Though the second quarter of 2023 continues to display a significant drop off in a year on year comparison with 2022, it also showed a rather modest bounce compared to Q1 of this year. If you turn back the page and jump into our market update at the end of the prior quarter, you can see that although year on year Q2 island wide residential sales volume is down 54.4%, sales volume is up from $85M last quarter to $143M this quarter. Similarly, the number of island wide residential sales jumped from 67 last quarter to 88 this quarter.
With the exception of the Lihue District, this pattern of a significant increase in residential sales volume as well as residential number of sales was evident in all other geographic districts. Interestingly, this pattern did not hold as generally across the non-residential segments.
For the North Shore, sales volume was down 54.2% from last year, but the $47.1M in residential sales volume was a big jump from the $20.1M in volume during Q1 2023. Likewise, number of sales jumped from 10 last quarter to 19 during Q2.
If you’d like to explore the numbers a bit deeper, check out the market snapshot below for Q2 2023, or via the following links for enlarged versions – Kauai Snapshot Q2 2023
Monthly Sales and Median Price Statistics
The below chart depicts monthly sales and median prices for both the entire island and the North Shore. As was just discussed above, the number of residential sales on the North Shore jumped compared to the first three months of the year. From the chart below, we can further see that this bump was driven by June activity which saw more residential sales on Kauai’s North Shore than any of the prior 12 months.
Long-Term Quarterly Median Sales Price Trends
Following from the pickup in activity we have been highlighting, the median sales price (both North Shore and island wide) for residential sales during Q2 ticked up relative to the prior quarter. While this feels intuitive given the market’s activity this quarter, we always focus on the trend of the graphic below more than any individual data point given the small sample size of our Kauai market.
We want to take one more opportunity to say thank you. I am humbled to be named the #1 broker in Hawaii and the #25 broker in the United States in the 2023 Real Trends + Tom Ferry The Thousand rankings, as advertised in the Wall Street Journal. None of this is possible without the trust and loyalty of my clients and the support of my coworkers. Thank you to the entire crew at Hawaii Life and my amazing team.