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Kauai Residential Inventory Changing

Aloha
Well here is my September update.   The biggest difference in the market I am noticing is the change in the inventory.  Sales are continuing to trend up and the inventory is continuing to trend down.  We are seeing less and less New foreclosures and short sales coming to the market.  Especially on the North Shore.  Below is the inventory in Princeville for single family homes (example) under $1 million dollars.  As you can see there is still a fair amount but down drastically from a few months ago.  Also you might have noticed no homes for sale in the $500K range.  We are still seeing prices soften but the rate at which they are dropping is slowing.  We are trending towards a meeting of demand and supply.  Once we see the demand increase past a normal supply level then we should see prices go up.   Until then, the market remains very favorable to buyers including interest rate which are near 60 yr lows.  We have seen rates fluctuating between the high 3% and low 4%.  Wow!!!! Combine that with low prices and for now decent amount of inventory and it really makes for a great buying opportunity.
I recently went to see Paul Brewbaker one of Bank of Hawaii’s chief economist speak of the upcoming economic forecast for Kauai and Hawaii.  One of the things that really struck a cord with me was that he talked about our inventory here on Kauai.  The County has capped our growth rate on the island at 1.5% a year.  Which means that what we have in our current inventory of homes will not change much over the next few years.  As demand increases it is going to run up against the growth limit ceiling.  When that happens valuations should soar.    One thing different about the Kauai residential market is that we never got over built, so we don’t have the huge influx of new construction and we don’t have a huge shadow inventory of bank owned homes.    Once we get thru the current inventory of what we got, that’s it folks.    I’m not saying that it is going to change overnight but its definitely time to start looking.  There are some great deals out there right now.  Let me know how I can help.
( Note) Entire North Shore -Homes (Fee Simple) under $600,000- only 10 homes currently on the market
Current Princeville Inventory under $1 million
MLS DATA
MLS # Tp St DOM    Taxkey Tnr Price Location Land area Details
238236 RES A 386  4-5-3-11-38 FS $927,000 4104 Aloalii Dr 8,970 sqft  2,024 3/3.00 
237287 RES A 368  4-5-3-12-12 FS $995,000 3985 Aloalii Dr 8,554 sqft  3,340 2/3.00 
238260 RES A 370  4-5-4-23-13 FS $450,000 4841 Moli Pl 8,270 sqft  1,530 3/2.00 
236176 RES A 114  4-5-4-6-12 FS $600,000 4154 Lei O Papa Rd 11,369 sqft  1,544 2/2.00 
236922 RES A 427  4-5-4-23-70 FS $625,000 3788 Mapuana Pl 7,022 sqft  1,270 #0 3/2.00 
236065 RES A 417  4-5-4-9-18 FS $649,000 4196 Liholiho Rd 11,716 sqft  1,624 #0 3/2.00 
247911 RES A 4-5-4-21-21 FS $695,000 4919 Akai Pl 9,868 sqft  1,952 3/2.01 
245677 RES A 105  4-5-4-24-5 FS $698,000 4200 Waileia Pl 9,639 sqft  1,928 3/2.01 
243409 RES A 77  4-5-4-18-43 FS $699,000 4175 Kamalani Ln 10,499 sqft  1,748 3/2.01 
239215 RES A 319  4-5-4-23-50 FS $724,400 3788 Moae Pl 6,974 sqft  1,699 3/2.00 
228327 RES A 707  4-5-4-18-5 FS $735,000 4156 Mahina Pl 12,194 sqft  1,668 3/2.00 
246924 RES A 58  4-5-4-19-16 FS $749,000 5112 Napo’okala Cir 15,320 sqft  2,196 3/2.01 
248271 RES A 10  4-5-4-21-6 FS $799,000 3730 Albert Rd 14,367 sqft  1,985 3/3.00 
242579 RES A 218  4-5-4-10-17 FS $827,000 5275 Honoiki Rd. 10,264 sqft  2,146 3/2.01 
244136 RES A 155  4-5-4-13-59 FS $829,000 3682 Keoniana Rd 10,247 sqft  1,676 3/2.00 
240019 RES A 294  4-5-4-22-23 FS $848,000 4137 Nalani Ln 10,720 sqft  2,499 3/3.01 
247169 RES A 17  4-5-4-13-71 FS $859,000 3667 Albert Rd 11,213 sqft  1,924 3/2.01 
244139 RES A 166  4-5-4-20-26 FS $875,000 5145 Iolani Pl 10,995 sqft  2,704 3/3.00 
240016 RES A 298  4-5-4-9-17 FS $889,000 4206 Liholiho Rd 10,407 sqft  1,668 3/2.01 
246909 RES A 67  4-5-4-13-6 FS $965,000 3695 Kaweonui Rd 11,121 sqft  2,428 4/2.00 
247094 RES A 59  4-5-4-9-42 FS $995,000 4184 Kekuanaoa Ln 13,913 sqft  2,940 3/3.01 
228196 RES A 711  4-5-4-10-41 FS $995,000 5322 Honoiki Rd 10,146 sqft  2,195 3/2.01 
This information has been supplied by third parties and has not been independently verified by Hawaii Information Service and is, therefore, not guaranteed.  Copyright ©9/16/2011
Aloha,
Nathan Smith RA
Century 21 All Islands
808-651-9855
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