The Kauai real estate market proved to be resilient in 2023. The year arrived on the tail of 2022’s extremely active and record setting (in many respects) real estate market. As interest rates increased and the market was at the mercy of a very limited inventory, market activity tapered throughout the year. Q4 did see a little bounce relative to Q2 and Q3, but continued what we have dubbed a “return to Kauai’s normal real estate market.” While values have continued to hold through all market segments throughout 2023, inventory is slowly increasing and ‘days on market’ is growing longer. Though these are signs of a diminished demand, the overall demand is healthy and all segments see movement at strong prices.
Island wide residential sales in Q4 numbered 78, a 1% increase from Q4 of 2022. For the year, 2023 saw 284 island wide residential sales relative to the 475 residential sales in 2022, a roughly 40% decrease. On the North Shore, the number of residential sales fell from 20 in Q4 of 2022 to 12 during the most recent quarter. The North Shore also saw 58 residential sales for the year compared to 103 in 2022.
Total residential island wide sales volume for 2023 came in at about half of the prior year; $465M in 2023 versus $967M in 2022. For Q4, residential island wide sales volume only dropped 18% compared to Q4 of 2022, falling from $153M to 125.4M.
Island wide residential median sales prices in Q4 dropped 10.2% from $1.25M in Q4 2022 to $1.122M in Q4 2023. North Shore residential median sales price dropped from $3.25M in Q4 2022 to $2.785M in Q4 2023, a 14.3% decrease. Year on year, island wide residential median sales prices only dropped 2.54% from $1.18M in 2022 to $1.15M in 2023.
If you’d like to explore the numbers a bit deeper, check out the market snapshot below for Q4 2023, or via the following links for enlarged versions – Kauai Snapshot Q3 2023 Kauai Snapshot Q4 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. The number of island wide residential sales indicates a little bounce in activity compared to the prior quarter.
Long-Term Quarterly Median Sales Price Trends
The long term graph below tells the same story that we emphasized above. Values have held steady both on the North Shore and island-wide since things began to level off in 2022.
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