Wow, what a year 2019 was for Kauai, and here again, we E Kolo Mai (welcome) a new decade with open arms! Although our sights are set forward, let's take minute to digest the 2019 real estate market briefly for Kauai and specifically for Princeville Condos.
Kauai Market Breakdown
Looking back at 2019, the data suggests 2020 might be a great year to buy a condo! The total sales volume of residential homes decreased by 44%, while total condo sales volume was only down 5%. In addition, the average condo sales price increased by 10%.
Princeville Condos Breakdown
Princeville condo sales volume decreased by 6% from 2018 to 2019. However, the median sales price increased from $606,900 to $652,250. As illustrated in the graph from 2004 – 2019 below, condos in the past 10 years have generally increased in value. The overall health of Princeville condos has been in a steady recovery since 2010, but prices still haven't reached the levels seen in 2007 and 2008.
In 2019, 30% of the 94 Fee Simple units sold in 30 days or less. The average sales price remained at 97% of the average listing price, and the average price per square foot increased from $502 to $524.
Examining Each Princeville Condo
Each condominium in Princeville offers its own charm. There's quite a variety of condo options, ranging from killer ocean views, spectacular mountain and valley views, some with 2-car garages, and others that feature resort-style pools. In 2019, the average sales price of an ocean-view condo in Princeville was around $1,024,000. As you can see from the chart below, the higher median sales prices are those of ocean-views. Check out my list of currently available Oceanfront properties on Kauai.
The lowest median sales price of all the Princeville condos was $410,000 at the Sandpiper Village, while the highest median sales price was for Pu'u Poa at $1,257,500.
Princeville Looking Forward
Since Princeville is located within a Visitor Destination Area (VDA), 20 out of the 22 condominium projects are vacation rental eligible under County regulations and specific condominium By-Laws.
According to the Hawaii Tourism Authority, condo rentals are the second largest visitor accommodation by demand on Kauai.
The condo market could be affected by the 251 rooms at the Princeville Resort, which are expected to be closed starting in May 2020 for renovation. In its 2018 news release, Starwood Capital said “the Princeville Resort will feature a world-class wellness center, oversize fitness area with both indoor and outdoor programming and a diverse activity center to allow guests to discover their own individual balance between activity and relaxation.”
2019 Significant Princeville Condo Sales
Hanalei Bay Resort | $1,500,000
Pu'u Poa | $1,380,000
Ka'iulani of Princeville | $1,325,000
Keeping up with Kauai & Christian:
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