Kauai Single Family Market Statistics

 

Kauai, Single Family Home, Market Report - January 2024

Published: February 2024 - Hawaii Information Service

Market Overview

Status: Neutral

Property Overview

  • Property Types: All Single Family Res Properties - Fee Simple
  • Price Range: $0 - No Limit
  • SQFT Range: 0 - No Limit
  • Bedrooms: 0 - No Limit
  • Full Baths: 0 - No Limit
  • Half Baths: 0 - No Limit
  • Year Built: 0 - No Limit

Key Highlights

January witnessed a dynamic shift in the housing market with notable trends in property sales, inventory, and pricing analysis.

  • Property Sales: January saw a significant increase in sales, with 29 properties sold, marking an 81.3% increase year over year and a 7.4% increase from the previous month.
  • Inventory: The total number of for sale listings decreased by 6.3% from the previous year and by 1.7% from the previous month.
  • Under Contract Listings: Saw a 10% increase from the previous month and a 43.5% increase from the previous year.

Pricing Trends

The Average Sold Price per Square Footage saw a significant rise, indicating a strong market appreciation.

  • Average Sold Price per Square Footage: Showed a remarkable increase of 43.2% from the previous month and 78.2% from last year, reaching $1,256.
  • Median Sold Price: Rose by 7.9% from the previous month to $1,430,000.
  • Average Sold Price: Increased by 42.8% from the previous month to $2,494,000.
  • Average For Sale Price: Was $4,048,000, up 2.8% from January 2023 and 10.9% from the previous month.

Market Dynamics

Observations on Months of Inventory, Days on Market, and the List-to-Sold Price Ratio reveal insightful market trends.

  • Months of Inventory Based on Closed Sales: Decreased significantly to 4.1 months, down 48.3% from the previous year.
  • Days on Market: Showed a slight increase of 6.7% from the previous year, indicating a neutral trend.
  • Sold/Original List Price Ratio: Improved to 94%, indicating sellers are getting closer to their asking price.

6 Month Trend Analysis

  • Trend: Both Average and Median Sold Prices are on an appreciating trend, reflecting a robust growth in property values.

Absorption Rate

Detailed analysis on Closed Sales and Pending Sales absorption rates showcase the market's responsiveness.

  • Based on Closed Sales: The absorption rate of 24.6 represents a 93.7% increase compared to last year, indicating a higher pace of sales.
  • Based on Pended Sales: The rate of 28 signifies a 53.1% increase from last year, showing continued strong demand.

Summary

Appreciation in Price per Square Footage and other key metrics reflect the current state of the market.

January 2024 has been a dynamic month for the Kauai real estate market, characterized by significant sales growth, appreciating property values, and a neutral market status. The data suggests a robust demand for residential properties on the island, with sellers achieving better prices and properties moving quickly despite a slight increase in days on market.

This report is based on data supplied by HiCentral, RAMaui, and Hawaii Information Services MLS, deemed reliable but not guaranteed. It offers a snapshot of the market at the end of January 2024, providing both buyers and sellers with essential insights into current trends and market conditions.

For more detailed information or specific inquiries, please feel free to contact us directly. Here's to a prosperous year ahead in the beautiful setting of Kauai.

Warmest Aloha,
Reba

 

Our research team releases regular monthly housing trends reports.

These reports break down inventory metrics like the number of active listings and the pace of the market.  READ MORE