Kauai Real Estate Update- For a complete list of the real estate activity for the last week on the island of Kauai click here: Kauai Real Estate July 3 to 9, 2023
Poipu Beach Real Estate Update- For the real estate information on the fee simple market in Poipu Beach since January 1 of this year click here: Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation- Just Listed Kiahuna Plantation 122 where it is all about the ocean views. Enjoy white water ocean views from this top floor unit at the Kiahuna Plantation. Being located on the top floor your able to take advantage of the trade winds but you have the option of using AC as well. For a complete list of all the real estate activity since the beginning of this year at the Kiahuna click here: Kiahuna Plantation Current Market Analysis
Amazon Prime Day Includes Hawaii Travel
July 11 and 12th are Amazon Prime Days and for the first time they are partnering up with Priceline with Hawaii Hotel Travel Deals. These deals will also be offered on a national level and some international destinations as well. This is the first time this has happened, it’ll be interesting to see these two Giants work together. This is not the first time Amazon has tried to enter into the travel market, they had launched “Amazon Destinations” but it was not successful.
In other Amazon news: they have partnered up with Hawaiian Airlines who will fly and maintain 10 of Amazons own Airbus 330’s for their cargo. There is an option for the companies to expand if this goes well.
Lihue Airport Numbers At The End Of June 2023
For the first six months of this year the arrivals at the Lihue Airport were 419,234 which is down 5.83% from 445,222 in the first six months of 2022. With the travel restrictions lifting in 2021 last year was dubbed the “travel revenge year” and for the first time our island had over 900,000 arrivals.
Visitors Are Spending More- while the number of arrivals might be slightly down they are spending more, 31.1% more. At the end of May visitors had spent $1.08 billion dollars on our island, the significance of this is it’s the first time we’ve reached that number at the end of 5 months.
The Oahu tourism market is greatly impacted by the Japanese visitors and their numbers are not as good due to the exchange rate. For Kauai Japanese travel has little to no impact. It’s anticipated that the exchange rate between the Yen and the U.S. dollar will drop to 130 yen by the end of the year. This they hope will help their numbers.
Oahu, Maui and Big Island Real Estate 2023 vs 2022
Last week I did an in-depth review on the first 6 months of the Kauai real estate market and compared it to 2022 (for that blog click HERE). As noted last week with 6 months of data behind us the Median Prices getting somewhat more realistic, the same is happening state-wide. Condominiums are doing well on the other islands just like here on Kauai.
Lack of data skews these numbers and a good example is the Kauai Condominium market. In every district that Median Price was up from last year at the end of June however there is an overall -1.44% decline which is a false read as it’s due to the -35.06% number of sales. Sales are lower with the lack of inventory.