Buying a Condominium on Kauai, Year End Stats 2022 vs 2021
Condominiums on Kauai, despite the uptick in interest rates, had a great year and finished strong. This market, just like residential housing, went through a readjustment period when interest rates started ticking up in May of this year. What has happened in the last 7 months? In looking at the numbers we see that, just like homes, this market bounced back largely due to two things: lack of inventory and buyers being priced out of the housing market and instead bought condos. And, just like homes, the current status of condominium sales are still trending upwards but not at the same speed that they were. The increase in interest rates did exactly what the Feds wanted it to do which was to slow this market down.
The number of condominiums sold at the end of 2022 is down in every area of Kauai. 651 condos sold at the end of 2021 and in 2022 we sold 125. The South Shore sold 152 condominiums this year compared to 208 in 2021. The North Shore sold 168 condos last year and only 92 in 2022. Lihue sold 121 condominiums last year compared to 112 this year.
Prices are up island wide 16.42% with the median price now at $712,500 compared to 612,000 last year. The South Shore saw an uptick in their leasehold sales which happens when the fee simple prices go up and this impacted their final numbers. South Shore is down -3.36% at 720,000 compared to 745,000 in 2021 but, when I take the leasehold sales out of those numbers it gets interesting; The fee simple condominium median price at the end of 2021 was $960,000 and at the end of 2022 it’s $1,200,000 and 25% increase. North Shore was up 19.88% at $995,000 compared to $830,000 the year before. Lihue had a large 29.87% gain in their median price and that is no surprise as this area of Kauai has a large number of residential condominiums, they ended the year at $500,000 compared to 385,000 in 2021.
If you’d like the statistics for home sales on Kauai at the end of 2022 vs 2021 click here: bit.ly/3QMuNj3
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These numbers are general in nature and might not reflect your particular area of interest. I welcome you to give me a call to discuss your favorite condo complex here on Kauai. Happy New Year.
Lynda Gill RS Lic 63088