"Please increase the list price by 49%" is what one might be expected to hear from a seller who has read headlines in a local paper stating that home prices soared by 49% in August. What seller wouldn't want to jump on the bandwagon if prices just went up 49% last month? Woohoo! Here is what the seller may picture in his mind...
While such headlines garner attention and make for sensational journalism, it has little bearing on what is going on the the market. Kauai, our little island in the Pacific, has relatively low sales volume so that monthly stats can jump around depending on what properties have sold for the month. To see what's really going on, a longer time perspective is needed. The chart below gives a better picture of the Kauai market. The overall trend is indeed up but not by 49% a month!
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