Kaua‘i Real Estate Market Report, Q1 2024
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Residential 3m+ Luxury Market Overview
After Kaua‘i’s $3M+ market took a pause in 2023, 2024 definitely started off on the right foot.
The $3M+ real estate market saw a massive jump in sales year over year for Q1 2024. Sales increased 850% from this time last year, indicating a strong start to the year in this market. The median sold price was also up from $3,563,000 in Q1 2023 to $5,000,000 in Q1 2024, an increase of 40.3%. Consistent with the overall residential market, homes are selling close to asking price.
Residential Market Snapshot
Kaua‘i started the year with consistent pending and sold listings accompanied by rising median sold price.
Behind the Numbers: Kaua‘i’s real estate market displayed strength in Q1 with increases in median price, sales volume, pending and sold listings compared to Q1 2023. Properties continue to sell near asking prices despite fluctuations in days on market
Residential Market Overview
Inventory
There are signs inventory levels are remaining steady with active listings consistent year over year. This is encouraging as the number of homes sold for the same time periods increased by 31.3%, with 88 in Q1 2024 and 67 in Q1 2023.
Median Sold Price
The median sold price of single-family homes was up 55.5% in Q1 2024 compared to Q1 2023. It should be noted that Kaua‘i historically experiences significant fluctuations in median sales prices, so this year is not an anomaly.
Average Price Per Square Foot
The average price per square foot showed a strong increase of 61.2% year over year. However, recent months depict a declining trend in price since January 2024. February 2023 marked the lowpoint in price over the last year.
Days on Market
Days on market are very consistent year over year only declining 1.2% from Q1 2023. The large fluctuations in DOM is evident in the graph, but despite this trend sellers are still able to get close to their asking price throughout Q1 2024.
Months of Inventory
Months of inventory signifies the time it would take to sell all current listings at the current sales pace without new listings. At the end of Q1 2024 there were 4 months of inventory compared to 5.1 months at the end of Q1 2023, a decrease of 21.6%.
10 Year History
Home values over the last 10 years on Kaua‘i have grown significantly reflecting the long term appeal of the Kaua‘i real estate market. 10 years ago the median sold price was $519,000 versus $1,555,000 in Q1 2024, an increase of 199.6%.
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
Kaua‘i remains a difficult market to predict due to the historic fluctuations that have occurred.
There are signs to be cautiously optimistic about the Kaua‘i real estate market in 2024. However, Kaua‘i has a history of significant monthly fluctuations. Hopefully the strength we saw in the first quarter will continue into the year ahead.
Featured Listing
1085 Moanakai Road, Kapaa | More Info
$1,590,000 | 1,097 sqft Living | .26 acres | 3BR / 1.5BA | MLS# 706422
This charming and well-maintained 3-bedroom, 1-bath home overlooks the Kapaa multi-use path to the blue ocean beyond. Gentle trade winds cool the home adding to the ambiance of the sights & sounds of the sea. A perfect setting for a simple life on Kauai The property includes a free-standing garage with an attached office space and bathroom - - an ideal set up for a remote work space. County zoning approval for an ADU (Additional Dwelling Unit) which allows for the construction of a second home.
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