Hawaii’s real estate market is still struggling, with a number of factors impacting the market, including the fact that the state’s realty market has yet to fully recover from the severe drought.
In order to make sure Hawai’ians can stay in the lead, real estate giant Kauai Real Estate Institute released an infographic yesterday showing that the average sales price per square foot in 2016 was $5.28, down 4.4% from 2015.
That’s down from $5,764 in 2015.
The median price per sq. ft. in the state dropped 2.5%, from $8,200 in 2015 to $8 the year before.
The index was down 3.2% from the previous year, but up from the 5.9% in 2015, the median price of homes sold in the region was $1.6 million.
Kauai is now the top-selling property in the world for all time, according to the real estate index, which includes the most recent quarter, as well as the most years the index has been in use.
Hawaii is one of only three states that has a higher median price than the average home price.
The rest of the states that have a median price higher than average are New York, Connecticut and Pennsylvania.
Thats a huge disparity, considering that Hawaii has one of the highest median income levels in the country, and the median house price in the entire country is about $7,700.
But Kauaui has also seen a surge in the price of detached homes, with the median asking price now $2.8 million.
It will be interesting to see if this trend continues as the drought continues.
But it does show that a major housing recovery is on the horizon for the state, and a major property market recovery is not impossible.
Kauaian Real Estate, which is also owned by a real estate firm, said it has more than $1 billion in capital in place for the next few years.
“We have built a tremendous infrastructure, and we are ready to put that infrastructure into place to be able to attract more developers,” said Lisa Honea, president of Kauua’i.
Kara Kuechele, the executive director of the Hawaii Institute for Real Estate at KAUA, says that the market is more competitive than ever, and that the realtors are making it a priority to get more people to the market.
“That’s really what we’re focusing on, and to make it a place that you can actually buy,” she said.
“So we’re really excited about that.”
Honeo says she hopes that by the time the drought ends, there will be a lot more competition for the top spots in the market and a lot of interest from buyers looking for a place to rent.
That will make it easier for everyone to get into the market to buy and sell real estate.