Aloha from Kauai! It’s the beginning of June 2022 and we’re taking a look at condominium sales year to date and comparing that to the same time last year. For condominiums, just like homes, we’re seeing a downward trend island wide in the number that were sold due to the lack of inventory with the exception of Lihue and this makes sense to me. Lihue has more residential condominium complexes on the island, meaning you can’t vacation rent the condos and they are designed more for full time living. The trend of buyers being priced out of the housing market and buying a condo instead is showing up in the Lihue numbers.
Sales Down on Kauai
Island wide the number of sales is down -19.53% from 256 sales in 2021 to 206 in 2022. The South Shore is down -8.99% from 89 condos sold in 2021 to 81 year to date 2022. The North Shore saw a -50.68% decrease in the number of sales going from 73 sold in 2021 to 36 sold year to date in 2022. Lihue, is the only area bucking this trend, this area had a 28.89% increase to 58 condominiums sold compared to 45 the year before.
Median Price Up Island Wide
The Median Price is up 10.48% island wide going from $610,500 last year to the current $674,500. On the South Shore we saw a very slight 1.34% decrease in the Median Price going from $745,000 in 2021 compared to $735,000 in 2022, this is because of the lower priced Leasehold Kiahuna Plantation sales which are currently experiencing a run up in their sales. The North Shore Median Condo price is $980,000 which is a 36.11% increase from $720,000 the year before. Lihue had 25% increase with their Median Price which is $475,000 compared to $380,000 at this same time last year.
Condominiums in the month of May 2022 sold at a ratio of 101.6% when compared to their original list price. In the month of May 2021 it was 95.2%
Island wide the different condominium complexes have their own subset market trend numbers. If you have an interest in what the numbers are for a particular condominium complex you are welcome to contact me. I look forward to hearing from you and have a wonderful day!
Lynda Gill RS 63088
Hawaii Life
808.346.0056
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debbie deroos
June 17, 2022
Aloha,
I came across your website while looking at properties on Kauai. Your information and understanding of the market caught my attention.
I recently moved away from the islands to the mainland for healthcare reasons and I am now in a good position to look at returning to the islands. Kauai is my first option and Oahu my second. I like the condos in the Lihue Sun Village because of access and restriction on rental length and age of renter. Lease hold is the sticky point but not a deal breaker. What do you have that offers quiet surroundings with accessibility to the unit? (no stairs; reliable elevator ok)
I would like to stay below 400-500 cash all in( ie any needed changes like carpet removal, painting, appliances, etc ) HOA fees are a consideration if they are high (over 500 month) and it would depend on what they include.
I will need to sell my present home before purchasing a new one. As the market appears different now, will this be reasonable?
Mahalo,
Debbie
Lynda Gill
June 17, 2022
Aloha Debbie,
It’s so nice to hear that things are looking better for you and that a move back to Hawaii might be in your future. Thank you for contacting me and I will send you an email on this. You are welcome to call me at 808.346.0056.
Mahalo! Lynda Gill
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