Kauai Real Estate Update- For an update on the real estate activity on the island for last week click here: Kauai Real Estate Update November 13 to 20, 2023
Poipu Beach Real Estate Update- Price Reduced By $25,000 for a total of $105,000 in year to date price reductions. This is the last oversized vacant lot in the Kiahuna Golf Village and the price has just been reduced by -$25,000, it’s now being offered at $1,170,000 which, at $55 a square foot, is an exceptional value. To see more of this listing click here: Kiahuna Golf Village Lot. For a complete list of all the real estate activity in Poipu Beach since the beginning of the year click here: Poipu Beach Current Market Analysis.
Kiahuna Plantation Real Estate Update- Sold, Kiahuna Plantation unit #331 for $395,000 (LH), list price was $425,000 (LH). Last week this unit closed escrow and there are currently 3 that are under contract. For a complete list of all the real estate activity at the Kiahuna click here: Kiahuna Plantation Current Market Analysis
$12.4 Million Dollar Poipu Home Just Listed A pretty spectacular home came up for sale here on the south side. Located in Kukui’ula, this state of the art house is a brand new build with a contemporary style. The grand outdoor sweeping staircase leading down to an outdoor living area with a fire pit and lawn area is just stunning, pretty amazing design overall. This 6 bedroom 6.5 bath home has ocean and golf course views, a Theatre room, infinity pool and much more. To take a tour of this property click here: Tour Hale Keaka
For all the listing details, including photos, click on this link: 3022 Kahalawai Street
Check This Site Before You Drive On Kauai
I will for sure be taking my own advice here from here on out. Last Saturday I was heading into Lihue and hit some traffic on Kaumuali’i Highway that was pretty horrific, so much so that after 45 minutes I turned around and went home. My husband was ahead of me and it took him 1 hour and 15 minutes to get from Tree Tunnel to Puhi, this is normally a 10 or 15 minute drive.
It wasn’t as if we had not been told, there are signs out on the highway saying they will be doing roadwork and you can check the Kauai Lane Closure page on Hawaii’s Department of Transportation site.
A bit after halfway bridge they were doing some guardrail clearing and grass cutting, it went down to one lane from 7 a.m. to 3 p.m. and given that we have just this one road it was a parking lot.
Here is the site and believe me, I’m bookmarking this one! Department Of Transportation Kauai Lane Closures
Kauai Unemployment Rate 2.4%
With practically every business I see having a “Help Wanted” sign on its door front our islands Unemployment rate at 2.4% is no surprise. This number plunged from September of 2022 which was 3.7%. Kauai has the lowest rate out of all the other islands and the State of Hawaii which was at 3.3% in September.
Understandably Maui had the highest unemployment rate at 8.1%. Oahu was at 2.6% which is the second lowest and the Big Island 2.8, both of those island dropped from 3.7 and 3.9 respectively.
Interest Rates Possibly Dropping In 2024
The UBS (Union Bank of Switzerland) and Morgan Stanley both anticipate deep interest rate cuts in 2024 while Goldman Sachs expects rates to drop a bit less drastically. This comes on the heels of the Fed’s Chairperson Jerome Powell saying the tightening cycle may be over after the second consecutive month of them not increasing interest rates.
The anticipated interest rate cuts are expected to start happening mid 2024.
This is all predicated on the current trajectory staying the same.
The next time the Feds meet will be December 1 and it’s anticipated that it will be announced that interest rates will stay the same at that time. Next year the Fed’s will be meeting 8 times and here are the dates:
- January 31
- March 20
- May 1
- June 12
- July 31
- September 18
- November 7
- December 18
Oahu, Maui and Big Island Real Estate Sales 2023 vs 2022
Last week I did a market study on Kauai (for that blog click HERE) and this week we’re looking at the Year To Date real estate activity on Oahu, Maui and the Big Island and comparing that to this same time last year. The current Hawaii real estate market reflects a notable decrease in purchase activity compared to the same period last year. Concurrently, the upswing in interest rates is dissuading many existing homeowners from listing their properties, thereby contributing to persistently low inventory levels nationwide.
The low number of sales skews the Median Price but despite that the numbers are up (for the most part) for condominiums and home prices are not off by much.