Islandwide, the 1st quarter was fairly flat as compared to 2016 with the exception being vacant land in the Poipu and Koloa region of the island. The south side of the island realized a 214% increase in total number of land sales (from 7 to 22) thanks to newer developments such as Wainani and Poipu Beach Estates offering competitive pricing for someone looking for a place to build their dream home while also having the ability to vacation rent it. Vacant land on the north shore realized a 7% increase over last year.
The median sales price for residential of $651,000 was almost identical to 2016 islandwide. Although we had an increase in number of sales in vacant land, the median price was down substantially from 2016 with a 19.5% decrease on the south shore and a 48% decrease on the north shore. The luxury home market is a bit quiet YTD, with only 10 sales recorded over $2M in the first quarter compared to 16 sold in the first 3 months of 2016. Only 2 of those 10 sales eclipsed the $3M mark.
One thing to keep in mind in terms of these large increases or decreases is the fact that Kauai is very much a second home market. It only takes 1 or 2 big sales (or lack thereof) to really alter these figures.
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