Buying a Condominium on Kauai, Hawaii | Market Statistics for November 2023 vs 2022

Good news for Kauai condominium owners, the median prices are up all across the board despite the double-digit lack of sales. We have a number of Buyers that have switched horses and are now buying condominiums because homes are out of their price range, and the pattern that the home sales had taken is now happening with condominiums.

Condo Sales on Kauai

We’re looking at condominium sales on the island of Kauai for the first 11 months and comparing that to this same time last year. As the inventory is getting bought up we’re seeing the number of sales decrease. Island wide we went from 405 condo sales in 2022 to 276 a -31.85% decrease. The South Shore had sold 147 year to date in 2022 compared to 90 this year a -38.78% decrease. The North Shore went from 84 sales to 59 in 2023 a -29.76% decrease. Lihue went from 108 sales in 2022 to 83 this year a -23.15% decrease.

Comparing just the month of November 2022 to 2023 we see very little change for Kauai condominium sellers. There were 19 sales last November and 22 this last month. The days on market have increased from 34 to 50 this year but the Sold to Original list price is pretty much the same, in November of 2022 it was 97% and this November we’re at 95.9% so it’s off by about 1%. At this time, Sellers are not having to lower their original asking price much, and I attribute that to a larger pool of buyers for condominiums.

Kauai Condos Median Price

The median prices are up all across the board for condominiums. The Island of Kauai was at $710,000 in 2022 and now we’re at $725,000 a 2.11% increase. The South Shore has a large number of leasehold condominiums so their 11.81% increase in their median price was exceptional going from $715,000 last year to $799,450 this year. The North Shore’s median price for a condominium has gone way up to $1,200,000 from $995,000 last year a 20.60% increase. Lihue had a 7% gain in their median prices going from $500,000 in 2022 to $535,000 in 2023.

These numbers are general in nature and will not give you an accurate picture of your favorite Kauai condominium complex. You are very welcome to call me to see how these numbers relate to you.

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Aloha!
Lynda Gill RS Lic. #63088
Hawai’i Life Real Estate Brokers 808.346.0056
LyndaGill@HawaiiLife.com