Buying a Home on Kauai | Real Estate Home Sales Through October 2022
It’s the beginning of November and we have the first 10 months of Kauai homes sales to review.
Just last week the interest rate went over 7% which I’m certain will further a slow down in sales. It’s true that historically a 7% interest rate is not high, the difference being is the last two years of a runaway market has made the median price of a home out of reach for a lot of buyers at double the interest rates. In response to this some buyers are choosing to adjust their price point downwards. In looking at the first 10 months of data here on Kauai the trend of the number of sales being down and prices going up continues for homes, however, the prices are not going up in some areas at the same rate they were.
So let’s get to the numbers.
Homes Sold on Kauai
The number of homes sold on the entire island year to date is down in every area. Island wide we had sold 630 homes in 2021 and now we’re at 426. The South Shore had sold 161 homes last year now down to 134. On the north shore sales are down over 50% from 176 in 2021 to 87 in 2022. In Lihue 56 homes had sold this time last year now we’re at 37 year to date.
The median price is up in every area of Kauai, island wide it stands at $1,150,000 compared to $1,055,750 last year which is a 8.93% increase.
On the South Shore the median price is up less than a percent at $1,206,000 versus $1,200,000 last year.
The North Shore saw the biggest gain at 33.33% in their medium price which is now $2.4 million compared to $1.8 this same time last year.
Lihue had a large 17.83% gain and is now at $925,000 compared to $785,000 last year.
You are welcome to contact me if you have any questions on how these numbers relate to your particular area of interest here on Kauai.
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