As you can see from the weekly news highlights below, reports are all over the map. Up, down and in between. Within the small island of Kauai, we also have ‘micro-markets’ with wide ranges in values and sales results.
As one much wiser than myself said, calling “the bottom” is an historical event. We won’t really know it until it’s already happened. However, Kauai’s MLS statistics for April show some significant trends. Island-wide the number of residential sales are up 69% compared to April 2009. However, median sales prices are only up 2.86%.
Almost two years ago, when asked what would a market recovery look like, Paul Brewbaker, SVP and Chief Economist, Bank of Hawaii, said that it would be similar to Kauai’s recovery after Hurricane Iniki. There would be a ‘tranquil’ period with very few sales, then the number of sales would start to increase which would gradually drive the values up as shown below:
Additional market insights from Paul Brewbaker;
- KGMB News report “Revenues Council forecast improving economy in Hawaii” includes an interview with Paul Brewbaker, Council of Revenues Chair.
Although we may not be able to call “the bottom” and it’s unclear where the foreclosure market is really headed, it is significant that the number of sales has increased so dramatically. It just may be the perfect time to jump into the Kauai market and set your dreams in motion.
Let us know your thoughts… is now the time to buy?
This week’s foreclosure and market news highlights:
- Q1 Hawaii resort home sales up 20% compared to 2009 – Pacific Business News
- Foreclosure filings decline 9% in April – LA Times
- Foreclosures continue to rise as banks work on backlog – Washington Post
- Bay Area Foreclosures Down – KCBS
- Millions could still lose their homes to foreclosure – Associated Press
Kauai Short Sale and REO Market Updates:
- Kauai REO Report – week ending May 16, 2010
- Kauai Short Sale Market Report – week ending May16, 2010