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Buying Advice

Buying a Home on Kauai – Home Stats February 2023 vs 2022

Low Number of Home Sales Skewing the Numbers

The first two months of housing data are in however the low number of homes that have sold are skewing the numbers. At the end of February 2023 island wide we sold a total of 40 homes compared to 96 last year, that’s a -58.33% drop. The South Shore sold 7 homes at the end of February 2023 compared to 29 in 2022. North Shore was almost as bad with 6 homes selling compared to 23 the year before. Only Lihue was up from 4 selling at the end of February compared to 7 this year. It’s really hard to wrap your head around this, think about how on the entire South Shore which is Poipu Beach, Kalaheo, Omao, Lawai, Koloa and Eleele we’ve sold 6 homes in two months. That’s just nuts but it makes sense when you figure that on the South Shore we only have 4 active residential listings under 1 million, that’s it.

The Median Price is skewed with this big of a drop in the number of sales. Island wide the Median Price for a home is now $915,000 compared to $1,175,000 last year and that’s a -22.13% drop. South Shore went from $1,460,000 to $955,000 a -34.59% decline. North Shore is up 1.13% at $2,022,500 compared to $2,000,000 a year before. Lihue is down -4.47% at $790,000 compared to $827,000 last year.

So What Is Really Going On?

So what is really going on? For sure I see longer days on market. Remember, last year at this time we were still living in the land of the 3% interest rates. The Median days on market last year was 9 and now it’s 27. The Sold Price, compared to the Original List Price, meaning before they did any price reductions was 100% at the end of February last year and this year it’s 96.5%. So the data shows us that there are some price reductions but not by much at all.

How do these numbers relate to your particular area of interest? You’re welcome to contact me to do a deeper dive. 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

Aloha!
Lynda Gill RS Lic 63088
Hawaii Life
808.346.0056

Posted on in Buying Advice, Hawaii, Market Intelligence, Market Trends, Selling Advice, , , , , ,

Lynda Gill
About the Author

Lynda Gill

Lynda Gill is a Realtor Salesperson with Hawai'i Life. I have close to two decades of experience as a top-producing real estate agent on Kauai, where I’ve lived since 2004. I specialize in residential, relocation, and resort property sales in Poipu Beach, Lawai, Omao and Kalaheo, on the island’s South Side. Over the course of my career, I’m proud to have earned accolades and designations, including being recognized as a top performer by Hawaii Business Magazine. But what really drives me is helping my clients with one of the most significant events in their lives. There is nothing quite as satisfying as helping clients achieve their financial goals or seeing their eyes light up when the right property comes along. You can email me at lyndagill@hawaiilife.com or via phone at (808) 346-0056.

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