Kauai Real Estate Q3 Review
When our market update blog is released this late after the quarter’s end, it has typically signified a very active real estate market. This is once again the case here, as this market has been keeping us busy. Kauai’s sales numbers for the third quarter of 2021 are dwarfing those from the third quarter of 2020, which is particularly remarkable as Q3 2020 already captured some of the effects of the Covid bounce in demand and resultant “hot” market. Island wide residential sales volume more than doubled, up to $344.1M in Q3 compared to $152.9M in the same period last year. For the North Shore, the residential segment quadrupled, jumping from $44.5M in Q3 ’20 to $188M in Q3 of this year. You can basically pick and choose your market segment, and regardless of district or property type, sales volume exhibited massive increases.
Similarly, the number of sales also spiked, jumping from 133 residential sales on the island in the 3rd quarter last year to 181 this year. Condo sales across the island increased from 74 to 170. On the North Shore, sales of residential properties were up 76% with 51 in Q3 ’21 versus 29 in Q3 ’20 and on the North Shore, condo sales bounced 187% from 15 in Q3 ’20 to 43 in the same period this year.
Although this very active market is on a more than year long run since the Covid bounce took root, it is staggeringly more active in recent months than it was at its onset. With inventory extremely tight, there were some signals the trajectory of this market might begin to shift. The way the 4th quarter has begun, it does not feel that this is the case for the time being. Despite an extremely limited inventory, market activity remains very high.
If you’d like to explore the numbers a bit deeper, check out the market snapshot below for Q3, or via the following link for an enlarged version – Kauai Snapshot Q3.
Monthly Sales and Median Price Statistics
The below chart depicts monthly sales and median prices for both the entire island and the North Shore. When the number of North Shore sales dropped roughly in half from June to July, the underlying market movements were enough to feel from where we sat, even without diving into the numbers. It briefly felt like perhaps the market was settling down. August and September have bounced right back up to a similar pace of sales as we had seen in Q2.