For the first half of the year the number of homes sold here on Kauai continue to trend downward due to the lack of inventory however, with six months of sales data behind us the median price is possibly solidifying. At the very least let’s just say for the first time the numbers don’t appear as unrealistic as they had, but more on that later. Let’s take a look at the number of homes sold.
Homes Sold on Kauai
Island wide the number of homes sold was down by double digits. At the end of June in 2022 we had sold 304 homes, this year 154 which is a -49.34% decrease. The South Shore went from 95 to 37 homes sold a -61.05% decrease. North Shore had a -56.06% decrease in sales from 66 to 29 and Lihue had 27 sales at the end of the first 6 months compared to 18 this year a decrease of -33.33%.
Despite the lack of sales, the prices show signs of strengthening. Before, the median price was just not believable but now the numbers are looking a little more realistic. If you look at just the month of June 2022 there were 42 homes sold compared to 35 this year. The sold price compared to the original list price, meaning before any price reductions were done, was 100% in 2022 and in June of 2023 it’s 97.5%. Sellers are still getting close to what they are asking for but the key factor is the pricing has to make sense for today’s buyer and turn-key properties are selling better. So let’s get to those prices.
The median price at the end of June 2023 on the island was $1,100,000 compared to $1,200,000 in 2022 a -8.33% decrease. South Shore is only down -1.89% at $1,300,000 in 2023 compared to $1,325,000 in 2022. North Shore was at $2,350,000 in 2022 compared to $2,050,000 in 2023 a -12.77% decrease. Lihue is down -4.84% at $885,000 this year compared to $930,000 in 2022.
Interest Rates Up, Inventory Down
It’s been a solid year since the interest rates went up and I know that some were hoping that there would be a massive drop in pricing and more inventory, but the numbers have just not shown that. They also have not shown the month over month massive price increases.
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Thanks for tuning in, and I hope you have a wonderful day. Aloha!
Lynda Gill RS Lic 63088