Buying a Condominium on Kauai – February 2023 vs. 2022 Real Estate Sales
The trend continues with buyers being priced out of the housing market and buying condominiums instead. The number of sales is down across the board, and prices are pretty much up in every area. But I’m seeing the number of condominiums on the market going down, and that will probably start to impact these numbers in the future.
Condos Sold on Kauai
Last year at the end of February, there were 70 condominiums sold compared to 49 this year. The South Shore had 22 sales compared to 18 at the end of February 2023. North Shore sold 14 condominiums at the end of February 2022 and 9 by the end of the first two month of 2023. Lihue had the biggest drop in sales and that makes sense since this is the largest concentration of residential condominiums on the island; only 11 sold at the end of February 2023 compared to 26 a year before a big -57.69% decrease.
The median price for a condominium on the island of Kauai is now $720,000 compared to $632,500 last year an increase of 13.82%. The South Shore is up 34.29% at $1,047,500 compared to $780,000 at the end of February 2022. North Shore is up 17.96% at $1,100,000 compared to $932,500 a year before. The Lihue condominium market is a tougher read with their sales being down over 57%, this has skewed the numbers to a median price of $330,000 compared to $514,950, which is a -35.92% drop.
Days on Market
What really tells the story of what is happening is this; the median days on market is about the same from last years average of 15 compared to this years 16. The sold price compared to the original list price, meaning before they did any price reductions, is 97.3% which shows us that not a lot of price drops have been happening island wide.
These numbers are general in nature and might not reflect what is happening in your favorite condominium complex. You’re welcome to give me a call on this.
For more, I’ve also written about home sale stats for the end of February. 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
Lynda Gill RS Lic 63088