Buying a Home on Kauai | August 2023 Year to Date Sales vs August 2022

We’re looking at the first 8 months of Kauai Home sales and comparing that to this same time last year. Lack of inventory continues to keep the number of home sales down island wide, and I don’t see anything on the horizon that is going to turn this around. On the island of Kauai we had sold 370 homes at the end of the first 8 months of 2022 compared to 190 in 2023. On the south shore we went from 116 to 43, on the North Shore 33 sold last year compared to 21 this year. Lihue had sold 77 homes and only 41 this year.

List Price vs. Sold Price

If we look just at the month of August for this year Sellers are getting 97.7% of their List Price compared to the Sold Price and that’s a great number but it doesn’t factor in the price reductions. When we compare the sold to the original list price Sellers are getting 93.6% which tells us that Sellers have had to do some price adjustments.  The days on market is longer, it went from 24 in August of 2022 to 42 this year.

The Kauai Median Price wild swings that are reported in the newspapers seem to make no sense. Just this year one Newspaper headline said “Kauai Housing Market States Most Expensive” and just the next month it was “Home Sales Plunge on Kauai.” These headlines are polar opposites but they can also technically be true if you just focus on the Median Price. I did a short video that explains why the Median Price is not the most reliable information, to access that video click HERE.

Median Price on Kauai

With that being said, let’s look at the Median Prices Year to Date.

For the island of Kauai it was $1,184,000 at the end of August 2022 and this year it’s $1,150,000 which is a -2.87% decrease. South Shore was up from $1,246,875 in 2022 to $1,300,000 a 4.26% increase. North Shore went from $2,500,000 to $2,250,000 a -10% decrease. Lihue was at $925,000 at the end of August 2022 and now $830,000 a 10.27% decrease.

The real estate headlines might be good or bad for that month so they are not the most reliable source when you’re going to make an offer on a house.

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I hope you have enjoyed the video and enjoy the rest of your day, Aloha!

Lynda Gill RS Lic 63088
Hawaii Life
808.346.0056