Kauai, Hawaii Condo Sales Stats: October 2023 vs. 2022 Comparison
Kauai Condominiums continue their run with higher Median Prices and lower amount of sales due to a lack of inventory. No, you are not seeing last months, or the previous months video by mistake, this is the beginning of November 2023. If it seems like I’ve said this before, it’s because I have. With the resilient housing prices buyers have adjusted their sails and turned to condominiums which have a lower price point. But, like houses, we’re starting to run out of that inventory so I expect this to change and in some respects, I’m already seeing a bit of that. So let’s get to the number of sales.
Condos Sold on Kauai
Island wide there were 386 condos sold at the end of October 2022 compared to 254 this year a -34.02% decrease. The South Shore went from 144 to 83 sales a -42.36% decrease. The North Shore went from 78 condominiums sold year to date in 2022 to 54 a -30.77% decrease. Lihue went from 102 in 2022 to 75 this year a -26.47% decrease.
With the lack of inventory, we can dig a little deeper into the numbers and see a clearer picture of the condo market. In looking at just the month of October 2022 and comparing that to October of 2023 on the entire island the number of condominiums sold went from 35 to 18 and the days on market increase from 17 to 45. Prices however are not going down from the number that the Sellers originally listed them at, before any price reductions were done in October of 2022 Sellers were getting 100% of their sold to original list price compared to 98.2% this October, very few price adjustments are happening and hopefully Sellers are adjusting to the longer days on market which is our new normal.
Looking at the Median price island wide at the end of October 2022 it was $708,500 it’s now at $725,000 a 2.33% increase. The South Shore went from $720,000 to $799,000 a 10.9% increase. The North Shore median price was $999,500 in 2022 and this year 1,199,000 a little over 20% increase. Lihue had a 7% gain from $500,000 to $535,000 at the end of October 2023.
Doing your homework before buying or listing a condominium on Kauai will benefit you, put aside emotion and look at the facts, that will put you in a better position for success.
For information on how Residential Sales have done year to date click here: October Year To Date Kauai Real Estate Sales
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