LIHUE — In August, the median price for a residential home increased 15 percent from last year at this time.
The year-to-date comparison indicates a 5 percent increase in the median house price for Kauai, said Lauren Pingree, Kauai real estate agent.
“In this market, you’re really having to jump on properties and I’m seeing if things are on the market for a long time, it could really indicate that they are overpriced,” Pingree said.
On Kauai, the median price for a home last month was $716,500, an increase from the August 2017 median home price which was $622,063.
On the North Shore, there were two sales in the $1.9 million range, Pingree said.
She said the median price range in Waimea actually decreased.
The Koloa District saw a housing price increase of 6 percent, or a $44, 500 difference in median sales pricing, while the Lihue District saw a decrease of 4.5 percent, or $28,000, she said.
There was a 21 percent spike in the Kawaihau District that covers Wailua River all the way up to Anahola, with the median home price in the Hanalei District, which spans from Kilauea all the way up to the North Shore increasing 22 percent, she said.
On the North Shore, there were 10 sales in August, including a foreclosure in landlocked Wainiha that sold for $520,000.
A total of 50 single-family homes sold last month, six more than a year ago.
“I wouldn’t say six more homes was anything earth shattering,” Pingree, who said she’s still seeing a mix of buyers between local residents and investors looking to purchase a second home or investment property in Princeville.
Across Kauai, the median price for condos in August was $459,000, an increase of 7 percent from last year; 31 condos sold in August, versus 24 condos that sold last year at the same time.
With limited inventory that can lead to multiple buyers in a scenario, buyers are more motivated and willing to go higher, she said.
A six-bedroom, eight-and-a-half-bath home sits on Kauapea Road, overlooking Secrets Beach in Kilauea, is currently the most expensive home listed on the Kauai MLS and will set you back $70 million. It’s currently been on the books for 475 days.
The 15-acre property includes a main house, two guest pavilions and a caretaker’s residence and is home to an active farm with exotic palms, citrus and coconut trees, a media room, exercise room and a swimming pool area.
Also in Kilauea is a $35 million home.
The third priciest piece of property on the island, $27 million, is a lot at the intersection of Hanamaulu and Kapule Highway. With that purchase, you’ll get 1.25 miles of oceanfront property that can be developed, used as a gentleman’s ranch or for agricultural purposes.
As for whose purchasing homes on Kauai, Pingree said it depends on the price point.
“People who live and work here, I would say they’re looking at the million and under category,” she said.
Kauai residents who purchase homes in the $1 million category usually have more affluent salaries, but usually once you hit a million, those buyers tend to live off island, she said.
“We’re seeing increases, but I wouldn’t say it’s anything radical,” she said.
Bethany Freudenthal, Crime, courts and county reporter, 652-7891, email@example.com