Buying a Home on Kauai, July 2023 vs 2022 Real Estate Statistics

We’re looking at Kauai home sales and from a “boots on the ground” perspective the number of sales at the end of the first 7 months on Kauai is not representative of what our day-to-day work lives are like. When working with a ready, willing and able buyer it’s tough for Kauai agents to find suitable inventory. And, the definition of “suitable inventory” has certainly changed from the days of the 2 & 3 percent interest rate. With the cost of borrowing money two and three times higher than it was, Buyers are wanting correct pricing and more turn key conditions.

Sales on Kauai

The number of home sales are down in every district of Kauai, in 2022 we sold 328 homes year to date compared to 170 this year. The south shore has 104 homes sold compare to just 39 this year.  In the Princeville Hanalei area 71 homes sold in 2022 and 34 this year. Lihue had 29 homes sold last year compared to 21 this year.

But here’s something interesting; when we look at just the month of July 2022 for home sales and compare that to this year we’re not seeing home prices declining. In July of 2022 we sold 24 homes, compared to 15 this year. The days on market more than doubled from 53 last year to 112 this year. But the sold to original list price, meaning before any price reductions were done, slightly increased, it went from 96.1% to 96.2%.

Median Price on Kauai

The Median Price for a home on the island of Kauai went from $1,200,000 in 2022 to $1,100,000 this year a -8.33% decrease. The South Shore was at $1,291,875 and is now at $1,250,000 a -3.24% decrease. North Shore was at $2,500,000 last year and in 2023 it’s $2,162,500 a -13.50% decrease. Lihue went from $930,000 last year to $830,000 in 2023 a -10.75% decrease.

If you would like Kauai real estate updates delivered to your inbox every week you can sign up at https://conta.cc/3scxsX4.

I hope you have enjoyed the video and have a wonderful rest of your day.

Aloha!

Lynda Gill RS Lic 63088
Hawaii Life
808.346.0056