Princeville real estate market

June 12, 2010 by  
Filed under Hawaii Homes

The Princeville real estate market, a part of the Kauai housing market, rallied according to some indicators in the month of May, although in other respects it showed continued weakness. According to a June 7, 2010 article from Pacific Business News, “Single-family home sales on Kauai were up by 80 percent in May, while condo sales were up 38 percent compared to the same month last year. There were 27 homes sold on the Garden Isle last month, up from 15 in May of 2009, according to statistics from Hawaii Information Service.” The piece went on to state that “The median price for a single-family home, however, fell 30 percent in May to $420,000, down from $600,000 in May 2009. Condo sales were up last month, with 18 units sold compared to 13 units sold in May 2009. But the median price dropped 50 percent to $164,000, down from $330,000 in 2009.”

The number of distressed properties in the Princeville real estate market increased in the month of May, although the number of foreclosures seemed to be declining. According to a June 10 2010 article in the Honolulu Star Advertiser, “The figure was 29 percent higher than the 816 filings in May 2009, and though the increase was significant, it represented the smallest percentage-point rise for any month in more than a year. ‘The pace of increase appears to be slowing,’ said Daren Blomquist, marketing communications manager for California-based RealtyTrac.” The piece, composed by Andrew Gomes, went on to say that “Hawaii’s rate was one foreclosure filing per 486 households…Kauai had the next-best rate atone filing per 372 households, based on 80 total filings.”

If the rate of foreclosures did indeed slow in the most recent tracking period, Princeville homes for sale are likely to be sold for higher (non-foreclosure) prices in the future. According to a June 9, 2010 article from Pacific Business News, “The number of Hawaii homes receiving foreclosure filings in May was on the rise, but the rate of increase slowed from the month before. The number of foreclosure filings in Hawaii, which include default notices, public foreclosure auctions scheduled and bank repossessions, was up by 29 percent in May…”

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