Year off to slow start for Kaua‘i housing sales

Kaua‘i home sales had a slower start than last year, with the Kaua‘i Board of Realtors reporting an almost 17 percent drop in the number of January island-wide house sales.

January condominium sales fell about 70 percent.

However the numbers don’t necessarily represent a trend, said Scott Lindman, president of Kaua‘i Board of Realtors.

“This is a very small sample,” he said. “I believe that the demand is going to remain constant, and supply will remain constant.”

Last month saw the sale of 30 houses, down from 36 houses in January 2006, according to the Board’s January statistics.

Condominium sales fell to 17 in January, down from 57 in the year earlier period.

Both houses and condos stayed on the market longer in January 2007 than in January 2006.

Houses took an average of 164 days to sell, up from 100 days in January 2006. Condominiums took 300 days to sell, compared to 38 in the year earlier period.

Median house prices rose to $862,500, up from $651,250 in the same period during 2006. Condominium sales also increased, rising to $455,000 from $430,000.

Despite initial indications, however, home prices most likely will not see a considerable rise during 2007, said Steve Hunt, president of Island Appraisal and Consulting Services.

The numbers likely will stabilize as the sample size increases, he said.

“I think it’s going to be a relatively flat year,” he said.

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