The Q1 year on year comparison between 2022 and 2023 exhibits the stark change in the real estate market over this period. Anybody who has been following economic conditions, over the past six months in particular, knows that rising mortgage rates coupled with economic uncertainty, have quelled demand for an inventory that has continued to remain tight. This has resulted in massive dropoffs in sales volume and number of sales metrics. Median sales prices have only slightly begun to taper (depending which segment is considered), and anecdotally, high end property values continue to appear very strong.
The majority of the descriptive statistics below tell the above story well, but here are a few that certainly pop out. Island wide residential sales volume for the first quarter of 2023 fell 73.5% to $85M from $320.6M during the same period last year. North Shore residential sales volume fell 88.1% from $169.3M in Q1 2022 to $20.1M over the first quarter of 2023.
With respect to number of sales, island wide residential sales fell approximately 56% with 151 residential transactions during the first three months of 22 versus 67 over these past three months. On the North Shore, sales dropped 71.4% from 35 transactions last year during the period, to 10 this year.
As the market changes its tune after the furious real estate surge from 2020 through 2022, we are looking forward to the new opportunities this market will present.
If you’d like to explore the numbers a bit deeper, check out the market snapshot below for Q1 2023, or via the following links for enlarged versions – Kauai Snapshot Q1 2023
Monthly Sales and Median Price Statistics
The below chart depicts monthly sales and median prices for both the entire island and the North Shore. The past three months have seen the fewest number of residential North Shore sales across any 3 month period in the series. Monthly median prices are always useful to consider, but monthly results, especially when number of sales are few, can suffer from wild variability; that said, we consider the monthly median statistics with a grain of salt. Generally speaking, the values here are still very strong both for the entire island as well as the North Shore, but over the past three months, there does seem to be a downward trend emerging. 
Long-Term Quarterly Median Sales Price Trends
This graphic is always so informative. As the number of sales have slowed we have seen an increased variability in the quarterly median residential sales prices over the past few quarters. Price levels appear to have leveled off from this data (and certainly this feels anecdotally evident as well), and yet remain historically high.
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