Aloha and welcome to June (already.) It's time to take a look back at the month of May to see how it compares to May 07 and to look at year to date last year compared to this year. First up is the number of sales: overall, residential is down 51% comparing May 07 to 08 and shows a 40% decline comparing year to date 07 to 08. What this means is that last May there were 41 residential sales while there were only 20 this May, and 199 sales at this time last year compared to 119 this year to date. Vacant land was down 66% comparing the month of May and down 44% year to date with 24 parcels sold in May 07, 8 in May 08, 94 year to date 07 and 50 this year. Condos were down 28% for May going from 25 sales in May 07 to 18 sales this past May and 39% down year to date with 146 selling last year compared to 88 this year to date.
In Koloa, condos were off by 40% for May (5 sales then compared to 3 now) and also 40% year to date. (35 vs. 21) Lihue had a 28% condo decrease for May (7 then and 5 now) with a 67% decrease year to date. 49 were sold 07 compared to 16 this year. The Kawaihau zone was off by 100% in May, in other words, last May 2 condos sold in May while none sold this last month. Year to date, however there is a 22% increase with 9 selling by this time last year while 11 have sold so far this year. In the Hanalei zone, which is primarily Princeville, sales for May are down from 11 last May to 10 this May creating a 9% decrease while showing a 23% decrease year to date from 52 to 40 sales.
Sales volume Island wide shows a 43 residential decrease comparing May 07 to 08 with a 48% decrease year to date. Land sales volume island wide are down 77% for the month of May and 39% for year to date. Condos are off by 36% for the month and 34% year to date. Translating this into real numbers, it shows condo sales last May were at $20,203,993 compared to this May at $12,848,745 while year to date was at $98,483,275 for last year and $64,448,635 this year to date.
By zone, condos were off 45% in Koloa for May and 57% year to date; in the Lihue zone you'll see a 35% decrease in May and 67% year to date; Kawaihau zone is off 100% for May but show a surprising increase year to date of 40%. In dollars this means there were $975,000 in Kawaihau sales in May 07 and no sales in May 08, with $4,648,000 selling year to date 07 compared to $6,512,000 year to date 08. Hanalei zone is off by 29% comparing May 07 to May 08 but only showed a 16% decrease comparing year to date.
Median sale price even came down a bit, showing an 18% Island wide residential decrease for May while remaining the same for year to date. Both last year and this year are showing a year to date median sale price of $655,000. Land Island wide is down 63% in May going from $1,037,500 to $377,500 but up .3% year to date starting at $660,000 last year and moving up to $662,000 this year. Condos are down from $700,000 to $627,000 in May for a 10% decrease but are up 10% year to date, starting at $525,000 last year and moving to $579,500 this year.
By zone, we have Koloa condos going down from $605,000 to $533,975 comparing May 07 to 08 for an 11% decline with a year to date decrease of 39%; from $679,000 to $412,000. Lihue condo prices are also down going from $335,000 to $305,000 in May for an 8% decrease and a similar 9% decrease year to date. Kawaihau zone was down 100% for May as the median price in 07 was $487,500 but since there were no May sales, there is no median price. Year to date in Kawaihau the median price is up 30% going from $320,000 to $419,000. Hanalei saw a similar increase with an increase of 16% in May going from $799,000 to $932,895 and from $802,050 to $868,780 year to date which is an 8% increase. Most likely, the sales in Nihilani and the luxury Ka'iulani have kept the median price up although volume and number of sales are down.
To see all the "numbers" go to my website and click on Monthly Sales statistics here. Since I focus on condos in my blog, that has also been my emphasis in this short analysis, but the number for all categories (residential, land, commercial, condos, and business) throughout the Island are located within this report. Remember who to call if you need a thorough analysis of buying or selling. Until next month, enjoy the sunshine!
Elaine Schaefer (R, GRI, ABR)
Broker in Charge - Princeville Resort Office
Graduate, Realtor's Institute
Accredited Buyer's Representative
Top Producer 100% Club
Princeville Resort Office
Princeville, HI 96722
cell: 808 639 2935
home fax: 1 808 440 4552
......you can have your own piece of paradise
ask me how!