Kauai Real Estate Update, Southwest Airlines Flying To Kauai, Oahu-Maui-Big Island Real Estate Upate

Kauai Real Estate SOLD and NEW listings Island Wide! Comments Off on Kauai Real Estate Update, Southwest Airlines Flying To Kauai, Oahu-Maui-Big Island Real Estate Upate

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In Escrow! A listing of mine at the Waikomo Streams went into escrow this last week. Click on the photo to take a video tour of this sweet unit and contact me for more information: Lynda Gill RS 808-346-0056

Kauai Real Estate Update   

For a list of all the properties on the island of Kauai that went into escrow, sold or were just listed last week click here:  Kauai Real Estate Activity April 2 to April 9, 2018

This last week my new listing at the Waikomo Streams went into escrow!  This ground floor corner unit was attractively upgraded to include tiled floors and a full kitchen and bathroom remodel.  If you missed out on this one call me for other options.  For everything you need to know about the Fee Simple market in Poipu Beach click here: Poipu Beach Real Estate Current Market Analysis

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In Escrow! My Sellers of Kiahuna Plantation #54 and I were able to negotiate an offer that we received and we are now in escrow. The list price is $95,000 (LH). Click on the photo for additional information on this unit.

Also this last week….a listing of mine at the Kiahuna Plantation went into escrow!  Unit #54 has a sweet, sweet view of the spacious lawns and twin bridges. For a complete update on all things Kiahuna click here: Kiahuna Plantation Real Estate Current Market Analysis

Oahu, Maui and Big Island Real Estate Update

Last week I blogged about Kauai’s real estate year to date market report and this week I have the other islands information.

Sales in March were slightly down when compared with March 2017, with the number of single-family home sales on Oahu declining by 3% to 313, from 323 sales last year. The median price of those homes sold in March was $760,000, compared to $755,000 in March of last year.
The median price of a condo jumped by 10 percent to $440,000, from $400,000 in March 2017, but the number of sales in March dipped 1% to 505 units sold, from 511 units sold last year.

The median price of a Maui condo in March was $450,000, which was 15.4% higher than the median price in March 2017, which was $390,000. Sales of condos declined 4.5% to 127 units sold, from 133 units sold in March 2017.
The number of single-family homes sold in March declined by 4.8% to 100 homes sold, from 105 homes sold during the same month last year. The median price of a single-family home in March was $680,000, a 10.1% drop from $756,000 in March 2017.

The median price of a Big Island condo last month was $425,000, which was an increase of 16.44% from $365,000 in March 2017. That was based on sales of 85 units, a 4.94 percent increase from 81 units sold over the same time period last year.
Sales of single-family homes rose 4.27% to 244 homes sold in March, from 234 homes sold in March 2017. The median price of a single-family home last month was $387,000, an increase of 2.52 percent from $377,500 in March 2017.

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Southwest Coming To Kauai! I took this photo while watching this news on channel 2.

Southwest Airlines Securing Space At Lihue Airport 

Kauai is the first outer island that is getting the attention of Southwest Airlines.  The airline is taking steps to secure a spot at our Lihue Airport, they already have a space in Honolulu.  Southwest will be paying $13,000 a month in rent for their space pending approval of the Department of Land and Natural Resources.  No word on when they will start flying to Kauai or Oahu.

Meanwhile the CEO of Hawaiian Airlines issued a statement that they are not scared of Southwest.  Speaking to the Associated Press Peter Ingram stated when asked if he’s scared of Southwest coming to Hawaii stated:

“It doesn’t.  We think Southwest is a great airline and we are envious of a 40-plus-year track record of profitability, but it’s really not something new for us to have competitors coming into the market.”

But if the “Southwest effect” holds true for Hawaii routes, Hawaiian Airlines may have to drop prices.  The University of Virginia conducted a study last year that examined 109 routes Southwest started flying between 2012 and 2015. The study concluded that after Southwest started flying a route, prices across all carriers dropped by 15% and passenger volume increased by about 30%.

Real Estate Prices In Hawaii Behind National Real Estate Prices

Home prices in Hawaii rose by a smaller percentage than the national average over the past year and Oahu and Maui are among the markets that are considered overvalued, according to the monthly CoreLogic Home Price Index for February.

Home prices rose by 6.7% nationally, from February 2017 to February 2018, with several Western states posting double-digit increases.

But Hawaii was not among them, with a 4.2% year-over-year increase, according to CoreLogic. In Hawaii, median prices of single-family homes in February rose 2.3% on Oahu, 1.8% on Maui and 6.2% on Kauai, but declined by 4.9% on the Big Island.

Still, Oahu and Maui are considered overvalued, and that could mean slower growth in prices.  Kauai and the Big Island are still in the value zone.

A large percentage of the out of state real estate buyers are from California and that state posted an 8.4% year-over-year increase in home prices in February.  The state is projected to see prices increase by another 10.3% next year, as the national rate is forecast to increase by 4.7%.

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