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Buying a Condominium on Kauai, July 2023 vs 2022 Real Estate Statistics

Just like Kauai home sales the number of condominiums sold are down in every area of the island, we’re looking at the first 7 months of 2023 and comparing those numbers to the same time in 2022. Across the island the number of sales are down, at the end of the first 7 months in 2022 we had sold 281 compared to 186 this year. The South Shore went from 110 condos sold to 70. The North Shore had sold 55 condominiums in 2022 and 35 this year. Lihue, which has the highest concentration of residential condominiums had sold 75 condos and went down to 55 this year.

Median Price on Kauai

The Median Price is slightly off island wide because it’s been skewed by the low number of sales. I’m seeing a change in this market when we look at just the month of July 2022 there were 30 condominiums sold and the days on market were a paltry 13. This last July we sold 23 condominiums and the days on the market had a large increase to 67. The Sold to Original List Price, which is the only way to get a true read on what is going on with prices, was 100.9% in July 2022 showing us a high number of condominiums selling for over list price. This year it’s 98.2%, which is not a bad number in itself, but it is showing us that the run up on prices is slowing for the month of July. So let’s get to those prices.

Island wide the Median price is down solely due to the low number of sales, when we break it down the Median Price has increased. At the end of July 2022 the Median Price was $725,000 compared to $697,000 this year a -3.86% decrease. On the South Shore we went from a Median Price of $742,500 to $793,500 which is a 6.87% increase. The North Shore was at $999,000 last year and now at $1,150,000 a 15.12% increase. Lihue was at $500,000 at the end of July 2022 and now at $535,000 a 7% increase. How these numbers impact your favorite condominium complex will vary, before making an offer, or listing your property, take a closer look at the the past sales and current inventory.

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I hope you have enjoyed the video and have a wonderful rest of your day. Aloha!

Lynda Gill RS Lic 63088
Hawaii Life
808.346.0056

Posted on in Condos, Hawaii, Kauai, Market Trends, Sales, , , , , ,

Lynda Gill
About the Author

Lynda Gill

Lynda Gill is a Realtor Salesperson with Hawai'i Life. I have close to two decades of experience as a top-producing real estate agent on Kauai, where I’ve lived since 2004. I specialize in residential, relocation, and resort property sales in Poipu Beach, Lawai, Omao and Kalaheo, on the island’s South Side. Over the course of my career, I’m proud to have earned accolades and designations, including being recognized as a top performer by Hawaii Business Magazine. But what really drives me is helping my clients with one of the most significant events in their lives. There is nothing quite as satisfying as helping clients achieve their financial goals or seeing their eyes light up when the right property comes along. You can email me at lyndagill@hawaiilife.com or via phone at (808) 346-0056.

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