Buying a Home on Kauai, Market Statistics Comparing August 2022 vs 2021
It’s the beginning of September, and we now have the Kauai Real Estate data that I’ve been waiting for. We all know the market significantly slowed down when the interest rates went up in early May. Some of the sales that we were seeing started before the interest rates went up. But from this month forward, the slowdown impact will be reflected in the numbers.
August Market Trends
At the end of August what we see is the pattern of prices up, and inventory down remaining the same. When I look at our MLS on a daily basis I see two things:
- for Buyers, the crash of 2007 is not happening, and
- for Sellers, the big price jumps are no longer happening.
I’m seeing price adjustments but it’s usually from Sellers that were testing the market; their property was overpriced to begin with and that’s not flying any longer with buyers. If a property is priced correctly, it’ll sell; the days on market might be a little longer, and there might not be as many offers, but it will sell. And that is exactly what these numbers are showing us, so let’s get to the numbers.
Kauai Real Estate Statistics
For the island of Kauai the number of homes sold year to date 2021 was 514, now it’s at 369, a decrease of -28.21%. The median price, however, is up at $1,188,000 compared to $1,050,000 this same time last year.
On the South Shore the number of sales was 138 in 2021 compared to 116, which is a -15.94% decrease. The median price is up at 1,246,875 compared to 1,174,500 in 2021.
The North Shore had 144 homes sold at this time in 2021 and are at 77 now a -46.53% decrease. Median price for a home on the north shore is now 2.5 million compared to 1,775,000 in 2021.
In Lihue, home sales were pretty steady with 34 selling in 2021 compared to 33 in 2022 a -2.94% decrease. Prices are up at 925,000 compared to 735,000 in 2021.
Contact me to find out how these numbers relate to your particular area of interest. If you would like to 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