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Home sales leap, median price retreats on Kauai in April

LIHU‘E — Home sales jumped more than 60 percent in the first full month of spring, as the Kaua‘i housing market continued to rebound from a rough outing in 2023.

The increase marked the fourth straight month this year that home sales have been better than the same comparable period a year earlier.

Sales of single-family homes climbed to 36 in April from 22 in April 2023, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu. That marked an increase of 63.64 percent.

At the same time, the median price sank 28.12 percent to $1,128,500 from $1,570,000. That marked the first time this year the median sales price was lower than the same comparable period a year ago.

The condominium market heated up with 26 sales in April, compared with 22 in April 2023 for a gain of 18.18 percent. But those sales came at a cost, as the median price leaped 35.68 percent to $936,200 from $690,000 in the same period.

Single-family home sales were also up across the other three major islands in the chain.

Home sales on O‘ahu surged 25.96 percent to 262 in April from 208 in April 2023, while the median price was up 10.00 percent to $1,100,000 from $999,995.

Sales of condos inched up 2.62 percent to 431 from 420, while the median price rose 5.60 percent to $528,000 from $500,000 at the same time.

Home sales on Hawai‘i Island increased 7.93 percent to 177 in April from 164 in April 2023, while the median price rallied 19.11 percent to $533,000 from $447,500.

Sales of condos were up 22.22 percent to 77 from 63, while the median price bounced 43.90 percent to $790,000 from $549,000.

Home sales on Maui escalated 18.97 percent to 69 in April from 58 in April 2023, while the median price moved up 16.85 percent to $1,300,000 from $1,112,500.

Sales of condos were up 17.78 percent to 106 from 90, while the median price increased 8.39 percent to $962,500 from $888,000.
Source: The Garden Island

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