Buying a Condominium on Kauai, September 2022 Real Estate Year to Date Review
The Kauai condominium market is outperforming the housing market and this is no surprise, home prices are still trending upward and inventory is very low. So people are turning to condominiums. I’m not seeing the price drops for condos that I am for homes. In looking at the sold prices for condominiums compared to the original list price it’s at 100.9%, and that’s a big number especially given the higher interest rates. The average days on market is 20. At this time, condominiums are outperforming homes if they are priced correctly, Buyers are not jumping at unrealistic prices.
Low Condo Inventory on Kauai
Like homes, the number of sales are down across the board due to lack of inventory. 348 condominiums have sold year to date island wide compared to 495 this same time last year. On the South Shore we’ve sold 135 condos and 159 had sold in 2021. On the North Shore only 68 condominiums have sold, when we compare that to 132 last year the number of sales are just about cut in half. For Lihue 88 condominiums sold compared to 91 in 2021.
Prices Up Island Wide
Prices are up pretty much across the board. Island wide the median price for a condo is $705,500 compared to 610,000 this same time last year, a 15.66% increase. On the South Shore we’re at $715,000 versus $750,000 last year a -4.67% decrease. This is because of the lack of fee simple condominium inventory. People are buying instead Kiahuna Plantation leasehold condos and those lower numbers drag the median price down. For the North Shore the median price is 995,000 compared to 777,500 in 2021 a 27.97% increase. Lihue saw a huge 33.32% gain in their median price, they are now at 499,950 compared to 375,000 last year.
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These numbers are general in nature and might not reflect what you are interested in. You are welcome to contact me to do a deeper dive into your favorite condominium complex here on Kauai.
Lynda Gill RS Lic. 63088