Greetings to you all and hope this finds you safe and healthy!
As we all settle into our own brand of "normal", I started fielding a lot of calls asking about our Kauai Real Estate Market in the midst of Covid-19. Right after the pandemic announcement 8 months ago, we experienced a bit of a stutter-step as we all took a pause to figure it all out. The real estate industry had to develop new procedures and the means to conduct business safely and in many cases long distance with many Buyers. It really did not take too long before we saw sales activity begin to pick up.
One of the unforeseen impacts on our market was an unusual spike in the demand for single family homes, specifically those that offer space for extended family and home offices. What we learned is that those who worked in urban centers no longer had to live within a comfortable commute distance to the office. Corporate America truly embraced the work-at-home model and found no measurable loss in productivity as we all shifted to this reality. It has proven to be so efficient that we will not likely revert back completely, once the pandemic threat is behind us.
We seem to be in the middle of a world wide "urban exodus" and many are landing on certain locations that provide a much higher quality of life. The State of Hawaii is on the top of that list!
Active listing inventory is shrinking and prices continue to rise. The dollar volume, year to date is on par with the previous year but it represents over 100 units less than the year before!
If you are a property owner on Kauai and think this might be the right time to sell, it may be a good idea to have that conversation out loud. Contact me at any time to receive a detailed market report on your property.