Buying a Condominium Kauai, Hawaii October 2022 Year to Date Statistics

As interest rates rise Buyers turn to condominiums as they get priced out of the housing market and when you think about the interest rate more than doubling since last April it’s easy to understand why this is happening. Also fueling the condo market is the number of visitors, the state is just slightly below the 2019 tourism numbers and Kauai is leading the way in the increase of their visitors. For those buyers paying cash, they are finding very little inventory and if your getting a loan well, the interest rates is making the monthly mortgage rate a bit of a shock.

That being said the number of sales are down due to lack of inventory and the median price is up at a higher percentage than home prices are.

Kauai Real Estate Sales

Now to the numbers. The number of sales are down in every area except Lihue which has the highest concentration of residential condominiums. Island wide we’ve sold 384 condos compared to 536 this same time last year. On the South Shore 144 condos have sold compared to 169 in 2021. On the North Shore, their numbers are down just about 50% at 78 sold compared to 143 the year before. Lihue is the only area that is up by a small margin at 100 sold year to date, 97 had sold this same time last year.

Median Price on Kauai

The median price is up 16.80% island wide, we’re now at $712,500 compared to $610,000 last year. The South Shore is down 5.88% but when I took out the low-priced Kiahuna Plantation leasehold sales that number looked very different. With the Kiahuna sales, the median price is $720,000 compared to $765,000 last year. But if you take the Kiahuna sales out the fee simple South Shore median price is $1,150,000 compared to $900,000 last year. This shows how drilling down matters when you’re looking at numbers. North Shore is up 23.40% at $999,500 compared to 810,000 last year. Lihue went from 380,000 in 2021 to $500,000 this year which is a 31.58% increase.

These numbers are general in nature and might not reflect your particular area of interest. You are welcome to contact me about your favorite condo complex. If you would like to have Kauai Real Estate information delivered directly to your inbox every week you can sign up here: https://conta.cc/3scxsX4

For information on the Residential Year to Date Statistics click here: Homes October 2022 Year to Date Statistics 

Lynda Gill RS Lic. #63088
Hawai’I Life Real Estate Brokers 808.346.0056
LyndaGill@HawaiiLife.com