It’s the beginning of October and we’re looking at how home sales did for the first 9 months in 2023 compared to this same time last year. When pulling the data I saw something really interesting; despite a decrease in home sales island-wide, it’s noteworthy that the median price for some areas on Kauai has shown stability for the first time in 2023. The persistent shortage of inventory has made it challenging to get an accurate read on the Median Price, so it’s quite remarkable that despite the limited number of new listings, which for that part of our market has remained unchanged, we’re seeing the needle move a bit in the positive direction on the Median Price.
First let’s take a look at the number of homes sold on Kauai year to date. Island wide for the first 9 months of 2022 we had sold 398 homes, this year 206. On the South Shore we had sold 125 compared to only 48 year to date in 2023. The North Shore had sold 83 homes in the first 9 months of 2022 compared to 46 this year. Lihue had sold 35 compared to this years 22.
In looking at just the month of September the days on market are up from 47 to 83. Despite the fact that the homes are sitting on the market a bit longer Sellers were getting pretty close to their original list price. In September of 2022 it was 100% and in 2023 it’s 95.5%, Sellers dropped their prices some but not much.
Let’s take a look at those prices: Island Wide the Median Price on Kauai for the first 9 months in 2022 and 2023 is $1,150,000 a 0% increase. The South Shore is up 3.31% at $1,250,000 in 2023 compared to $1,210,000 in 2022. North Shore was slightly down by -5.21% at $2,400,000 last year compared to $2,275,000 in 2023. Lihue had a 0% increase going from $899,990 in 2022 to $900,000 this year.
With interest rates driving the market whenever we hear that the Feds are meeting to discuss rates it’s an attention grabbing headline. And they did meet during the last week in September and here are some key takeaways: They announced that they will not raise interest rates this month but did leave the possibility open for a hike before the end of the year, they also remained optimistic that rates will decline in 2024.
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Aloha!
Lynda Gill RS Lic. #63088
Hawai’I Life Real Estate Brokers 808.346.0056
LyndaGill@HawaiiLife.com
