Market Update Kauai Jamie Friedman

Aloha!

Things are still interesting for the Kauai market. Our inventory is still low, with just slightly over 300 total listings of homes, land, and condos. Overall, the listing prices are still high out of the gate in most cases (as compared with recent comparable sales). Sellers are trying to hold onto the rising market by coming out high, but the buyer pushback is evidenced by the longer days on market and frequent price reductions before most properties go into escrow. This month to date, we have seen 64 price changes, 6 increased in price and 58 reduced. Of course, there are pockets of the island and property types (like the introductory level condos) that are still selling high and quickly, but that is not the prevailing market theme anymore.

In the days to come, it is difficult to predict where the market will go. Every day I seem to read and hear conflicting reports about where we are headed. It is likely that until there is some give on the interest rates, we will continue to see buyers holding off and sellers continuing to adjust to the current lower demand.

For active listings (homes, land, and condos), today we have a total of 305.
Of those, there are 132 homes, 80 condos, and 94 land listings on MLS today
As of September 28, there are 185 listings in escrow (contingent and under contract status)
In the past month (since August 28)….
58 listings SOLD/CLOSED: 17 residential, 29 condo, and 12 land listings

2023 Year to Date compared with 2022

For a little bit of added fun and information, let’s compare the sales from January 1, 2023, to today, September 28, 2022 with the same dates in 2022.

Thus far in 2023, a total of 517 listings have sold: 205 homes, 232 condos, and 80 land listings sold.

For the same timeframe in 2022, 852 listings sold. 396 homes, 348 condos, and 108 land listings closed.

That is approximately a 40% drop in the market overall, approximately 48% drop in home sales, 33% for condo sales, and about 26% in land sales.

Thus far in 2023, properties that sold in under 45 days was 308 (59%) as compared with 2022 where the number of properties sold in under 45 days was 630 (almost 74%).

Thus far in 2023, properties that sold in under 15 days was 220 (42%) as compared with 2022 where the number of properties sold in under 15 days was 507 (almost 60%).

Just a reminder, in case the math isn’t adding up… This market analysis is based on homes, land, and condos listings only. On occasion, listings show in multiple categories. For example, a tear down home

Just a reminder, in case the math isn’t adding up… This market analysis is based on homes, land, and condos listings only. On occasion, listings show in multiple categories. For example, a tear down home may be listed as both a residential listing and a land listing. However, once a sale records, it will only be in MLS as one listing sold, not two listings sold.

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