May 2023 and May 2022 monthly comparison reveals that the number of Kauai home sales in May 2023 decreased by 41% compared to May 2022 home sales. May 2023 Kauai land sales increased by 200% compared to May 2022 land sales. May 2023 Kauai condo sales decreased by 37% compared to May 2022 condo sales. The demand for Kauai properties are greater than the amount of real estate inventory available, thus Kauai’s real estate prices remain high, despite the uptick in mortgage rates. The increase in vacant land sales seem to be a result of the high price of built product. Since prices of homes are so high, the next best option would be to purchase vacant land. However, the talk around town is that the cost of building has also gone up drastically, and that is if you can even find a qualified contractor available to build your home.
Kauai real property sales for May 2023 are reflected in the graph above. 30 Kauai residential homes, 12 vacant Kauai land properties, and 26 Kauai condos were sold on the island of Kauai, totaling 68 transactions, for the month of May 2023. The Koloa district led sales with 28 transactions, followed by Kapaa with 16 transaction, followed by Lihue with 11 transactions and followed by Hanalei with 9 transactions, followed by Waimea with 4 transactions.