Kauai Real Estate Update- For a complete list of the real estate activity that took place last week on the island of Kauai click here: Kauai Real Estate November 16 to 22, 2020
Poipu Beach Real Estate- SOLD! I represented the Seller and brought in the Buyers for a 2/2 listing I had at Poipu Shores unit A105. Love, Love, Love this unit with its extra wide floor plan.
Also this week I successfully negotiated an offer on a 2/2 at Makahuena and it also has an extra wide floor plan that only two units in that complex have. My Seller has an exceptional eye for renovating and décor which Buyers always commented on.
For a complete list of the fee simple activity in Poipu Beach since January of this year click here: Poipu Beach Current Market Analysis
Kiahuna Plantation Real Estate Update- Unit #423 is my listing and it was the lowest priced unit at $79,000 (LH) and we are now in escrow! For a complete list of all the real estate activity at the Kiahuna since the first of this year click here: Kiahuna Plantation Current Market Analysis
Hawaii To Get Vaccines As Early As December 11
Hawaii health officials have been given the date of December 11 to receive the states first round of 44,000 COVID-19 vaccines. The state has been working these last couple of months on a distribution plan so there will be no delays in giving out the first round. Lt. Governor Josh Green stated “We think by mid-December we can be vaccinating people, it could even come more quickly; we’ve been instructed to be ready with just 24-hours’ notice if they get approved when one starts shipping drugs.”
First in line to get the vaccines are health care workers, first responders and the elderly. Next it will be those that have health issues and immune disorders. Lastly it will go to the general public and the projection date for that is the spring of 2021. The vaccine is two shots that are taken three weeks apart.
Hawaii Governor Adjusts Quarantine Exemption Procedure
The program for visitors to provide a negative COVID test upon arrival to our state to avoid the 14 days quarantine has been successful. In fact about 94% of the visitors have taken part of this program. It’s those 6% that have not, or the ones that arrive with results pending, that have the state adjusting the rules.
Starting today (November 24, 2020) those traveling to our state need to have in hand a negative COVID test that was taken within 72 hours of boarding the plane. If the test results are not available by the time you leave then you must quarantine for 14 days and there will be no exceptions.
Hawaii To Open Up Travel To Canadians
Starting mid-December the pre test program will be open to Canadian travelers coming to Hawaii. This is favorable to Kauai as the Canadian market is really our only foreign market for both visitors and real estate buyers. The other countries frequent Oahu, Maui and the Big Island.
A WestJet representative said that gate agents will be verifying that customers traveling to Hawaii have a negative result and uploaded the documents. Timothy Liu, managing director of sales planning at Air Canada said at the press conference that the airline company looks forward to once again servicing Honolulu and Maui flights from Vancouver and Calgary
National Real Estate Update
We’ve looked at the state of Hawaii real estate statistics for 2019 vs 2020 sales and I now have the National Data. Here are the highlights:
- Existing-home sales grew for the fifth consecutive month in October to a seasonally-adjusted annual rate of 6.85 million – up 4.3% from the prior month and 26.6% from one year ago.
- The median existing-home price was $313,000, almost 16% more than in October 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months – a record low – at the current sales pace.
- More than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.
- Distressed sales5– foreclosures and short sales – represented less than 1% of sales in October, equal to September’s percentage but down from 2% in October 2019.
- Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 730,000 units in October, up 5.8% from September and up 25.9% from one year ago. The median existing condo price was $273,600 in October, an increase of 10.3% from a year ago.
Lawrence Yun, the Chief Economist for the National Association of Realtors released this statement:
“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year. The surge in sales in recent months has now offset the spring market losses. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market’s growth to continue into 2021.” Yun forecasts existing-home sales to rise by 10% to 6 million in 2021.