Princeville Real Estate

April 1, 2010 by  
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Lower Hanalei Valley as seen from the overlook...
Image via Wikipedia

A community of the north shore of Kauai Island, Princeville lies between Hanalei and Kalihiwai bays on the ocean and is home to many luxurious homes and condos, many near to the Line Nine and Ocean Nine golf courses. As home to many upscale homes and condos, Princeville has been hit hard by the financial crisis and the overall decline of the U.S. real estate market, though statistics show the market may be improving over last year.

According to statistics from RE/Max Princeville realtor Elaine Schaefer, the month of February continued to show signs of a slight upswing in the Princeville real estate market. In February, there were 38 property sales, an increase from one year ago, when there were just 26 sales. The 38 sales included 20 residential homes, six plots of land and 12 condos. Though the figure bests last year’s volume, it is down from 57 sales in 2008, 106 in 2006 and 102 in 2005, the boom years. Sales volume has been up in both months of 2010 thus far, suggesting the year is at least getting started on the right track. Last year, only 46 properties had been sold in the first two months of the year, but this year, there have already been 93 sales, an optimistic sign.

Sales volume by dollar was up in February as well. The month accounted for $19 million in sales, up substantially from just $11 million a year prior. Though this figure is up from 2008, it still is significantly lower than previous years in the decade: In 2008 February saw $53 million in sales. That figure was $64 million in 2007, $66 million in 2006 and $73 million in 2005.

The median sales price is up in each sector as well, encouraging for those who have Princeville homes for sale. Residential homes saw a median price of $446,000, up from just $400,000 one year ago. Condos saw an increase from $209,000 to $237,000, and even land increased, from $290,000 to $313,000.

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