Aloha:
We can all agree that the past 15 months have not only been a challenge but also a time where businesses were forced to make pivotal changes. In the real estate market, with an existing low inventory, the price for a single-family home significantly rose as more people sought out additional space to work and school their children from home. The number of transactions in 2020 dropped by a small number, but quickly rose and people started to look for areas that were safe. With reported low Covid cases on Kauai, the market saw an increase in the purchase of “sight unseen” properties as remote work continues not only locally, but throughout the United States.
The National Association of REALTOR Chief Economist, Lawrence Yun writes…. “The largest ever annual price appreciation is the result of an ongoing housing shortage.
