Buying a Condominium on Kauai, Real Estate Review August 2022 vs 2021
I can’t believe that the first 8 months of this year have gone by but, there it is! It’s September and we have the real estate data in to compare to this same time last year. As with homes I’m seeing the same rinse and repeat with condominiums: number of sales down due to lack of inventory and the prices are up. As with homes I don’t see overpriced condominiums selling, I’m seeing longer days on market and not the number of multiple offers that we saw in the past. Vacation rental condominiums are hypersensitive to the interest rate hikes so I was really waiting to see how these numbers would look. When the interest rate increased in May this data at the end of August was really the first month that would reflect how that impacted the Kauai Condominium Real Estate market and, so far, I’m not seeing a crash. So let’s get to the numbers.
Kauai Condo Market Update
On the island of Kauai 446 condominiums had sold at the end of August in 2021, compared to 324 this same time in 2022 which is a -27.35% decrease. The median price is up at 705,500 compared to 608,500 last year.
For the South Shore, we went from 148 condominiums sold to 130 a -12.16% decrease. The median price is down from $747,500 to $708,000 in 2022 and this is due to the Kiahuna Plantation leasehold sales. As people are priced out of the fee simple market they will historically start to look at leasehold properties which will be lower in price. The south shore numbers tend to be a bit misleading because of this.
On the North Shore, 118 condos has sold last year compared to 130, a decrease of -48.31%. The median price is up at $995,000 compared to $750,000 in 2021.
The number of sales for Lihue condominiums was the only area that bucked the trend of the number of sales being lower than last year. They sold 77 in 2021 compared to this years number of 84 a 9.09% increase. The median price is also up at $499,500 compared to $375,000 this same time last year.
These numbers are general in nature and might not reflect your particular area of interest. You are welcome to give me a call for a deeper dive on your favorite condominium complex. Additionally you can have Kauai Real Estate information delivered directly to your inbox every week you can sign up here: https://conta.cc/3scxsX4
Lynda Gill RS Lic. 63088