March 08 Market Statistics

Aloha,

I wanted to get caught up with market statistics before May gets here. It's always interesting to see how we're doing this year as it compares to last year. Since I did not post the February Statistics, and the March Statistics are the most current, I'm posting the Febuary Statistics here 2008-february.pdf for those of you who like to review the numbers month by month.

As for the March numbers: Islandwide home sales are off by 18% compared to March 07 and are off by 37% year to date. The biggest decline for the month of March is in the Waimea zone which has 6 sales in March 07 and none in March 08. Year to date, Koloa had the largest decline, with 36 homes closed year to date last year and only 16 this year, for a 20% reduction.

Condominiums were down Islandwide year to date with 38 selling last March and only 20 this March for an 18% decline. Islandwide, sales are down 35% going from 91 year to date in ‘07 to 56 year to date in ‘08. Lihue had the greatest monthly decline, with 11 sold in March 07 compared to 2 selling this March. Year to date, Lihue also led the pack with 35 sold last year at this time compared to 10 sold up to March 08.

Sales Volume is pretty much down overall, with houses off by 51% for the month of March 07 compared to March 08 and 41% year to date, Islandwide. Condos are also down by 42% for the month of March with an overall 24% decline in volume year to date this year compared to last year in March. There are a few bright spots, primarily in land where there was a 42% increase in Waimea in March with $210K in sales in March 07 and $300K for March 08. Koloa also saw an upswing in land sales comparing March 07 to 08, with $3.035M of sales in 07 and $6.342M this March, probably caused in part by the on-going Kukui'ula sales. Overall, Koloa is up year to date on land sales with $14.750M sold this time last year compared to $15.737M this year.

As you might expect, the median sales price is up, with homes increasing Islandwide 1.14% in March and 2.88% year to date. Condominiums were up 19% comparing March 07 to 08 and 26% comparing year to date 07 to 08. To put this in the most simplistic terms, it means that more high end units are closing than first time or move up properties which makes sense. Despite the fact that is it a buyer's market, many first time buyers as well as move up buyers are having a difficult time qualifying for loans with today's stingent guidelines whereas the more affluent have more capital to invest. To view the complete March 08 Statistic report please go here.

Any questions, you know who to ask! I'm here for you.

Aloha, Elaine

Elaine Schaefer (R, GRI, ABR)
Broker in Charge - Princeville Resort Office
Graduate, Realtor's Institute
Accredited Buyer's Representative
Top Producer 100% Club

RE/MAX Kauai
Princeville Resort Office
POB 223632
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
email:soldonkauai@yahoo.com
website: www.kauairealestatenow.com

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ask me how!