It’s certainly been a wild ride with the real estate facts and figures as of late…so what would the June stats show us about the current state of the marketplace?
Well, on the whole, the Kaua’i median sales price continued to ascend this past June, checking in at $1.55 million—a jump of nearly 41% from this same time last year, and dwarfing May’s median sales price by nearly $500k. Meanwhile, the median sales price for condos also grew exponentially, growing 22% from June of 2021 and landing at $758,000 last month.
And while the median, or the or the midpoint between the highest and lowest numbers in a given set, is the most commonly used measure, it’s also worth noting that the average sales price for single-family homes was $2.69 million in June—which is over a million dollars more than the average in May! ($1.69 million). The average sales price of condominiums came in at $985k, down slightly from May’s average of $994k.
Simultaneously, however, overall sales activity has continued to experience somewhat of a slowdown, with total sales of single-family homes down over fifty percent and condo sales slipping by 36% since June of 2021. This is also in line with much of the national trends, albeit in one very important way: while the rest of the country has begun to see a slight dip in current asking prices, Kaua’i real estate sales numbers still seem as large as they ever were.
What gives?
More than Meets the Eye in Kaua’i’s Stellar Selling Season
Well, as you may remember from our previous blog, several factors have contributed to Kaua’i’s unique mix of slower sales and growing sale prices. The ongoing lack of available housing—both here and across the state—continues to drive prices upward, with the typical single-family unit only spending a scant six days on the market before being sold (by way of comparison, homes were sold typically on their 21st day back in June of 2021).
To further illustrate this point, condos spent around 11 days on the market in June, whereas they spent around 60 days on the market at this same juncture last year. Talk about here today, gone tomorrow!
What’s more, the large discrepancy between the average home price and the median home price for single-family homes simply continues to reflect Kaua’i’s relatively high mix of luxury properties for sale, particularly along the much-sought-after north shore of the island. When you’ve got the kind of natural, shimmering beauty that the Garden Isle has, it’s only natural that buyers the world over will be tripping over themselves to get in on the action!
And if you’re looking to get in on the action…then there’s no time like the present! From the most discerning buyers to first-time homeowners, Wai’oli Properties is the #1 group of realtors in all of Kaua’i—and we’ve won the awards to prove it!
Give us a call and say aloha to your next home with Wai’oli Properties—your local, joyful real estate experts. Aloha!
