Buying a Condominium on Kauai, April 2023 vs 2022 Real Estate Sales Review

Aloha! In this video, we’re going to take a look at the current state of the condominium market on the island of Kauai.

As we’ve mentioned before, the lack of inventory for single-family homes is continuing to tighten on Kauai, and this has resulted in an increased demand for condominiums. In the first four months of 2023, the number of condominium sales decreased compared to the same period last year. We’re down in the number of sales in every single area of the island, and there’s no uptick in sight.

Condos Sold on Kauai

For the island of Kauai, in the first four months of 2022, there were 166 condominiums sold compared to 109 in 2023, which is a decrease of 34.34%. The South Shore had sold 60 condos year-to-date last year, but now it’s down to 37, which is a 38.33% drop. The North Shore went from 31 condos sold in the first four months of 2022 to 17, which is a 45.16% decrease. Meanwhile, the Lihue area has the highest concentration of residential condominiums, and they went from 52 sold in 2022 to 36 in 2023, which is a 30.77% drop.

Looking at just the month of April and comparing 2022 to 2023, there were 44 condominiums sold in April 2022 compared to 21 in April of this year, which is less than half. However, despite the drop in sales, the prices remain steady. In April of 2022, the sold price compared to the original list price was 100%, and in April of 2023, it’s 99.1%, which is virtually no difference.

Condo Prices Increase

Prices for condominiums are up across the board, and sellers are not jacking up the prices like they did last year. Island-wide, the median price for a condominium was $650,000 at the end of the first four months of 2022, compared to $670,000 in 2023, which is a 3.08% increase. The South Shore went from $705,000 to $860,000 in 2023, which is a 21.99% increase. The North Shore was at $975,000 at the end of April 2022, and now they’re at $1,100,000, which is a 12.82% increase. Meanwhile, Lihue was at $475,000 in 2022, compared to $535,000 at the same time in 2023, which is a 12.63% increase.

Want to Know More?

Before making an offer, make sure you have some solid numbers to back you up because predatory approaches won’t work in this market. Get Kauai real estate updates delivered to your inbox every week. Sign up now at https://conta.cc/3scxsX4.

For any questions, feel free to contact me, and I hope you have a wonderful day.

Aloha!
Lynda Gill RS Lic 63088
Hawaii Life
808.346.0056