Hi everyone, here are the Kauai sales stats September 08. The general trend of slowing Kauai mls sales activity and relatively stubborn median prices obviously continued through September (I should add that it did seem as though there were more and larger price reductions this month than in previous months, so that might impact the coming months’ sales.)
I’ll be really curious to see the numbers in the coming months.  Transactions seem to average about 60 days in escrow, so it will be interesting to see the sales numbers in October in November to get a sense of the impact that the ‘Bailout’, etc. immediately had on the market.
This current economic situation is obviously incredibly complex and historically significant, and there’s been an enormous amount of speculation about the impact that the ‘Bailout’ bill will have… in the end, though, it’s just that: speculation. Nobody knows what’s going to happen, or when/how (or if) the markets will recover. So, in the meantime, we’re all in the “wait and see” category.
Personally, I have an immense gratitude for Kauai, and its a gratitude that I experience in a very real and tangible way, every day that I’m here. If credit disappears, and the markets all dry up, and tourism stops, and the country goes into a depression and (insert your own worst-case-scenario here)… that gratitude and that experience isn’t going to go away for me, and I strongly doubt it would for the other 60,000+ people who call Kauai home.
Kimo
October 3, 2008
Looks like major decline if the market. Probably not going hit bottom until late 2009 or later. Especially with so much inventory and the lack of sales. The bail out is not goingf to stimulate the market. There are too many other things that need to be corrected in the economy.
Tourism is going to only continue to drop and the second home market is going to be hit hard. Just be grateful you live in nice place like Kauai. Hope you have a years worth of income saved. You are going to need. Not trying to be negative. Just keeping it real brah.
David
October 3, 2008
I agree (with Kimo) that the bailout will likely have little impact on the Kauai market (one way or the other). The bailed out banks are not going to go back to their free-lending ways for at least a few years.
And I agree (with Matt) that some Kauai sellers have made noticeable price drops during the past week or two. I looked at a number of properties during my recent visit, and several of those sellers have dropped their asking price since that time. for one or tow of them, it may be enough to get a buyer off the fence, but the others are just following the market down, since would-be buyers have likely made corresponding “price drops” in what they are willing or able to pay.
David
October 7, 2008
I think we’re back to “what bailout?” (and it’s been less than a week!).
I Love Island Living
October 13, 2008
If the market crashes, the country hits a depression, everything goes belly up there is still no where I’d rather be then in Hawaii living life on the big island.
David
October 13, 2008
Can’t argue with that. If this blog is about discussing buying and selling real estate in Hawaii (I think that’s what it’s about), that is a big [X] for “buy”. Lots and lots of properties for sale, but asking prices bear little relation to what buyers can/will pay. This is a big [X] for “don’t buy”. Prices will soften, and a few sellers here and there who really want/need to sell will price attractively; buyers will suddenly appear, deals will get done. Just takes time. (Hawaiian time!)