The month of February ended with 25 sales Island wide down from 57 in February 08 but up from January 09 that only posted 20 overall sales. Year to date we have had 45 sales compared to 107 this time last year. The high point for February was in 2004 when 130 properties changed hands.
Of the 25 sales, 11 were residential, 4 vacant land, and 10 were condos. There was 1 house sold in the Waimea zone, 3 houses and 3 lots sold in Koloa zone, 1 house, 1 lot and 3 condos sold in Lihue zone, 3 homes and 4 condos in Kawaihau and 3 houses and 3 condos in the Hanalei zone.
Sales volume decreased by 80% comparing February 08 to 09, with $54M in sales in 08 and $10M in 09. Year to date shows an overall 66% decrease between the end of February 08 and 09. Clearly, pricing is down but it also appears that it is the lower end properties that are selling. Just for fun, I pulled up all the sold transactions for February 09:
Copyright 3/9/2009 by Hawaii Information Service
217913 T S 24 4-3-2-5-8-100 FS $330,000 Banyan Harbor #100 924 #100 2/1.5
SOLD 2/20/2009 for $290,000 (CNV) DOM 24
220490 T S 0 4-3-3-3-39-92 FS $399,000 Villas At Puali #92 1,392 #92 3/2.5
SOLD 2/26/2009 for $395,000 (PMM) DOM 0
217008 T S 83 4-3-3-3-37-12 FS $485,000 Hale Malu At Puhi #12 1,154 #12 3/2.5
SOLD 2/24/2009 for $455,000 (CNV) DOM 83
210870 T S 255 4-4-3-2-13-186 FS $148,000 Islander On The Beach #167 372 #Maui 167 0/1
SOLD 2/24/2009 for $162,000 (ASSUM) DOM 255
218530 T S 67 4-4-3-2-13-61 FS $225,000 Islander On The Beach #126 372 #126 0/1
SOLD 2/27/2009 for $200,000 (CASH) DOM 67
212327 T S 204 4-4-3-2-17-96 FS $255,000 Plantation Hale #F16 633 #F16 1/1
SOLD 2/20/2009 for $238,000 (1031, CNV) DOM 204
219941 T S 13 4-4-6-16-5-29 FS $171,600 Kawaihau Sports Villa #J201 991 #J201 2/2
SOLD 2/26/2009 for $171,600 (CASH) DOM 13
199453 T S 245 4-5-4-12-10-19 FS $480,000 Emmalani Court #322 1,192 #322 2/2
SOLD 2/10/2009 for $387,000 (CNV) DOM 245
201267 T S 488 4-5-4-5-24-87 FS $599,000 Nihilani At Princeville Resort #29C 1,874 #29C 3/2.5
SOLD 2/26/2009 for $565,000 (CNV) DOM 488
214678 T S 113 4-5-4-12-5-31 FS $1,195,000 Pali Ke Kua Incr I, ii, iii #213B 904 #213B 2/2
SOLD 2/18/2009 for $1,100,000 (CASH) DOM 113
210346 LN S 0 4-2-1-1-19 FS $147,500 278 Huehu Rd 10,135 sqft
SOLD 2/18/2009 for $147,500 (CASH) DOM 0
220371 LN S 19 4-2-3-2-18-3 FS $227,500 Waha Rd #3 2.27 ac
SOLD 2/13/2009 for $225,000 (CNV) DOM 19
215889 LN S 148 4-2-3-2-18-2 FS $269,500 Waha Rd #2 1.00 ac
SOLD 2/12/2009 for $225,000 (CNV) DOM 148
218523 LN S 61 4-3-3-17-84 FS $219,000 Kauila St 10,851 sqft
SOLD 2/11/2009 for $209,000 (CASH) DOM 61
210417 RC S 180 4-1-3-8-12-18 FS $289,000 4586 Io Rd #18 4,301 sqft 702 2/1
SOLD 2/18/2009 for $279,000 (CNV) DOM 180
220061 RS S 3 4-2-3-15-114 FS $399,000 3597 Koloke Rd 9,020 sqft 1,376 3/2
SOLD 2/20/2009 for $399,000 (CASH) DOM 3
217177 RC S 7 4-2-3-11-37-1 FS $421,900 4313 Maka Rd #A 5,682 sqft 1,649 3/2
SOLD 2/27/2009 for $421,000 (CNV) DOM 7
212185 RS S 204 4-2-3-19-78 FS $450,000 3766 Lohe Rd 11,120 sqft 1,130 3/1.5
SOLD 2/19/2009 for $400,000 (CNV) DOM 204
209495 RS S 176 4-3-6-25-52 FS $599,000 2889 Kanani St 15,027 sqft 1,256 3/2
SOLD 2/13/2009 for $470,000 (CNV) DOM 176
216449 RS S 106 4-4-6-18-50 FS $260,000 5013-D Moa Rd 10,059 sqft 1,246 3/2
SOLD 2/17/2009 for $265,000 (CASH) DOM 106
217667 RS S 40 4-4-6-18-31 FS $350,000 5065 Hekili Rd 11,162 sqft 1,188 3/2
SOLD 2/9/2009 for $310,000 (CNV) DOM 40
217391 RS S 2 4-4-6-39-33 FS $357,000 1758 Mei Pl 6,013 sqft 1,032 3/2
SOLD 2/3/2009 for $357,000 (CASH) DOM 2
213287 RC S 210 4-5-1-6-23-2 FS $995,000 4313-A Kapuna Rd #B 2.57 ac 1,844 4/3
SOLD 2/6/2009 for $900,000 (CASH, CNV) DOM 210
220738 RS S 0 4-5-4-23-47 FS $610,000 3783 Moae Pl 6,124 sqft 1,678 3/2
SOLD 2/3/2009 for $610,000 (CNV) DOM 0
211760 RS S 249 4-5-4-7-8 FS $1,195,000 3928 Namakeha Loop 10,007 sqft 1,884 3/2
SOLD 2/5/2009 for $950,000 (CASH) DOM 249
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
With a few exceptions, most of the sales are of entry level properties.
This is also a drop from January 2009 which posted $24M in sales. The top producing February of recent time was February 05 which saw $73M in sales. Getting back to 09, the one house that sold in Waimea was for $279K, $1.220M was spent in the Koloa zone, $470K in Lihue zone, $932K in Kawaihau zone and $2.460K in Hanalei zone. $1.1M of the $2.450M in the Hanalei district was spent on the Bali Hai / Hanalei Bay view purchase of Pali Ke Kua 213.
The median sales price for residential for February 09 was $400K down from $760K in February 08, $601K in 07, $649K in 06, $589K in 05 and $417K for February 04. In order to clearly understand these statistics, you would have to look at what sold during that period. Since the median price is nothing more than the midpoint of all properties sold, it would appear that more low end properties (with lower prices) are being purchased at this time. Land saw a median price decline in 08 of $898K down to $217K in February 09. To see what this really meant, I pulled up all the land sales for February 08 of which there were 15:
Copyright 3/9/2009 by Hawaii Information Service
206004 LN S 4 4-2-3-22-45 FS $290,000 Pai St 4.08 ac
SOLD 2/28/2008 for $247,000 (CASH) DOM 4
200907 LN S 83 4-2-3-22-46 FS $399,000 4041 Pai St 19,662 sqft
SOLD 2/19/2008 for $312,500 (CASH) DOM 83
208185 LN S 0 4-2-6-16-74 FS $1,330,000 Kukuiula Residential Subdivision Ph I Lot #:74 12,427 sqft
SOLD 2/29/2008 for $1,330,000 (CASH, CNV) DOM 0
207588 LN S 0 4-2-6-16-62 FS $1,525,000 Kukuiula Residential Subdivision Ph I Lot #:62 12,320 sqft
SOLD 2/14/2008 for $1,525,000 (CASH, CNV) DOM 0
191528 LN S 236 4-2-8-9-903 FS $339,000 Koloa Town Lot #: B-3 10,053 sqft
SOLD 2/1/2008 for $325,000 (CASH) DOM 236
202442 LN S 71 4-4-6-12-120 FS $320,000 Waialeale Estate Lot #:4 1.00 ac
SOLD 2/6/2008 for $295,000 (CNV) DOM 71
181943 LC S 483 4-5-2-21-2-1 FS $850,000 4410 Kahili Makai St 6.27 ac
SOLD 2/7/2008 for $700,000 (PMM) DOM 483
180154 LC S 460 4-5-2-4-80-5 FS $898,000 Seacliff 4.95 ac
SOLD 2/29/2008 for $898,000 (CNV, PMM) DOM 460
206175 LC S 0 4-5-2-12-15-3 FS $1,145,000 4141-P Kilauea Rd #3 1.46 ac
SOLD 2/29/2008 for $1,050,000 (CASH) DOM 0
186701 LC S 425 4-5-2-4-68-2 FS $2,300,000 3700 Kilauea Rd. 2.10 ac
SOLD 2/8/2008 for $1,750,000 (CASH, EXCH) DOM 425
203711 LN S 0 4-5-2-1-5 FS $3,900,000 Lot #:18 942.56 ac
SOLD 2/14/2008 for $3,500,000 (CASH) DOM 0
205076 LC S 40 4-5-3-8-22-6 FS $349,000 Kapa'ka St 1.35 ac
SOLD 2/22/2008 for $340,000 (CASH) DOM 40
198275 LN S 131 4-5-3-12-2 FS $695,000 4049 Aloalii Dr 8,641 sqft
SOLD 2/7/2008 for $675,000 (CNV) DOM 131
184965 LC S 456 4-5-3-8-22-5 FS $1,385,000 Kapa'ka 5.94 ac
SOLD 2/28/2008 for $1,100,000 (CASH) DOM 456
199487 LN S 103 4-5-8-9-49 FS $2,190,000 7322 Alealea Rd 17,451 sqft
SOLD 2/26/2008 for $1,850,000 (CASH, CNV) DOM 103
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
If you put these in order of price, you'll see $898K is the midpoint. This is the land that sold in February 09:
Copyright 3/9/2009 by Hawaii Information Service
210346 LN S 0 4-2-1-1-19 FS $147,500 278 Huehu Rd 10,135 sqft
SOLD 2/18/2009 for $147,500 (CASH) DOM 0
220371 LN S 19 4-2-3-2-18-3 FS $227,500 Waha Rd #3 2.27 ac
SOLD 2/13/2009 for $225,000 (CNV) DOM 19
215889 LN S 148 4-2-3-2-18-2 FS $269,500 Waha Rd #2 1.00 ac
SOLD 2/12/2009 for $225,000 (CNV) DOM 148
218523 LN S 61 4-3-3-17-84 FS $219,000 Kauila St 10,851 sqft
SOLD 2/11/2009 for $209,000 (CASH) DOM 61
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.
I am going to have to call Hawaii Information System (the company that manages our MLS) to find out how they arrived $217K as the median price for land. Sometimes, when there is an even number of sales, I've noticed that they take the two midpoint properties and average that number but I'm not seeing that in this case. More on this later.
Condo median price in February 08 was $565K and dropped to $338K in February 06. For a complete list of of the market statistics, click here to go to my website where they are uploaded each month. Until next month, have a happy St. Paddy's day.
Aloha Elaine
Elaine Schaefer (R, CRS, GRI, ABR)
Broker in Charge - Princeville Resort Office
Certified Residential Specialist
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
blog: www.blogs.alohaliving.com/princeville-condo-sales
......you can have your own piece of paradise
ask me how!
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