Below you will find a sample of some Kauai relevant market statistics from Q1 ’16. If you’d like to explore the numbers a bit deeper, check out the Q1 2016 Kauai Snapshot.
Q1 just about mirrored 2015 in residential sales volume island-wide with about $131,00,000 in Q1 2016 versus roughly $135,000,000 in 2015. Despite a similar sales volume to last year, there was a large increase in the number of residential transactions, a roughly 32% jump (121 versus 92 in Q1 ’15).
The North Shore of Kauai ironically saw the opposite trend emerge from the data. The North Shore was flat in number of transactions (down from 33 in Q1 last year to 31 this past quarter), but saw a significant decrease in sales volume. The North Shore saw only $56,000,000 in residential sales volume this quarter as opposed to $90,000,000 last year. This ~38% drop can somewhat be explained by the $42,000,000, four home compound that was purchased on the North Shore in Q1 of 2015. With that sale omitted, North Shore residential sales are very comparable to last year by both number of sales and a sales volume metric.
Pertaining to the North Shore, we also want to point out the growth in land deals compared to the same period last year. Year on year, this quarter saw a 114% growth in number of North Shore land transactions and a 512% increase in sales volume.
Finally, we point out that the Koloa (South Shore) district continued its strong performance from Q4 2015, particularly in residential and condominium transactions. Koloa’s Q1 residential sales number transactions were up 105% and residential sales volume was up 66% year on year. Similarly, Koloa’s condo transactions are up 69% in number of transactions and 182% in volume.
The long-term graphic below displays median sales prices for Q1 over the past 11 years. Over this 11 year stretch, North Shore Q1 prices are well within the Q1 median price range during the years 2006 to 2009, however, they are well off the Q1 peak in 2007.
Strong Q1 for Kauai
Hawaii Life had its biggest quarter ever on Kauai with over $101,000,000 in volume during the first three months of the year. For a season that is typically a bit slower in the Kauai cycle, we are very encouraged by the action we’ve been seeing.