Buying a Home on Kauai March 2023 Year to Date vs March 2022 Real Estate Sales
The number of Kauai home sales are dramatically down except for Lihue which was the only area that showed an increase in both the number of sales and the median price. When you have 55 and 71 percent decline in the number of
sales we’ll not get an accurate numbers.
Island Wide Home Sales
The number of sales for homes on the island of Kauai at the end of March 2023 was 67 compared to 151 in 2022. South Shore sold 15 homes in the first three months compared to 44 in 2022. North Shore had the biggest drop at 10 homes sold year to date compared to 35 in 2022. Lihue was the only area that was up with 13 homes sold compared to 7 at the end of the first three months last year.
Drilling down to just the month of March for both years; last year the 3% interest rates were still in play and the days on market for a home averaged 13, a year later we’re now at 31. The Sold Price to the Original List Price, which is before any price reductions were done was 100% last year which makes sense because back then a Seller could price their property higher than the last sale and get their price, that is literally how the home pricing was being done, now we’re at 94.3%. With the interest rates more than doubling a buyers purchasing power has been cut in half and we’re seeing this in the numbers.
For the entire island the Median Price is down except for Lihue which was the only area that had enough solid data to give us a good read, they went from $837,777 in 2022 to $970,000 which is a 15.78% increase. The Median price on the Island of Kauai for a home is $1,000,000 compared to $1,200,000 last year a -16.67% decrease. The South Shore went from $1,234,375 to 1,175,000 in 2023 a -4.81% decrease. On the North Shore the Median Price is now $1,972,500 compared to $2,601,450 a year ago which is a -24.18% decrease.
More than ever if you are looking to buy a home getting a more accurate read on the area you want to purchase in is important because these general numbers are not telling the full story.
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Lynda Gill RS Lic 63088