Slim pickings for buyers of cheap, single-family homes

Looking for a single-family home on Kauai for under $251,000?

Currently, there are just three listed. And the cheapest of those is $249,000.

But if you’re in the market for homes over $2 million, there are plenty to choose from.

Try 22.

According to statistics provided by the Kauai Board of Realtors, there are many more single-family homes for sale on Kauai in the price range of $1 million to $2 million (43 units), than there are in the four lowest-priced categories combined.

Those categories range from $400,000 down, and number just 38, with 13 offered from $251,000 to $300,000; another 11 between $301,000 and $350,000; and 11 from $351,000 to $400,000.

Of the 177 single-family homes listed for sale on Kauai right now, the lowest price is $249,000, and the highest is $10,600,000.

That makes the average price for an on-the-market, single-family home $1,161,023, and the median price, or middle price, $799,000. The mode, or most-frequent price among the single-family homes on the market now on Kauai, is $1,200,000.

The figures do not include residential condominiums.

“There’s no $100,000 house” on Kauai, said Terry P. Kamen, a real estate agent with Makai Properties in Poipu.

During the first four months this year, Kamen represented buyers and sellers in 36 transactions worth $38.5 million. That total was over 10 percent of the total sales on the island during that period.

His 16 sales totaled $16.8 million, or an average of $1,052,145 per sale. For the 20 sales where he represented the sellers’ interests, the total volume was $21.6 million, or an average of $1,084,176.

Some of those sales were parcels including the Kiahuna Golf Course and neighboring properties, both developed and undeveloped.

Over that same four-month period, over $224 million worth of property on Kauai changed hands. The average price for a residential home on the island was $326,495 in April this year, up from $312,000 in the same month last year.

For the first four months, the average single-family residence sold for $345,000, up 38 percent from the 2002 figure of $250,000 (please see the chart on page C2).

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