Kauai Real Estate Update- In addition to a large number of properties going under contract this last week there were 6 properties that either sold or went under contract out of the 20 that came on the market, leaving us a net sum of 14 new properties that were listed. More properties are coming off the market than coming on the market.
For a complete list of everything that was Just Listed, Sold or went Under Contract last week on the island of Kauai click here: Kauai Real Estate Activity February 27 to March 5, 2023
Poipu Beach Real Estate Update- Price Reduction Alert- the Seller of Poipu Shores 201A has done a significant price reduction at $265,000 bringing this oceanfront 2-bedroom 2-bath condominium to $1.4 million. This unit has an exceptional location within the resort with along with superior ocean views. Now offered at $1,400,000. Rental income available upon request.
For the Poipu Beach real estate market update click here: Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Kauai Tourism Numbers Rebounding
The director for the Kauai Board of Tourism stated that Kauai’s tourism has come back strong in a short amount of time and that our escalating tourism numbers are reflecting a pent-up demand for travel.
Kauai had a 26.1% uptick in the number of tourists for the month of January 2023 compared to January 2022 going from 84,828 arrivals to 106,980.
Not only are they coming back to Kauai but they are spending more.
Visitor spending increased by a whopping 45.6% going from $161.1 million to $234.6 million. This is especially significant when you factor in the 2019 spending number of $176.5 million.
International Numbers Lagging. For the state this is an issue but not so much for Kauai with the exception of Canada which is the only international traveler that frequents Kauai. Arrivals from Canada for the state were down 19%.
Here are the January numbers for the rest of the state:
Oahu- 435,833 visitors in 2023, 277,228 in 2022. Spending up at $751.2 million vs $566.7 million.
Maui- 228,743 visitors in 2023 and 183,278 January 2022. Spending $625.2 million vs $424.5 January 2022.
Big Island of Hawaii- 148,376 visitors January 2023 vs 110,697 in 2022. Spending up slightly at $260.1 million compared to $235.6 million in January 2022.
$223,000 Grant To Kauai Humane Society
Our small island struggles with the over population of stray cats and dogs. In 2022 Kauai Humane Society took in 1,000 stray cats and dogs alone, this is on top of the ones brought in because peole were moving or couldn’t take care of them. To combat this the Kauai Humane Society feels the best way is through spaying neutering and a $233K grant from the State of Hawaii will help significantly with this.
Not only does a homeless cat or dog have increased odds of dying from starvation, disease, getting hit by a car but they also jeopardize Kauai’s fragile endangered species population.
The cost to spay or neuter and animal has been reduced to $35 from the previous $50 for cats and $125 for dogs, this will also include a microchip.
Kauai Real Estate Year To Date Statistics
The first two months of housing data are in however the low number of homes that have sold are skewing the numbers, example; at the end of February 2023 island wide we sold a total of 40 homes compared to 96 last year, that’s a -58.33% drop. Getting down to the micro markets on the south shore sold 7 homes at the end of February 2023 compared to 29 in 2022! It’s hard to imagine that on the entire south shore which is Poipu Beach, Kalaheo, Omao, Lawai, Koloa and Eleele we’ve only sold 6 homes in two months. That’s just nuts but it makes sense when you figure that on the south shore we only have 4 active residential listings under 1 million, that’s it.
With buyers priced out of the housing market the condominium market is faring better and the numbers are a bit easier to gage however that will be changing as this inventory diminishes.
Below is a graph of our activity, to find out how this relates to your area of interest your welcome to contact me for a more in depth analysis.