Buying a Condominium on Kauai March 2023 vs March 2022 Year to Date Real Estate Sales
Despite the low number of condominium sales the prices are still increasing and here’s why: the price point for a condominium is much lower than a single-family home. With the rising interest rates the sales prices for condominiums are more in line with what a Buyer can afford as their purchasing power is now half of what is was last year. For the median price Kauai condominiums are outperforming the housing market and, like the housing market, the number of sales are down by double digits.
Let’s look at those numbers. On the island of Kauai we went from selling 122 condominiums in the first three months of 2022 compared to 87 this year. The South Shore went from 44 to 30 condominiums sold in 2023. North Shore sold 22 at the end of the first three months of 2022 compared to 13 this year. Lihue went from selling 40 condos to 28 at the end of March 2023.
The sold price to the original list price is not off by much when you look at just the month of March for both years; in 2022 the median sold to original list price was 100% compared to 96.7% this year, so that’s not too far off. The days on market went from 11 last March to 21 in the same month a year later.
Median Price on Kauai
Now let’s get to the numbers. The median price is up in every area of the island. For the entire island of Kauai the median price for a condominium is $670,000 compared to $592,500 last year a 13.08% increase. The South Shore is now at $915,000 compared to $705,000 last year a 29.79% increase. North Shore went from $932,500 in 2022 to $1,100,000 year-to-date a 17.96% increase. Lihue went from $487,450 at the end of March 2022 to $512,500 which is a 5.14% increase.
Buying a Condo on Kauai
A condominium’s location, view and interior upgrades makes all the difference in price and this will vary within the condominium complex itself. When buying a condominium it’s even more important to do a specific market analysis on that particular complex.
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Lynda Gill RS Lic 63088