Kauai Real Estate Activity- To find out what Sold, was Just Listed and what went Under Contract last week on the island click here: Kauai Real Estate Activity January 23 to 29, 2023
Poipu Beach Real Estate Update- I Just Listed Makanui 712, 2 Bedroom 2 Bath Offered At $1,050,000. This renovated 2 bedroom 2 bath is the lowest priced fee simple 2 bedroom condominium in Poipu Beach. Located within the Poipu Kai Resort this is a true ground floor unit with a no stair entry. It lives much like a home with lots of storage and a functional floor plan. Enjoy the video and contact me for more information.
For a complete list of all the real estate activity in Poipu Beach since the beginning of this year click here: Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation Real Estate Update- To find out what has been happening in the Kiahuna Plantation Real Estate Market click here: Kiahuna Plantation Current Market Analysis
Buyers Reentering Housing Market
The thawing of the real estate market appears to be happening in tandem with the softening of interest rates. The National Association of Realtors reported that for the first time since May of 2022 the Pending Home Sales increased in the month of December.
Lawrence Yun, the Chief Economist for the NAR stated “This recent low point in home sales activity is likely over. Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”
What Kauai Buyers and Sellers are doing:
On Kauai the activity in our market is trending upward but at a different pace. The low interest rate driven frantic need to buy is gone and in its place are Kauai Buyers who are slower to write offers and discerning in their selection. The talk from Buyers is one of being regretful of not buying property pre-pandemic and I’m not hearing them say any longer that a crash is coming. The narrative for Kauai Sellers has largely changed as well and their prices are more inline with the current comparables.
Hawaiian Airlines Starts Japan Honolulu To Fukuoka Route
On April 28th Hawaiian Airlines will restart their 3 times a week route to Fukuoka, Japan which was suspended during COVID. It will depart on Tuesdays, Fridays and Saturday, the return flight will be on Wednesdays, Saturdays and Mondays.
The route had a very short run, it started in November 2019 and shut it down in March of 2020.
Currently Hawaiian has daily service between Honolulu and Tokyo’s Haneda and Narita airport along with Osaka’s Kansai airport.
National Real Estate Sales 2022 vs 2021
The data is in to compare how the United States housing market did on a national level at the end of 2022 vs 2021.
Single family homes sales were down 34% from 2021. The Median Price is up 2.3% at $358,800 from $366,900 a year ago marking a 130 consecutive month of year over year increases.
Condominium sales were down 38.2% from last year and the Median Price was up 3.3% to $317.200.
Below is the Pending Home Sales graphic from the National Association of Realtors showing the Month over Month (MoM) Index.