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June home sales highest of year on Kaua‘i

LIHU‘E — Single-family home sales on Kaua‘i hit the highest level of the year in June, marking a rare bright spot for a housing market struggling to rightsize itself in the post-pandemic era.

There were a total of 36 residences sold in June, compared with 42 in June 2022, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu.

That represented a decrease of 14.29 percent, which was also the smallest percentage decline for any month thus far in 2023, when compared with the same monthly period of 2022.

While home sales picked up, the median price of a single-family home sank 29.62 percent to $1,075,000 in June from $1,527,500 in June 2022, the data showed.

The most expensive residence sold in the opening summer period was a 2 bedroom, 2.5 oceanfront home on 4.9 acres in Haena, which weighed in with a price tag of $18,160,000.

“That’s a fascinating one,” said Jimmy Johnson, broker in charge at RE/MAX Kaua‘i, who added the 2,738-square-foot home previously sold for $11.5 million in 2021. “Pretty phenomenal.”

The Haena home was sold by Neal Norman, a realtor broker with Hawaii Life Real Estate Brokers in Hanalei, whose resume is lined with scores of multimillion-dollar deals.

“He’s the number one agent on the island,” Johnson said.

Sales of condominiums were less robust in June with 27 changing hands in the 30-day period, down from 44 in June 2022. That marked a decrease of 38.64 percent. At the same time, the median price went up 6.86 percent to $810,000 from $758,000.

Neighbor islands

Single-family home and condo sales were also down on the three other major islands.

O‘ahu posted a 30.53 percent decline in single-family home sales to 248 in June from 357 in June 2022, while the median price fell 4.55 percent to $1,050,000 from $1,100,000.

Condo sales dropped 24.92 percent to 470 in June from 626 in June 2022, while the median price eased 4.49 percent to $510,000 from $534,000.

Maui recorded an 18.60 percent decrease in single-family home sales to 70 in June from 86 in June 2022, while the median price retreated 19.60 percent to $1,007,000 from $1,252,500.

Condo sales plunged 40.26 percent to 92 from 154, while the median price jumped 21.91 percent to $984,450 from $807,500.

Hawai‘i Island notched a 21.48 percent decline in single-family home sales to 201 in June from 256 in June 2022, while the median price was up 8.20 percent to $515,000 from $475,950.

Condo sales were down 9.30 percent to 78 from 86, while the median price slipped 2.04 percent to $600,000 from $612,500.
Source: The Garden Island

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