Kauai Real Estate Update- For a complete list of everything that Sold, was Just Listed and the properties that went Under Contract for last week on the island of Kauai click here: Kauai Real Estate Update April 25 to May 1, 2022
Poipu Beach Real Estate Update- Sold! Kiahuna Golf Village vacant lot for the listed price $700,000. This is one of only 4 vacant lots left in the Kiahuna Golf Village and it has a wonderful location at the top of Milo Hae Loop. This level lot backs up to a generous sized greenbelt and it’s perfectly positioned to build a home that has optimal use of the trade winds with a usable back yard. First time this lot has been for sale since the owners bought it in 1990, I really enjoyed representing this lovely piece of land.
Poipu Beach Real Estate Update- to find out everything that is happening in the fee simple market for Poipu Beach click here: Poipu Beach Fee Simple Current Market Analysis
Kiahuna Plantation Real Estate Update- For this information click here: Kiahuna Plantation Current Market Analysis
Crack Down On Vacation Rentals In Oahu
Renting outside of the “resort-zoned” areas in Oahu is going to get a lot tougher starting in October, 2022. What Oahu is doing is what Kauai had done back around 2007/2008 when it was found that there were a lot of vacation renting on Kauai that was being done outside of the VDA (Visitor Destination Area). Back in 2007/2008 Kauai started to penalize owners who illegally vacation renting out their properties, due to the many years of non-enforcement many people were caught off guard. As an island, Kauai has been through what Oahu is going through now.
Waikiki and Ko Olina on Oahu are well known resort areas with many vacation rentals, beyond those areas are neighborhoods suffering with illegal vacation rental activity. It’s estimated that on Oahu there are anywhere from 10,000 and 14,000 illegal rentals. In 2019 it was estimated that 3 out of the 10.4 million visitors stayed in an illegal rental.
Hawaii Hotels Occupancy Nears Pre-Pandemic Level
Statewide for the month of March hotels were at a 75.2% occupancy which is very close to the pre-pandemic March 2019 78.8% occupancy levels.
Kauai and the Big Island were the only two island to exceed the March 2019 numbers. Both islands reported a 80% occupancy rate which is an 8% jump for Kauai and a 1.5 increase for the Big Island. Oahu was down 6 percent to 74% occupancy and Maui had a 5 percent drop to 73.5%.
Kauai also had a 64% gain in the Average Daily Rate (ADR) compared to 2019 at $495.00 a night.
49% for Maui $632.00, 64% for Big Island $420.00 and 6% for Oahu $244.00.
Kauai had the largest jump in RevPAR (Revenue Per Available Unit) up 82% at $373.00. Big Island was up 56% to $337.00. Maui up 40% to $465.00 and Oahu was the only island to drop less than 2% from their 2019 level to $181.00
Hawaiian Airlines To Offer Free In-Flight WiFi
If you fly a Hawaiian Airlines Airbus A330, A321neo or any of their new incoming Boeing 787’s you’ll be able to receive free inflight wifi. No wifi planned so far for interisland flights. Hawaiian Airlines has partnered with “Starlink” which is a service that was created by Elon Musk SpaceX which uses satellites in low orbit to decrease transmission time.
Kauai Real Estate April Year To Date 2022 vs 2021
With the first four months behind us we can look at the real estate data and compare where we are at to this same time last year.
Home Prices Remain Strong, Inventory Low
The run up on housing prices continues. The Median Price for a home on Kauai at the end of April 2022 is 1.2 million. In 2021 it was 1,043,000 which is a 15.05% increase. I looked at the days on market for homes in April of 2022 and the average was 9 compared to 13 in April of 2021. At the time of this blog there were only 83 homes that are active listings on the entire island.
Condominiums Selling Above Asking Price
Condominiums are now following the same trend as residential homes in their sold to list price as more people are getting priced out of the housing market and are buying condominiums instead. The sold price compared to the original list price was 101.5% in April of 2022 compared to 93.2% in April of 2021. Multiple offers and condos selling above the asking price is happening more frequently.
The graph below is general in nature, you are welcome to contact me for more information on how this applies to your specific area of interest.
