Aloha, friends!
It’s that time again—the July 2022 real estate stats have been released, and thanks to our friends over at Fidelity National Title & Escrow of Hawai’i, Wai’oli is here to give you the skinny on the latest trends to be extrapolated from the data. Let’s get down to business!
Overall, the trend of higher median sales prices and lower total sales continues to hold steady, both across the Garden Isle and the greater Aloha State. Here on Kaua’i, we’re looking at:
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Single-family homes: Median of $1.2 million, a 10% increase year-over-year from July 20201…and a 26% drop in total sales
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Condominiums: Median of $725,500, an 18% increase year-over-year…and a 28% drop in total sales
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Land: Median of $700k, a 9% increase year-over-year…and a 24% drop in total sales
Let’s also check in on the figures for a few specific areas around our island while we’re at it:
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Lihue: 29 single-family homes sold for a median of $930k, 74 condos for $499,950, 5 parcels of land for $530k
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Koloa: 104 single-family homes sold for a median of $1.29 million, 110 condos for $742,500, 46 parcels for $765k
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Waimea: 19 single-family units sold for a median of $750k, 10 parcels of land for $46,500
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Hanalei: 71 single-family homes sold for a median of $2.5 million, 55 condos for $999k, 14 parcels for $1.3 million
And finally, in the year to date, then, here are the overall comparisons for the first 7 months of 2022 versus 2021 at the same juncture:
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2022, January through July: 698 total units sold thus far, for a grand total of $1.07 billion
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A drop of 26% in the total number of units sold, and a drop of 16% in the total dollar volume of sales
A Stabilizing Marketplace
As we’ve shared in many of our previous posts, a perfect storm of higher mortgage rates and ongoing inflation, coupled with the exclusivity of Kaua’i real estate, have conspired to keep the median prices historically high even as the total number of sales has come down. This is not only due to the overall availability of luxury properties here on the island but also largely in part to the gradual return of a more-normative rate of growth, a rate more in line with what we saw way back in 2019 before the pandemic upended our lives.
In this way, you can view the ‘loss’ of total sales as not so much of a loss per se, and more of a market stabilization towards the previous rate of growth—which was quite impressive in and of itself!
That’s why it’ll always be of the utmost importance to have the services of a top realty professional in your corner to close the deal on your next home, buying or selling. Wai’oli takes great pride in being the Garden Isle’s realtors of choice for discerning and first-time buyers alike, helping you and your ‘ohana secure your next home in paradise—or to return top-dollar in an ever-changing, unpredictable marketplace.
Aloha and mahalo nui…we’ll see you next time!
