Kauai, Hawaii Home Sales Stats: October 2023 vs. 2022 Comparison

Both the Dow and the S&P loved the November first news that the Feds are not going to raise interest rates at this time and I’m interested to see how this will play out with buyers. This is what I’ll see with Buyers; since March of 2022 the Feds have raised the rates 11 times and each time they go up we all see the scary headlines and each time Buyers get afraid and pull back thinking this is when the market is going to crash. And, the market is not crashing but the impact of higher interest rates have left their mark. How have they left their mark? Let’s take a look at the Kauai Housing numbers year to date and compare them to this same time last year.

Homes Sold on Kauai

At the end of the first 10 months 428 homes had sold last year compared to 232 which is -45.79% drop. The South Shore had a huge -58.21% drop in the number of sales going from 134 to a mere 56 year to date. North Shore went from 88 to 48 a -45.45% drop. Lihue had 37 homes sold at the end of October 2022 compared to 30 this year a -18.92% decrease.

By now we know these numbers are because of a lack of inventory in the more achievable price points. If we look at just the month of October 2022 and compare that to October of 2023 we see the number of homes that sold went from 30 to 26 and the days on market increased from 33 to 60. What remained largely unchanged was the Median Sold to Original List Price which is before any price reductions were done, that went from 93.5% in 2022 to 92.4% in 2023. Despite the interest rates ticking upward, the Sellers getting close to what they were asking for just like they were a year ago.

Island Wide Prices

Let’s look at those prices. Island wide the Median Price went from $1,150,000 to $1,110,000 a -3.48% decrease. The South Shore is pretty even going from $1,206,000 in 2022 to 1,212,000 this year a less than 1% increase (.50% increase). The North Shore went from $2,375,000 in 2022 to 2,275,000 in 2023 a -4.21% decrease. Lihue had a 2.97% Increase from $925,000 last year to $952,500 at the end of October 2023.

When buying or listing your home have your decision making process based on the number which are what they are not headlines which will change from one month to the next.

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Aloha!

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