Below you will find a sample of some Kauai relevant market statistics from Q4 ’16. If you’d like to explore the numbers a bit deeper, check out the Q4 2016 Kauai Snapshot.
The year closed with a very strong fourth quarter. Residential sales volume for Q4 jumped nearly 10% compared to Q4 2015 with volume over $157,000,000 relative $144,000,000 one year earlier, and this momentum has carried over into early 2017 as well. In addition to strong numbers in the residential segment, sales volume also jumped substantially in the vacant land and condo segments, indicating an all-around strength in the market.
Island-wide median residential prices saw a slight uptick in Q4 compared to one year ago, climbing 1.79% to $626,000 instead of $615,000. Number of residential sales island-wide also increased from 129 transactions in Q4 2015 to 153 transactions in Q4.
The highlight of the Q4 Kauai market is most certainly the large amount of action for premium beachfront locations. The quarter saw two beachfront Hanalei properties sell for over $10,000,000, with a third beachfront Hanalei home going into escrow. The North Shore residential segment in general did the heavy lifting for the residential market performance with over $70.2M in residential North Shore sales volume in the quarter, comprising almost 45% of total island Q4 residential sales volume.
The long-term graphic below displays quarterly median sales prices over the past 11 years. Based on this data, median prices seem to have leveled off over the past 2 years.
The fourth quarter certainly finished strong as we had anticipated, and the strong overall quarter for the market helped propel our sales volume for 2016 to our highest annual total ever for on-market transactions with over $170M in sales volume. As mentioned, 2017 is off to a start that keeps pace with 2016, and we’re excited to see what the rest of the year brings.