Buying a Home on Kauai, Hawaii | November 2023 vs 2022 Market Statistics
Good news for Kauai Home Sellers, the Median Prices were up in every area on Kauai with the exception of a small price decrease on the North Shore and this is remarkable when you consider how far down we are in the number of sales and yet, the Median Prices are still up. I have a short video that explains how the low number of sales skews the Median Price which I’ll include here.
It’s the beginning of December and we’re looking at the first 11 months of this year and comparing it to this same time last year here on Kauai.
Sales Down Island Wide
The number of sales are significantly down for homes island wide. On the entire island in 2022 we had sold 453 homes and year to date we’re at 257 a -43.27% decrease. The South Shore is down -52.90% in the number of home sales going from 138 last year to 65 in 2023. North Shore had 96 homes sold at the end of November 2022 compared to 51 this year a -46.88% decrease. Lihue went from 39 sales last year to 31, a -20.51% decrease.
Comparing just the month of November 2022 to 2023 each month saw the same number of homes that had sold which was 25. However, what has changed a bit is the days on market which went from 54 to 100 and the Sold to the Original List Price, which is before any price reductions were done, was at 94.5% in November of 2022 compared to 91.2% this November. This shows us that Sellers who are trying to get more than what the market supports are needing to back off on that price if they want to sell their property. Despite this backing off of their list price, the Median Prices are mostly up.
Median Price on Kauai
Let’s look at the Median Prices. On the island of Kauai last year our Median Price was $1,150,000 and this year $1,124,000 a Decrease of -2.26%. South Shore had a gain of 2.59% with their prices going from $1,217,500 in 2022 to $1,249,000 this year. North Shore was the only area with a decrease going from $2,375,000 to $2,300,000 a -3.16% Decrease. Lihue was up 4.86% going from $925,000 in 2022 to $970,000 in 2023.
At the end of 11 months of sales, it’s incredible to me how few sales there have been, and it’s not because there are no buyers. Looking at the area of Lihue, which has a very large number of subdivisions and a Median Price of $970,000, this area is checking the boxes for most of our buyers, and yet there have been only 31 sales so far, which is not even 3 homes a month. It’s not been easy for our Buyers, that is for sure.
You’re welcome to contact me to find out how this information relates to you. Mahalo!
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