July 25, 2010

Hanalei housing real estate market

The Hanalei real estate market, part of the larger Kauai housing market and Hawaii real estate market, continued to face serious issues with foreclosures and low prices despite an uptick in sales figures. According to a July 15, 2010 report from the Honolulu Star Advertiser, “Foreclosure proceedings against Hawaii properties continued to rise in June from the same month last year, according to the latest industry report. There were 1,000 properties statewide in some stage of foreclosure last month, up 42 percent from a year earlier, according to data from real estate research firm RealtyTrac. Despite the increase, the volume was the second-lowest for any month this year after 972 filings in February, and was the second-lowest rate of increase on a year-over-year basis after a 29 percent rise in May…Compared with other states, Hawaii foreclosure rate of one filing per 513 households was 15th worst, meaning 35 other states had lower rates, according to California-based RealtyTrac. The national rate was one filing for every 411 households. Nationally, the total number of foreclosure filings declined 7 percent from June 2009. Nevada had the worst rate at one filing per 88 households, and Vermont had the best rate at one filing per 26,051 households. By county in Hawaii, Honolulu had the most filings at 342, but it had the lowest rate, at one filing for every 986 households. Kauai had the next-lowest rate at one filing per 505 households, based on 59 total filings.”

The median purchase price of a Hanalei home for sale declined in the month of June, even as the rate of condo and home sales increased significantly. According to a July 9, 2010 report from Pacific Business News, “Kauai home and condominium sales saw big year-over-year increases in June as median prices fell. The 37 single-family homes sold last month were 76 percent more than the 21 sold a year ago. Condo sales rose 62.5 percent, from 16 last year to 26 this year. But the median sales price for single-family homes dipped slightly, from $410,000 in 2009 to $405,000 this year. Median condo prices fell even more, down 10.4 percent from $385,000 to $345,000.”