LIHU‘E — The song remained the same for the County of Kaua‘i housing market last month, as sales of single-family homes and condominiums sank amid a backdrop of sluggish demand in spring.
A total of 22 home sales closed in April, down from 60 in April 2022, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu. That marked a decrease of 63.33 percent.
“It’s a stalemate,” said Jimmy Johnson, broker in charge at RE/MAX Kaua‘i, on the single-family home market. “I’ve been very hard at work not selling houses.”
While the housing market continued to be lackluster, there were a number of multimillion-dollar home sales last month, Johnson said. That included a $7.9 million deal for an oceanfront home in Po‘ipu, which was the most expensive deal to close in the period.
There were also several home sales in the $2.2 million to $3.2 million range. On the other end of the pricing spectrum, the lowest price fetched for a home last month was roughly $800,000 in Koloa for a property that was in foreclosure. The property was originally listed at about $707,000.
As a result of the transactions, the median price of a single-family home leaped 33.62 percent to $1,570,000 in April from $1,175,000 in April 2022. The most recent figure was easily the highest median price for any month this year.
The condo market was dismal as well, with a total of 21 sales in April, down from 44 in April 2022. That marked a decrease of 52.27 percent. On the bright side, at least for buyers who closed in the period, the median price dropped 10.75 percent to $685,000 from $767,500.
Single-family home and condo sales were also down on the three other islands tracked each month.
Home sales fell 43.01 percent on O‘ahu to 208 in April from 365 in April 2022, while the median price eased 9.50 percent to $999,995 from $1,105,000. Sales of condos fell 37.50 percent to 420 from 672, while the median price slipped to $500,000 from $510,000.
Home sales on Hawai‘i Island retreated 33.88 percent to 162 in April from 245 in April 2022, while the median price was down 14.76 percent to $447,500 from $525,000. Sales of condos dropped 28.74 percent to 62 from 87, while the median price was off 19.99 percent to $552,000 from $689,900.
Home sales on Maui sank 48.18 percent to 57 in April from 110 in April 2022, while the median price dropped 11.47 percent to $1,100,000 from $1,242,500. Sales of condos plunged 49.72 percent to 89 from 177, while the median price climbed 6.95 percent to $877,000 from $820,000.
Wyatt Haupt Jr., editor, can be reached at 808-245-0457 or email@example.com.
Source: The Garden Island
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