Kaua‘i Real Estate Market Report
/Kaua‘i Real Estate Market Report
Q3 2024 Year-to-Date | Ben Welborn & Tiffany Spencer
Residential 3m+ Luxury Market Overview
Twice as Many Luxury Sales Took Place This Year Versus 2023. Sellers Willing to Hold for Right Buyer.
The luxury market saw a 41.7% rise in median sold price over last year. Similar to the broader residential market, luxury sellers are holding onto properties and shooting for the top with pricing. This has led to a lift in inventory and months of inventory over last year. Looking forward, luxury sellers are anticipating a busy high season around Q1 and beyond.
Residential Market Snapshot
Sellers Are Feeling Confident About Holding For Right Buyer Despite a Bit of Market Softening.
Behind the Numbers: Kaua'i saw a fairly steady flow of sold listings this year with some months being outliers. Many sellers are electing to wait for the right buyer and staying firm on price, anticipating positive returns during Kaua'i's high season.
Residential Market Overview
Inventory
There has been a lift in inventory in the last few months versus the start of the year. It could be that sellers with good interest rates on their homes are willing to wait for the right moment to close a deal.
Median Sold Price
Median sold price fluctuated throughout the year, with September marking the highest median sold price in 2024. Lowering interest rates and the coming high season may be contributing to seller confidence in asking price.
Average Price Per Square Foot
Ppsf fluctuated throughout 2024 with September marking the highest ppsf of the year. The price is also above what we saw around this time last year.
Days on Market
Days on market (DOM) fluctuated throughout the year with March, June, and September being the highest DOM. The most recent lift in DOM may be due to seller willingness to wait for the right opportunity despite softening prices.
Months of Inventory
This year, months of inventory was fairly steady with a bit of a lift in June and September. With sellers' current willingness to hold, it's not surprising to see months of inventory rise this last month.
10 Year History
There are positive signals when looking at 2024 versus last year and 10 years ago. Median sold price is up by 21.7% over last year and 166.2% over 2014. Ppsf is up over last year and a decade ago. YTD, more homes sold this year, with fewer DOM.
Sales by Property Type
Residential Submarket Snapshot
Selected Just For You: This snapshot gives you an overview of the kind of activity we are seeing in this part of the Island. Contact me for details.
Looking Forward
Sellers Anticipate High Season Play Will Pay Off. Prices Appear to be Steady Moving into Q4.
Moving into the rest of 2024 and beyond, sellers are waiting for the right buyer and anticipating the impacts of lower interest rates on the real estate market. With current inventory and lowering interest rates it is a safe bet we will see more buyers coming into the market.
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Featured Listings
2727 KAUAPEA RD #A, Kilauea | More Info
$7,999,000 | 5,020 sqft Living | 8.01 acres | 5BR / 5BA | MLS# 714977
Coveted, prime location on Kauapea Road with ocean, sunset and mountain views. This estate is improved with a large 5 Bedroom, 4.5 Bath residence and a striking, custom in-ground swimming pool...
Do you have questions about this report? I’m here to help.
Contact me and let’s discuss it together.
2727 KAUAPEA RD #A, Kilauea | More Info
$7,999,000 | 5,020 sqft Living | 8.01 acres | 5BR / 5BA | MLS# 714977
Coveted, prime location on Kauapea Road with ocean, sunset and mountain views. This estate is improved with a large 5 Bedroom, 4.5 Bath residence and a striking, custom in-ground swimming pool...
Do you have questions about this report? I’m here to help.
Contact me and let’s discuss it together.
