Below you will find a sample of some Kauai relevant market statistics from Q2 ’16. If you’d like to explore the numbers a bit deeper, check out the Q2 2016 Kauai Snapshot.
On the heels of a very strong Q1, Q2 continued that trend. Island wide, residential sales volume topped $136,000,000 versus $124,000,000 over the same period in 2015, a 10% increase. For this market segment, prices stayed about level with an uptick in number of sales driving the volume increase.
The North Shore residential stats, relative to last year, had some subtle differences from the island-wide statistical trends. Sales volume was relatively flat at $62,000,000 in Q2 ’16 versus $64,000,000 in Q2 ’15, yet there was a significant drop in number of sales relative to last year – only 35 this quarter versus 44 a year ago. The difference in sales volume specific to the North Shore was an increase in median sales prices, up 29%. While year on year prices were relatively flat on the rest of the island, North Shore prices surged.
Another emerging North Shore market trend has been an uptick in the very high end (over $10M) inventory. There are currently 17 properties listed on the North Shore of Kauai, with four coming on the market in the past quarter. In the past 12 month period, four properties on the North Shore listed over $10M have sold. At such a sales pace, today’s market exceeds a four year supply of such properties.
The long-term graphic below displays median sales prices for Q2 over the past 11 years. Over this 11 year stretch, North Shore Q2 median prices in 2016 matched prices at the 2006 peak. Island wide, however, median Q2 prices are still increasing, but still well off the peak from 10 years ago.
Though supply has seemed to increase and the pace of offers diminished a bit over the past quarter, sales volume was again very strong for our team and the market in general.