The first quarter of 2024 on Kauai saw a very noticeable uptick in activity. Sales volume increased significantly, jumping to a quarterly island wide, residential sales volume of $204.7M during Q1 of 2024 compared to $126.4M during the final quarter of 2023 and only $85M during Q1 of 2023. Similarly, North Shore sales volume for residential properties jumped to $84.6M from $35.7M during the preceding quarter and only $20.1M during Q1 of 2023.
These significant jumps in sales volume have also been accompanied by modest increases on the number of sales. The 87 residential sales we saw during Q1 of 2024 are greater than the 79 sales from Q4 2023 and markedly greater than the 67 during Q1 of 2023. North Shore residential sales also jumped, with 27 residential sales during the period compared to 12 in the preceding quarter and 10 during Q1 of 2023.
Interestingly, the upticks in overall market activity have been supported by the residential segment and in particular the residential segment of the Hanalei and Koloa districts. Anecdotally, residential homes in the resort communities of Poipu and Princeville have been driving the market activity within these districts.
If you’d like to explore the numbers a bit deeper, check out the market snapshot below for Q1 2024, or via the following links for enlarged versions – Kauai Snapshot Q1 2024
Monthly Sales and Median Price Statistics
The below chart depicts monthly sales and median prices for both the entire island and the North Shore. The last three month period saw the second largest total number of island wide residential sales (second to April through June of 2023) over the past 13 months. For the North Shore, the past three months represented the the busiest three month stretch over the 13 month period.
Long-Term Quarterly Median Sales Price Trends
Values remain high, but the increased variability of the median sales prices over the past several quarters continues. This degree of variability is not surprising with such a small sample size as we see in our Kauai market. Both the North Shore and island wide price trends continue to be more or less steady since the start of 2022.
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