Kauai Real Estate Update, Hawaii’s First Corona Virus Case Confirmed, Oahu-Maui-Hawaii Real Estate YTD Update

Kauai Real Estate SOLD and NEW listings Island Wide! Comments Off on Kauai Real Estate Update, Hawaii’s First Corona Virus Case Confirmed, Oahu-Maui-Hawaii Real Estate YTD Update

Kauai Real Estate Activity

For a complete list of everything that Sold, was Just Listed and what went into escrow last week on the island of Kauai click here: Kauai Real Estate Activity March 2 to 8, 2019

Poipu Beach Real Estate Activity- To get updated on the fee simple activity in Poipu Beach since January 1 of this year click here: Poipu Beach Current Market Analysis

Kiahuna Plantation Real Estate Update- I just reduced the price on unit #35 to $395,000. This unit has picture perfect postcard views of the ocean and great lawn. It’s located on the top corner of building 7 which only has six units in the whole building. This particular building has bonus sized louvers in the kitchen, dining area and the master bedroom giving you sweet views of the twin bridges and spacious lawn. The unit has been updated and new furniture from Aspire was installed just last December. For a rental this unit checks every box.
For a complete overview of the Kiahuna Plantation market activity click here: Kiahuna Plantation Current Market Analysis.

Fed’s Cut Interest Rate To Get Ahead Of Corona Virus
A week ago the Fed’s made a dramatic move in response to the impact the Corona Virus is having on the market.
Stocks in the United States spiked only temporarily after the rate cut, as worries about the Fed’s impotence in the face of coronavirus economic risks fueled a market sell-off. Treasuries also surged, pushing the yield on the benchmark 10-year Treasury note below 1% for the first time in history, as investors continued their flight to safe investments.
Rates are now set in a 1% to 1.25% range.
Investors, increasingly nervous that the fallout could dramatically slow growth or even prompt a global recession, looked to central banks, particularly the Fed, to respond decisively to the building threat. Investors expect further rate cuts, and some economists suggested markets had been looking for the Fed to do even more. But investors might also be worried that the central bank is left with little room to avert coming damage from the virus, which has already closed schools, curtailed travel and prompted companies to reduce growth forecasts.
This cut leaves the Fed with limited room to lower rates further should the economy run into danger. Going into the last recession, from 2007 to 2009, the Fed cut rates from above 5%. Now it will have just four quarter-point moves left at its disposal.
Unemployment in the United States remains at a 50-year low, and most economic indicators do not yet reflect virus fallout. As recently as late January the Fed signaled it expected to hold rates steady, with no plans to raise or lower borrowing costs after ushering in three cuts in 2019. But officials were already growing concerned about the virus’s potential effect at its last policy meeting, and in February, the Fed’s are concerned that China’s struggles with the virus could pose broader economic risks.

First Hawaii Case Of Corona Virus Confirmed In Oahu
An Oahu man that was on a cruise from California to Mexico has been confirmed to have the Corona Virus. He did not have symptoms of the disease while he was traveling home, which means he wasn’t at risk for transmitting the disease to others at the time.

Kauai has reduced the number of people that are in self-quarantine from 4 down to 1. Last Friday the State Department of Health was on island to evaluate Wilcox Hospital in a statewide analysis of the ability to handle an outbreak should it occur. It was found that Wilcox has enough beds and the fact that the rooms are private was a huge plus. Testing is done here on Kauai and flown to Oahu to be analyzed, results are known in one day.

While the virus has clearly made an impact my thought is it’s a temporary situation and not one to base your long term plans on. While COVID-19 presents new concerns and uncertainty in the general economy, the impact on our housing market remains to be seen. I anticipate that homebuyers will continue to drive steady activity as they take advantage of historically low interest rates.
Mortgage rates hit an all-time low this week at 3.29% for a 30-year, fixed-rate loan, which Freddie Mac said was the lowest level in nearly 50 years.

Oahu, Maui and Big Island Real Estate Update

Last week I did a Kauai Real Estate market review on where we are at compared to this same time last year. This week I have the information on the other three islands.

Oahu had 247 single-family homes sold in February, an increase of 18.8% from 208 sold in February 2019. Coupled with January’s numbers, a total of 512 homes sold over the two-month period, an increase of 12.8% from 454 during the same period in 2019.
The median price of a single-family home in February was $765,000, which was 3% lower than the median price of $789,000 a year ago. For the first two months of the year, the median price was $767,500, which was just 1.1% lower than $776,000 during the same period last year.
For condominiums, sales declined by 1.6% in February to 316 units, from 321 units in February last year. However, when combined with January, sales for the two-month period increased by 7.4%.
The median price of a condo in February was $430,000, which was a 3.6% increase from $415,000 in February of last year. The median price for the two-month period was $429,500, which was a 6% increase from $405,000 in January and February of 2019.

The median price of a single-family home on Maui was $747,150 last month, which was a 5.4% decrease from $790,000 in February 2019. That was based on sales of 83 houses, which was a 5.1% increase from 79 houses sold in February last year.
The number of condominiums sold on Maui rose by 9.9% in February to 133 units sold, from 121 units sold in February last year.
The median price of a condo last month was $555,000, a 5.7% increase from $525,000 in February of last year.

There were 178 single-family homes sold on Hawaii Island last month, an increase of 15.58% from 154 homes sold during February 2019. The median price of those homes rose 17.8% to $450,000, from $382,000 in February of last year.
Those figures followed a strong January, so sales of single-family homes for the first two months of the year were 30.46% higher than January and February of last year, and the median price for those two months rose 21.47% to $449,450, from $370,000 last year.
For condominiums, sales increased in February by 8.47% to 64 units sold, from 59 units sold in February last year. The median price, however, declined by 15.39% to $321,500 from $380,000 last year.
Year-to-date sales for January and February were unchanged, but the median price declined by 1.43% to $345,000, from $350,000.

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