Buying A Condominium On Kauai Real Estate Year To Date Review
Aloha from Kauai! It’s the beginning of August, and we’re looking at condominium sales and prices year to date and comparing that to this same time last year. As with homes, these numbers will not reflect the slow down that started happening in May when the interest rates rose. The level of activity has certainly changed but if a property is priced correctly, it’s selling, it might not be within hours of being on the market, and there might not be 10 offers but things are selling if they’re priced correctly and that seems to be the key right now. So there is a bit of a disconnect, for Sellers that think this is 2021 it’s not that but it’s not the crash of 2007 which is what some Buyers are thinking.
So on to our numbers. Lack of inventory is showing up in the number of condominiums that have sold year to date compared to this same time last year. Island wide 280 condos have sold compared to 388 last year, this is a -27.84% decrease. For the South Shore 110 condos have sold and last year it was 129 which is a -14.73% decrease. On the North Shore 55 condos have sold compared to 103 last year, this is a huge -46.60% decrease. Lihue, which has the largest number of residential condominiums on the island, is up at 74 condos sold compared to 66 last year, this is a 12.12% increase.
For the Median Price it’s still trending upward, on the island it’s now 725,000 compared to 613,000 last year an 18.37% increase. For the South Shore the Kiahuna Plantation leasehold numbers have been keeping these prices down but that is starting to turn around, they are now at 742,500 compared to 750,000 last year just a -1% decrease. For the North Shore the median price is just a little below 1 million at 999,000 compared to 815,000 last year a 22.58% increase. For Lihue they are now at 499,950 compared to 381,500 which is a 31.05% increase.
These numbers are general in nature and might not reflect your particular area of interest. You’re welcome to call me to find out how these numbers relate to your favorite condominium complex.
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