Big Island and Kauai Real Estate market Down
According to the newest real estate numbers, the Big Island of Hawaii and Kauai house sales have dropped by as much as forty percent from the same time last year.
All in all, it seems that the primary reason for that is a majority of possible real estate buyers have become much more careful amid the latest economic climate. The credit crises has not helped matters much either.
All in all, the raw numbers do not look great at this point in time: house sales (grand total) on the Big Isle descended 41.3 percent to 64 from 109, while the average sales price descended almost twenty percent from the same time last year.
In the meanwhile, new Condo unit purchases dipped some 17.2 percent to 24 from 29, and the median sales price was reduced by over fifty percent to $226,200 from $463,000. These are fairly shocking numbers, and they come from the Hawaii Information Svc.
Despite all of this, the Kauai real estate picture is remarkably better than that, as luck would have it.
Despite the fact that the total house sales there dipped a similiar 40% level like the Big Isle of hawaii, Kauai had a seventeen percent increase in the median sales price from this time last year. All the while, Condo unit
sales on Kauai dropped an eye popping 41.7 while the medium sales price took a steep 45 percent drop during that particular time period.
In my own view, Kauai Real Estate will quite possibly hold up pretty well over the long term because of the limited quantity of land and ever-increasing restrictions on different types of property development.