Who is going to blink first, the Buyers or Sellers? Since May, the Kauai real estate activity has significantly slowed down but this won’t necessarily show in these housing numbers that we’ll be looking at because some of these sales were in play just as the market started to turn. The scenario of pricing a property at “X” amount of dollars over the last sales price and getting multiple offers within 24 hours of listing the home is not happening in all price points however, it is still happening.
Some Sellers think it’s still 2021 and some Buyers think it’s the “Crash” of 2007 and both sides are holding out to see who blinks first. The reality is neither side is correct. We’ll get through this log jam, people still need to buy and sell real estate and we don’t have a lot of inventory and very little is coming on the market. Already we are seeing buyers respond if a property is adjusted to the right number.
Let’s Look At the Numbers
The number of sales for homes year to date are down island wide except for Lihue which sold exactly the same amount of homes. Island wide we went from 442 homes sold in 2021 to 328 which is a -25.79% decrease. The south shore went from 115 to 104, a -9.57% decrease. North shore went from 129 to 71 year to date, a 44.96% decrease. Lihue was even at 29 homes for both this year and last.
The Median Price is up across the board. For the island of Kauai it’s now 1.2 million compared to 1,087,500 which is a 10.34% increase. On the South shore the Median price is now 1,291,875 compared to 1.2 million last year which is a 7.66% increase. The north shore rose to 2.5 million compared to 1.8 million last year a 38.89% increase. Lihue’s median price is now 930,000 compared to 736,000 which is a 26.36% increase.
You are welcome to contact me if you have any questions on how these numbers relate to your particular area of interest here on Kauai.
If you would like to have Kauai Real Estate information delivered directly to your inbox every week you can sign up here: https://conta.cc/3scxsX4