Many clients are asking “Is it still a seller’s market?”
Seller’s Market?
Today is one of the strongest seller’s markets we have seen due to the low supply and high demand.
Hawaii has a more limited supply of land and property on the market than many other mainland states. With so many preservation areas and leasehold land there is not much simple fee land to be sold.
Is There a Difference Between Mainland and Kauai Real Estate Demand Right Now?
Hawaii vs Mainland
Kauai is a very unique island and very desirable. When covid hit, people from all over the world realize that in a pandemic situation like this, it would be best to find a safe place to be. The Garden Island (aka Kauai) is definitely one of them. With rates so low many investors saw the opportunity to own an investment property in paradise. First time home buyers saw the opportunity to buy a place to call home. Citizens of different states and countries started buying all the Hawaii properties they could find creating an even higher demand and low supply.
So Is It a Good Time for Me to Sell My Hawaii Home Now?
With such high demand, and low supply sellers have way more offers to choose from. Because there are not many new properties on the market, whenever a new condo, house, or land is listed several buyers put their best foot forward and make very strong offers knowing how competitive the market is. So they make sure that they win the bid.
How About the Home Value?
The Kauai home value appreciated around 21% in the last 12 months. In the last quarter of 2021 the average sold price per square foot of $846 went up 21 % from $695 in the last quarter of 2020.
Average Sold Price per square foot in Hawaii in the last quarter of 2021
How Long Is The Sales Process Taking?
We have also seen a much faster sales process with the average homes selling in just around 18 days.
Should I Sell My Kauai Home Now?
With such high home value, better and more offers to choose from, low inventory, fast sales process, and travelers continuing to arrive on the island, it is safe to believe we are still in a Sellers Market. It is also a great time to sell your home before interest rates rise.
It is a great time to sell your home!
Want to Know More?
If you are considering or thinking about selling your Hawaii property, don’t hesitate to contact me. I will be happy to answer your questions, concerns, and guide you through the process.
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