People from every corner of the world show an interest to move to Kauai and settle down. In other words, the number of people who are moving to Kauai is increasing.
This has created a tremendous impact on the real estate market that exists in Kauai, especially over the past year.
According to bizjournal, the average home prices on Kauai have increased by 50% within a period of one year. A recent zillow search on Kauai home prices seems to confirm the average home price reported by bizjournal.
This is not a surprising fact for people who live on Kauai. The unique experience offered to the people by the island is getting popular day by day. Therefore, people who live in Kauai will have to experience price hikes in homes during the upcoming months.
Kauai Home Price Increase From Last Year
The record breaking values of the Kauai home prices were figured out in May. When the figures were compared with 2016 May, it was evident that a 50% hike of the home prices has taken place. In the meantime, number of people who have purchased homes in Kauai is also increasing.
When deep diving into the data, the average price of a single family home at Kauai back in 2016 May was somewhere close to $510,000. However, the average price of a single family home in 2017 is almost closer to $752,500.
The number of homes that are being sold in Kauai is increasing on a monthly basis. During 2016 May, the number of homes sold was equivalent to 35%. If you take a look at the figures for 2017 May, you would realize that it has been increased for 52%. The figures were at 48.6% during April, 2017. Therefore, it is clear that the home sales in Kauai are increasing every month. We can expect to see better figures at the end of June.
Where Homes Are Selling
In Kauai, some destinations have become popular among potential home buyers when compared to others. The South Shore holds a prominent place, where the highest number of home sales is being recorded on Kauai. The second and third place in terms of home sales is acquired by Koloa district and the Kawaihau district, which is located on the Coconut Coast.
Hanalei district, which is located on the North Shore, can also be considered as one of the blooming real estate markets that can be found in Kauai.
The average home prices on the above mentioned districts are also rising at a rapid rate.
For example, the average price of a single family home in Kawaihau district was $542,000 back in 2016 May, whereas it recorded $705,000 this year.
The word about Kauai is quickly getting popular among people who live in all parts of the world. As a result, we can expect more people to come and settle down in Kauai. Therefore, we will be able to experience a rise in the real estate price in future as well.
What Does This Mean for Kauai Residents?
If you’ve owned a home longer than 12 months, your home just went up $200,000+ in value. This is something that most homeowners wouldn’t complain about.
On the other hand, this makes purchasing a house more difficult for first time home buyers.
How Does This Affect You?
How does rising home prices affect you & your family? Leave a comment below, I’d love to hear your opinion.