 $1,939,420
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
If you scroll through these sales, you’ll see there were 20 sales, with the two mid-point sales prices of $675K and $680K which leads to the median price of $677,500. Here are the sales for February 2009. You’ll see there were 11 sales with the mid-point of $290K:
Copyright 4/8/2009 by Hawaii Information Service
Islander On The Beach #167 Maui 167 0 1.00 372 255 199,500 2/24/2009 $162,000
Kawaihau Sports Villa #J201 J201 2 2.00 991 13 171,600 2/26/2009 $171,600
Islander On The Beach #126 126 0 1.00 372 67 240,000 2/27/2009 $200,000
Sun Village-kauai #A206 A206 2 1.00 747 201 252,000 2/27/2009 $215,000
Plantation Hale #F16 F16 1 1.00 633 204 299,000 2/20/2009 $238,000
Banyan Harbor #100 100 2 1.50 924 24 330,000 2/20/2009 $290,000
Emmalani Court #322 322 2 2.00 1,192 245 670,000 2/10/2009 $387,000
Villas At Puali #92 92 3 2.50 1,392 0 399,000 2/26/2009 $395,000
Hale Malu At Puhi #12 12 3 2.50 1,154 83 515,000 2/24/2009 $455,000
Nihilani At Princeville Resort #29C 29C 3 2.50 1,874 488 869,900 2/26/2009 $565,000
Pali Ke Kua Incr I,ii,iii #213B 213B 2 2.00 904 113 1,095,000 2/18/2009 $1,100,000
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Now take a look at March 2009 where there were also 11 sales, with a mid-point of $220K:
Copyright 4/8/2009 by Hawaii Information Service
Kauai Beach Resort #2413 2413 0 1.00 320 9 59,000 3/25/2009 $59,000
Kauai Beach Resort #3227 3227 0 1.00 320 9 79,000 3/27/2009 $79,000
Kauai Beach Resort #3229 3229 0 1.00 320 8 79,000 3/24/2009 $79,000
Kauai Beach Resort #4111 4111 0 1.00 311 5 99,000 3/24/2009 $105,555
Halelani Village At Puhi Ph Ib #R101 R101 2 2.00 750 753 348,000 3/30/2009 $175,000
Sun Village-kauai #A104 A104 2 1.00 747 465 259,000 3/3/2009 $220,000
Poipu Crater #15 15 2 2.00 1,094 197 449,000 3/9/2009 $415,000
Emmalani Court #412 412 2 2.00 1,192 119 509,900 3/27/2009 $450,000
Nihilani At Princeville Resort #8C 8C 3 2.50 1,874 261 761,500 3/12/2009 $600,000
Villas Of Kamalii #11 11 3 3.00 1,825 15 945,000 3/13/2009 $927,000
Whalers Cove At Poipu #117 117 2 2.00 1,318 185 1,925,000 3/27/2009 $1,100,000
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
Yes, those first four sales are for full ownership but it is of a condhotel conversion, which means you are basically buying a remodeled hotel room. Both the Islander and the Kauai Beach Resort sold well but we are now seeing many of the Kauai Beach Resort units on the market for substantially less than what they sold for from the developer, who I hear is heading for foreclosure on his unsold units. If you ever wanted a little place to call your own, these condhotels are an inexpensive way of doing it, although the homeowner fees of $800 to $900 a month might deter you. Keep in mind these are hotel rooms without kitchens.
The information in the above median sales price data is as follows: Name of the complex and unit, the unit number is again repeated, then there is the bedrooms, baths and condo square footage. Next is the days on the market, original price, sold date and sold price. For example,
Whalers Cove At Poipu #117 117 2 2.00 1,318 185 1,925,000 3/27/2009 $1,100,000
Whaler is the complex, unit 117, then the unit number repeated again (117) 2 bedrooms, 2 baths, 1,31,8 sqft, 185 DOM, originally listed at $1.925M, sold on 3/27 for $1.1M. If you’d like a complete copy of the March 2009 Market statistics, click here. Until next month, if you are a serious buyer, call or email for info on a local lender and take advantage of the great pricing and low interest rates. I always recommend a local lender, especially with all the changes, requirements etc buyer’s are facing now when applying for loans. Don’t add to the confusion by using a lender who doesn’t understand some of our local term (ADU, CPR, Condhotel etc) or who has no idea what you are buying. Local lender know the lay of the land, which is a huge benefit when your loan goes into underwriting.
If you are a seller, take a cold, hard look at the number of sales and decide if you are willing to set your price to attract one of these buyers. If not, be realistic and take your property off the market until conditions are more conducive to higher pricing. Don’t worry, that time is right around the corner. Once pricing starts to pick up, buyers should know that their baragaining power will be on its way out the window.
Call or email for the facts. That’s why I’m here.
Aloha Elaine
At Hanalei Bay Black Pot park on a windy day. I love the monochromatic quality of this picture.
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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