Through Q1, the market has more or less kept pace with what we saw throughout 2016 – strong prices and strong volume. Also, once again the North Shore has accounted for the bulk of the entire Kauai residential market, approximately 48.5% of the quarter’s $127,000,000 in sales. While the quarter showed an island-wide sales volume drop of about 5% compared to Q1 of 2016, the North Shore had a 9.5% pop compared to the same period last year.
Both North Shore and island-wide residential prices ticked up ever so slightly when compared to last quarter as well as compared to Q1 2016. The residential median sales price for the quarter for the entire island was $660,000, while the North Shore saw a residential median sales price of $1,150,000. Once again, the data shows that prices are currently at their strongest levels since the pre-recession peaks, and these median prices have been both level and stable across the past two years of quarterly data.
Once again highlighting a quarter of real estate news on Kauai is the beachfront transaction activity. The island’s only two sales over $3,000,000 in purchase price were both North Shore beachfront sales for over $10,000,000 – one on Anini Beach and one on Hanalei Bay.
The long-term graphic below displays quarterly median sales prices over the past 11 years. The data is speaking more and more clearly as the variation in the quarterly data has reduced over the past two years. There is a clearly evident leveling off effect as prices have seen a nearly full recovery from their peaks in the 2000′s.
Last year will be a hard act to follow, but it has been a solid first quarter of the year, and not far off last year’s pace. The escrow pipeline also suggests that the second quarter will follow suit.