LIHU‘E — Sales of single-family homes tumbled on Kaua‘i in December 2022, a scenario that played out in each of the previous months of the housing cycle. But the slowdown in transactions didn’t cool prices.
The median price of a single-family residence rose 8.97 percent to $1,600,000 in December 2022 from $1,468,254 in December 2021, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu.
The December 2022 median home price ranked second for a monthly period on the Garden Island last year, slightly behind the high of $1,650,000 recorded in November 2022. The median price is the point where half the homes sell for more and half sell for less.
But home sales followed a familiar path in December 2022, as the number of residences that exchanged hands plummeted 67.16 percent to 22 from 67 in December 2021.
The scenario was similar on the condominium front, as the median price increased to $749,000 in December 2022 from $597,000 in December 2021, the monthly data showed. That marked a gain of 25.46 percent. However, sales sank 69.35 percent in the period, to 19 from 62.
Island chain highlights
The County of Maui posted the second highest median price for a single-family home at $1,081,250 in December 2022. That was up 0.58 percent from $1,075,000 in December 2021. But sales sank 45 percent to 66 from 120.
The City and County of Honolulu ranked third with a median price of $1,049,500 in December 2022, down 0.05 percent from $1,050,000 in December 2022. At the same time, sales tumbled 46.56 percent to 202 from 378.
The County of Hawai‘i rounded out the list with a median price of $462,000 in December 2022, which was down 11.15 percent from $520,000 in December 2021. Sales plunged 47.78 percent to 153 from 293 in the same period.
Wyatt Haupt Jr., editor, can be reached at 808-245-0457 or firstname.lastname@example.org
Source: The Garden Island
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