July 2023 Kapaa Kauai Real Estate Market Update – Trends, Insights, and Opportunities!

Aloha! I am thrilled to share with you some fascinating insights into the correlation between various real estate metrics in Kapaa, Hawaii for July 2023. By examining these metrics, we can gain a deeper understanding of the current state of the market and make more informed decisions.

Months Supply of Inventory

Let’s begin with the Months Supply of Inventory, which currently stands at 3.39. This metric represents the number of months it would take to sell all the existing homes on the market if no new listings were added. A lower number indicates a seller’s market, where demand outweighs supply, while a higher number indicates a buyer’s market with more supply than demand.

Now, let’s turn our attention to the 12-Month Change in Months of Inventory, which shows a significant increase of +32.94%. This indicates a notable shift in the market dynamics over the past year, with inventory levels rising. This increase suggests that there may be more options available for buyers, potentially giving them greater negotiating power.

Days on Market

Moving on to the Median Days Homes are On the Market, the data shows that homes are typically spending 33 days on the market before being sold. This metric represents the average time it takes for a home to sell. A shorter duration indicates a faster-moving market, while a longer duration suggests a more stagnant market. Therefore, the current figure indicates a relatively active market where homes are selling relatively quickly.

List to Sold Price Percentage

Next, we have the List to Sold Price Percentage, which stands at an impressive 104.5%. This metric measures the percentage of the listing price that a home ultimately sells for. A higher percentage suggests strong buyer demand and potential competition, often leading to above-listing price offers. This figure indicates that homes are selling for slightly above their initial listing price, which is excellent news for sellers.

Median Sold Price

Finally, let’s discuss the Median Sold Price, which currently sits at a remarkable $1,310,000. This metric represents the middle price point of all homes sold, indicating the prevailing market value. This figure demonstrates the overall price level in the market and can be used as a benchmark for buyers and sellers to gauge their expectations.

When we analyze these metrics collectively, we can observe some interesting trends. While the 12-Month Change in Months of Inventory suggests a slight increase in supply, the Median Days Homes are On the Market and the List to Sold Price Percentage indicates a relatively active market with strong buyer demand. Moreover, the impressive Median Sold Price highlights the potential for profitable transactions in this market.

As buyers, you may find that the increase in supply and the relatively quick turnover of homes provide you with a wider range of options and potentially better negotiating opportunities. On the other hand, sellers can take advantage of the strong buyer demand and the possibility of selling their homes above the initial listing price.

Bottomline

It is important to remember that real estate markets are dynamic, and these metrics can fluctuate over time. Therefore, it is crucial to stay informed and work closely with a knowledgeable real estate professional who can guide you through this ever-changing landscape.

In conclusion, the current real estate market presents exciting opportunities for both buyers and sellers. By understanding these metrics and their correlation, you can navigate the market with confidence and make informed decisions that align with your goals.

If you’re searching for a home in Kapaa, you can explore the newest homes for sale at HousesForSaleKauai.com/search.

Or if you’re a home owner wondering what your property is worth, you can receive an instant home valuation at HousesForSaleKauai.com/home_value.

Happy buying and selling!

Kristine