How Did Real Estate on Kauai Do in 2015?

2015 was a busy year in real estate, and most properties sold relatively quick and close to asking. 

Kauai real estate agents sold a total of 484 homes, 7 more residential homes than the previous year for an increase of 3.64% over 2014. The 2015 median sales price for a residential home on Kauai jumped from $533,000 to $613,500, an increase of 15.10%. On average, homes on Kauai are selling within 93% of the asking price. The average days on the market for these homes were 128 days, a little over 4.26 months.

Condo sales on the island are up by 28.57% over last year. A total of 361 condos were sold over last year’s total of 328. This was an increase of 10%. The median price for a condo on Kauai went up by 7.09% on the island. The median sales price for a condo on Kauai during 2015 was $370,000. Condos on Kauai, on average, sold for 95% of the asking. They are selling with an average of 136 days on the market, just a little over 5 months.

Vacant land sales on Kauai slipped for a total of 132 vacant land parcels sold on the island. This was a decrease by 60 land parcels, or a 31.21% decrease. Although vacant land sales decreased, the median price went up by 7.69% to $350,000. Vacant land parcels sold at 93% of their asking price and took an average of 221 days to sell, or a little over 7 months.

Kauai Real Estate Sales Statistics By Division

Below you will find some interesting information and a further breakdown of Kauai real estate sales statistics by division. Kauai is broken down into 5 areas known as districts: Waimea, Koloa, Lihue, Kawaihau, and Hanalei. Each area presents its own unique market, which is different from one another.

Waimea

Waimea district is an area on Kauai’s west side from Kekaha to Eleele. This is the most affordable area on the island. 29 homes were sold on the west side this year, which was 10 less than 2014. The median price for a home on the west side of the island for 2015 was $400,000, an increase of 23% of last year’s median sales price of $325,000. West side homes are taking an average of 143 days to sell, almost 5 months, and are selling within 94% of the asking price. 

There were only 4 vacant land sales in Waimea district this year, for a median of $96,250. No condos were sold on the west side this year. There is only one condo complex on the west side of Kauai.

Koloa

Koloa district is an area that goes from Kalaheo through Lawai, Omao, Koloa, and Poipu. This area is otherwise known as the “Sunny South Side.” The number of homes sold in Koloa fell this year by 8 homes for a total of 102 homes sold. The median price for a home on the south side is $682,500. These homes are taking an average of 162 days to sell, a little over 5 months. They are selling within 96% of the asking price. 26 homes in the Koloa district sold for over $1,000,000. The highest sales price for a home on the south side was $4,800,000, a home in Kukui’ula.

Condo sales in Koloa increased by 26.39% for a total of 91 condos sold in 2015. The median price for a condo on Kauai’s south side was $392,000, this was a decrease of 1.56% from 2014 median of $398,200. There were 3 condos in Poipu that sold for over $1,000,000. The highest priced condo in Poipu to sell in 2015 was Poipu Kapili #54, which sold for $1,125,000. The average days on the market for a condo to sell in Koloa was 193 days, a little over 6 months. Condos in Koloa are selling within 94% of the asking price.

Vacant land sales in Koloa were down by a whopping 47.89%, 34 less land sales than 2014. Koloa sold a total of 37 land parcels in 2015, which took an average of 184 days to sell, a little over 6 months. These land parcels sold, on average, within 97% of the asking price.

Lihue

Lihue is our central area on the island where the county building, state building, and our largest business district lives. This area is a very popular area to own a home as it is centrally located and close to the airport/hospital, Kauai Community College, and shopping. Because of this central location, homes in Lihue are highly desired and inventory is low.

Residential sales in Lihue were up this year by 3 more sales than 2014. The median price for a home in the Lihue district increased by 7.69% for a median of $476,000. Homes in Lihue are selling at 97% of the asking price and are taking an average of only 70 days to sell. The low inventory and high demand is the leading factor in the short days on the market and the high list/sale percentage.

Condos in Lihue did well in 2015. Lihue sold a total of 113 condos for 2015, 27 more than the year before. The median price for a condo in Lihue went up to $205,000, an increase of 16.81% over last year’s median. Condos in Lihue are selling quick, at an average of 63 days, and are selling at an average of 98% of the asking price.

Vacant land in Lihue also did well. There were 14 vacant land sales in Lihue this year, which is an increase of 27% over last year’s land sale total of 11. Lihue is an area where not much land is available and acreage is almost non-existent, therefore the lower number of land sales as compared to the other districts. The median price for a piece of land in Lihue is $285,750. Vacant land sales averaged 94% of the asking price and were on the market for an average of 244 days, which is a little over 8 months.

Kawaihau

Kawaihau is our largest populated area on the island. There is something for everyone in Kapaa – acreage, smaller land parcels, ocean views, mountain views, waterfalls views, condos, and a price point for everyone. 

A whopping 157 homes sold in the Kawaihau district this past year. The median sales price for a home in Kapaa was $509,000, an increase over 2014’s median of $476,250. Homes in Kapaa sold on average this past year at 94% of the asking price and at only 107 days on the market. There were a total of 13 homes that sold in this district for over $1,000,000. The highest priced home to sell in the Kawaihau district was a custom build Kealia Kai home formally owned by Avatar star Sam Worthington. The 5-acre, 4,352 sq.ft. home (MLS# 285697) sold for $4,200,000 after 60 days on the market. It is currently back on the market with an asking price of $5,950,000 as of 1/5/2016.

Condo sales in Kapaa this year took a dive. We sold 61 less condos than we did the previous year. This lack of sales was directly due to the lack of inventory. We lack 2 bedroom condos and our condo inventory of active listings on the market under $400,000 is very slim. The median sales price for a condo in Kapaa, otherwise known as the Coconut Coast, was $251,000 for 2015. Condos in Kapaa sold, on average, within 96% of the asking price and were on the market for 156 days.

The number of vacant land parcels that sold this past year fell as well. We sold 48 vacant land pieces in Kawaihau vs. the 61 that sold in 2014. The median price for a vacant land piece in Kapaa remains only $2,000 more than last year, at $252,500. These vacant land parcels that sold were on the market for an average of 215 days and sold within 87% of the asking price.

Hanalei

Hanalei district starts in the Waipake/Moloaa area and goes North through Kilauea, Princeville, Hanalei, and all the way to Haena. Hanalei district comes with the highest price tag. It has everything from residential subdivisions to large Ag land parcels, private estates, beachfront homes, bluff hideaways, transient vacation rentals and condos.

The median sales price for a home in Hanalei is a whopping $1,150,000. This is an increase of $175,000 over last year’s median of $975,000. The high median sales price in the Hanalei district is due to large high-end estate and beachfront estate sales. There were a whopping 70 properties that sold in the Hanalei district for over $1,000,000; 21 of those were sales between $2,000,000 and $5,000,000. There were 14 sales in the Hanalei district over $5,000,000 this year. 6 sales were between $5,000,000 and $7,000,000. The next sale was at $9,500,000 and there were 7 sales at or above $9,500,000, with the highest price residential home in Hanalei district selling this year at $13,500,000. These homes sold with an average 92% of the asking price and were on the market for 147 days, almost 5 months.

Condos on Kauai’s north shore did well with a total of 96 condos sold, 10 more than the previous year. The median sales price of a condo on the north shore of Kauai was $554,500 for 2015. This is an increase of $77,500 from 2014. 8 of these condos sold for over $1,000,000 and the winner for the highest priced condo sold on Kauai’s north shore for 2015 was Kaiulani of Princeville #19; a 3 bed/3 bath condo of approximately 2,864 sq.ft. which sold for $2,100,000 after only 41 days on the market. Condos on Kauai’s north shore are selling on average at 95% of the list price and are taking an average of 155 days to sell, just over 5 months.

And lastly, vacant land sales on the beautiful north shore of Kauai. There were a total of 29 vacant land parcels sold this past year. This was 13 less sales than the year before. The 2015 median sales price for vacant land in the Hanalei district is $482,000, a decrease from the 2014 median of $496,500. Vacant land sales are selling at an average of 275 days on the market. They are selling within 91% of the asking price.

There were a total of 4 land sales on the north shore sold for over $1,000,000. And the winner of the highest land sale goes to 3769 Punahele Road in Princeville. This ocean bluff property of 17,030 sq.ft. sits perched above Queen’s Bath and has spectacular coastline and Bali Hai views. It sold for $2,500,000 all cash after 482 days on the market. I guess sometimes it pays to wait for the right buyer!

Want to Know More?

If you would like to know more specific details about a neighborhood or condo complex, or have questions regarding offering on or selling property on Kauai, please call me today. I am happy to get back to you within 24 hours with any questions you may have.