Kauai Real Estate Update- For a complete list of everything that Sold, was Just Listed or went Under Contract last week on Kauai click here: Kauai Real Estate Update May 15 to 21, 2023
Poipu Beach Real Estate Update- I hiked Mahaulepu with a friend over the weekend and got this footage from Shipwrecks cliff. There was a boogie boarding contest happening in front of the Hyatt and the mood was fun and festive! To catch up on what has been happening in the fee simple market in Poipu since the beginning of the year, for that link click here: Poipu Beach Fee Simple Current Market Analysis
For the Kiahuna Plantation click here: Kiahuna Plantation Current Market Analysis
Kauai Economic Forecast From University of Hawaii
UHERO (University of Hawaii Economic Research Organization) has been the State’s main source for economic data. Their quarterly report stated that Kauai tourism activity will insulate it from any threats of recession.
Here are some key points from the report:
*Kauai’s popularity is evidenced by the number of visitors which is clocking in at more than 100,000 per month.
*1,396,000 visitors are predicted for 2023 a 3.8% uptick from 2022.
*Kauai is the only island with a higher hotel occupancy than 2019.
*Visitor spending is up 12% from 2019.
Kauai The Only Island To Increase April Hotel
The hotel numbers are in for the month of April and out of the four counties Kauai came out the clear winner when compared to the pre-pandemic year of 2019.
Hotel Occupancy Rates:
Kauai- 75% up 8.7% from April 2019
Oahu- 78.5% down 1.4% from April 2019
Maui- 65% down 13.5% 65%.
Big Island- 69.6% down 5.8% from April 2019
Average Daily Rate (ADR)
Kauai $408
Oahu $272
Maui $609
Big Island $430
Hawaiian Airline New Route & More Flight Delay Troubles
A week ago Friday was a nightmare for Hawaiian Airlines passengers statewide after the airline lost their internet from 9 a.m. to noon. The domino effect on a Friday was massive as dozens of flights were delayed from taking off.
This was not the fault of Hawaiian Airlines and they were not alone in the loss of internet service, but this incident comes a too close on the heels of their April 18/19, 2023 system melt down when they switched their Reservation system and hundreds of flights were delayed for several days.
Hawaiian Airlines, Bank of Hawaii, Hawaii Pacific Health and Queens Medical Center were all impacted when DR Fortress, their internet provider, was performing a maintenance issue which caused the entire system to reboot.
On a happier note; A Hawaiian Airlines flight to the Cook Islands will resume after stopping in 1993. Flight HA495 will fly out on Saturday from Honolulu at 4 p.m. to Rarotonga and will depart at 11:35 p.m. on Sunday.
April Year To Date Condominium Sales 2023 vs 2022
I had done my video on home sales at the end of April 2023 vs 2022 ( for that video, and complete market report click HERE ) and this week I have the video for condominiums. The condominium market is having their moment with the rise in residential home prices.
This information is general in nature and, especially with condominiums, may not be accurate for your particular area of interest. You’re welcome to call me to discuss. Enjoy!
