Kauai Real Estate, Southwest Airlines to Hawaii Update, National Housing Stats

Kauai Real Estate SOLD and NEW listings Island Wide! Comments Off on Kauai Real Estate, Southwest Airlines to Hawaii Update, National Housing Stats

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In Escrow! One of my listings at Poipu Aina, Lot #2-B, is 2.53 acres and has gorgeous mountain views and guesthouse rights! List price: $660,000 (FS) Click on this photo for more information on this lot and call me for available lots if you missed out on this one. Lynda Gill (RS) 808-346-0056

Kauai Real Estate News 

For a complete list of what sold, went into escrow and the new listings for the island of Kauai for all of last week click here: Kauai Real Estate Update January 22 to 28, 2018

In Escrow! Poipu Aina Lot 2B is in escrow, the list price for this 2.53 acre lot is $660,000. If you missed out on this lot contact me for information on other lots that are available. For a complete list of what sold, is in escrow and the current inventory for the Poipu Beach Fee Simple market click here: Poipu Beach Current Market Analysis

My Kiahuna Plantation page has been updated with the latest and greatest news on the real estate activity at this resort. Click here to get informed: Kiahuna Plantation Current Market Analysis

2017 National Housing Report
The national sales data has just become available for us to see how sales in 2017 compared to 2016 on a national level. As you can imagine this data takes a long time to assemble and is always the last of our year end review data to be available.
Existing Home Sales which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.1 percent in 2017 to a 5.51 million sales pace and surpassed 2016 (5.45 million) as the highest since 2006 (6.48 million).

The Median existing home prices for all housing types was up 5.8% at the end of 2017 to $246,800. At the end of 2016 the Median Price was $233,300.

A part of the Median Price rising is the total housing inventory is down 11.4% from last year. At the end of 2017 there were 1.48 million existing homes for sale compared to the end of 2016 which was 1.65 million.

Record Low Unemployment Rate In Hawaii
Hawaii’s unemployment rate has dropped to a record low of 2% last month, compared to 2.9% in December 2016. This is less than half of the National unemployment rate which was 4.1%.

Hawaii Hotel Revenue Sets Record In 2017
Hawaii hotel revenue per available room increased 5.4% in 2017 compared to the year prior, setting a new state record, according to a report by the Hawaii Tourism Authority.

Statewide RevPAR (Revenue Per Available Unit) reached a record $212 for all of 2017, while average daily rates increased 4.1% to $264, also a new annual record. Statewide occupancy averaged 80% in 2017, an increase of 1 percentage point over 2016. The highest average of annual statewide occupancy was in 2005 at 81.1%.

The Big Island realized the largest jump in RevPAR, increasing 11.7% to $185 in 2017.

Maui following with a 8.9% increase to $272.

Kauai hotels recorded an 8.6% increase in RevPAR to $200.

Update On Southwest Flights To Hawaii

CEO of Southwest Airlines said that their goal is to be flying to Hawaii by the end of the year. That being said there are things that are beyond their control which could impact that.

Before taking off for Hawaii, Southwest needs federal approval to operate the over-ocean flights. The airline is working with the Federal Aviation Administration on that now. The approval process can take a year or more and includes special training for flight crews and additional equipment for the aircraft.

While it’s looking like they will be flying here by the end of the year if that does not happen they are very confident they will be selling tickets for flights that start in early 2019.

Kelly said he’s hopeful that Southwest will be flying to Hawaii by the end of 2018, but if it’s not, he’s confident the airline will at least be selling tickets for flights that start in early 2019.

 

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