Isle real-estate sales are still white-hot

While some local real-estate agents predicted last year would be about the best it could be for their chosen profession, first-quarter 2003 results may have proven them wrong.

Not only were overall sales up last month compared to the same month in 2002, but first-quarter total sales of Kaua’i real estate jumped to 372 from 310, an increase of 20 percent, according to figures from the Kaua’i Board of Realtors.

Sales volume last month was over $46 million, up 16 percent from the March 2002 result. For the first quarter this year, sales were over $131 million, up 43 percent compared to over $91.8 million for the first quarter last year.

Broken down by district, Hanalei led the island both in total March sales (35) and sales for the first quarter (96).

The median sales price for a residential piece of land on the island was $384,500 last month, and averaged $355,000 for the first quarter. The median price for a condominium was $270,735 last month, and $230,911 for the quarter.

The median price for a parcel of vacant land was $265,000 last month, and $195,000 for the quarter.

First-quarter results this year reflect increases in part because the first quarter of last year was “light,” with lots of activity but sales moving into escrow and not reflected in first-quarter 2002 sales figures, said Roberta Haas, principal broker of Hanalei North Shore Properties.

It will be interesting to compare third- and fourth-quarter results this year to the same periods last year, because a flurry of sales activity happened in the second half of last year, she said.

Still, the first quarter of this year was “very, very active. Yeah, it’s been busy,” she said. “No doubt about it.”

And while the island’s real-estate industry is in its normal, post-Easter lull, Haas expects a sizzling summer, based on calls she’s been receiving from people planning trips to the island during the peak summer visitor season.

“It’s going to be a busy summer,” she concluded.