Kauai Real Estate Update- While the December numbers are not completely in, I am seeing that Buyers were very busy scooping up condominiums, it was really nice to see those numbers start to take an upward turn. Homes were very close behind condo numbers for outperforming December of 2023. I will have a full report next week for my Year End review.
For Buyers there is still time, I think through this next week or so will still have some good prices and decent inventory. All indicators point to an uptick in real estate activity in 2025, from what I’m seeing now that is the direction things are going.
For now here is last weeks activity on the island of Kauai; Kauai Real Estate Activity December 23 to 29, 2024
Poipu Beach Real Estate- It has been so busy in Poipu this last week. The amount of people walking/jogging/driving on the roads is noticeable and I heard from a reliable source (thank you J.M!) that the Hyatt and Koloa Landing were both at 100% occupancy which, given the amount of traffic, I don’t doubt at all. For the year to date fee simple activity for Poipu Beach click here; Poipu Beach Current Market Analysis
For the Kiahuna Plantation click here; Kiahuna Plantation Current Market Analysis
A New Airline For Hawaii?
Breeze Airways started their company in May of 2021 (according to their website) and have been awarded “Beat Seat Comfort in North America”. Their moto is “The Seriously Nice Airline” and they have a Southwest kind of vibe when you go to their site.
Their current routes are mostly on the Eastern side of the US with some flights to Colorado, Utah, Arizona, Nevada and California and possibly Hawaii.
They are seeking regulatory approvals to fly to Hawaii and across the Atlantic Ocean which is reminiscent of what Southwest did so we know this will not be a quick process.
Breeze founder said he’d like to “go to Hawaii from secondary and tertiary cities”
Following in Southwest footsteps Breeze hopes to update their flag carrier status in the first half of 2025 and then go for their ETOPS certification.
Breeze is making headway in the industry, this past year they have added 29 new cities, 89 routes and have grown their number of seats by 50%. Their secret sauce is they primarily fly into underserved markets, 85% of their flights have no direct competition.
To find out more about Breeze click here; Breeze Airlines Website
Hawaii Direct Rental November 2024 vs 2023 PerformanceUnlike hotels, the data for those doing direct renting is not the most reliable. The State gets its data from VRBO, Airbnb, Booking.com and Tripadvisor which will not take into account the companies that rent condos and homes (Outrigger, Castle Resorts, Parrish, Suite Paradise etc) or those owners who rent strictly off their own website.
Kauai’s Average Daily Rate (ADR) are up from last year and 2019, occupancy is down slightly. Here are the numbers for all the islands;
🍍 Kauai- ADR $368 up +0.6% from 2023 and up +43.3% from 2029
Occupancy 45.6% down -2.6% from 2023
🍍 Oahu- ADR $260 up +9.5% from 2023 and +49.4% 2019
Occupancy 50.4% down -2.6% from 2023
🍍 Maui- ADR $371 up +3% from 2023 and up 51.2% from 2019
Occupancy 53.4% up 1.2% from 2023 and -22.5% from 2019
🍍 Big Island- ADR $256 up 10.5% from 2023 and up 53.1% from 2019
Occupancy 42.2% down -5% from 2023 and -18% from 2019
Hawaii November 2024 vs 2023 Hotel Numbers
Did the election impact travel like it did real estate? I would think so and the numbers show it too. While the ADR (Average Daily Rate) were down, with the exception of Maui, they are still up from the benchmark year of 2019.
Here are the numbers;
🏖️ Kauai- ADR (Average Daily Rate) $364 down -5% from 2023 up 46.8% from 2019
Occupancy 69.7% increase of 1.4% from 2023
🏖️ Oahu- ADR $261 down -3.6% from 2023 up 14.4% from 2019
Occupancy 73.7% down 2.8% from 2023
🏖️ Maui- ADR $506 up +14.2% from 2023 and +2.5% from 2019
Occupancy 58.9% down -9.5% from 2023
🏖️ Big Island- ADR $388 down -6.9% from 2023 up 58.8% from 2019
Occupancy 68% up 1% from 2023
