Key Highlights
January witnessed a dynamic shift in the condo market with notable trends in property sales, inventory, and pricing analysis.
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Property Sales: January experienced a downturn in condo sales, with a 34.8% decrease year over year and a 16.7% decrease from the previous month, totaling 15 sales.
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Inventory Trends: Inventory saw a significant increase, up 25.9% from last year and 5.8% from December, suggesting a growing selection for prospective buyers.
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Pending Sales: Under-contract listings surged by 110% from the previous month and 40% from last year, indicating a potential uptick in future sales activity.
Pricing Analysis
The Average Sold Price per Square Footage saw a significant rise, indicating a strong market appreciation.
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Average Sold Price per Square Footage: Witnessed a notable appreciation, up 71.2% from the previous month and 40.7% year over year, standing at $1,262.
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Median Sold Price: Showed a remarkable increase to $1,190,000, up 56.6% from last month and 26.9% from January 2023.
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Average Sold Price: Also appreciated significantly, reaching $1,530,000, up 57.4% from the previous month and 51.8% from the previous year.
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Average Listing Price: Climbed to $1,945,000, marking a 23.6% increase from last year and a 26.3% rise from the previous month.
Market Dynamics
Observations on Months of Inventory, Days on Market, and the List-to-Sold Price Ratio reveal insightful market trends.
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Months of Inventory (Closed Sales): Rose to 4.9 months, up a substantial 95.2% from last year, reflecting a shift towards more balanced market conditions.
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Days on Market: The average days on market decreased by 35.1% from last year to 37 days, indicating quicker sales despite the overall neutral market.
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List-to-Sold Price Ratio: Remained strong at 95%, slightly up by 1.1% from the previous year, suggesting that sellers are achieving near their asking price.
Absorption Rate
Detailed analysis on Closed Sales and Pending Sales absorption rates showcase the market's responsiveness.
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Based on Closed Sales: The absorption rate decreased to 20.5, indicating a slower pace of sales relative to inventory compared to the previous year.
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Based on Pending Sales: Significantly improved to 57.5, showcasing a sharp increase in buyer interest and potential sales activity.
Trend Summary
Appreciation in Price per Square Footage and other key metrics reflect the current state of the market.
- Price per Square Footage: Continues to appreciate, reflecting strong value growth in Kauai's condo market.
- Days on Market: The decrease suggests properties are selling faster, potentially indicating a shift towards a seller's market in specific segments.
- List-to-Sold Price Ratio: Stability in this metric underscores a market where buyers are willing to meet sellers close to their listing prices.
Additional Insights
The condo market in Kauai presents a nuanced picture as of January 2024, with rising inventory providing more options for buyers, yet increased under contract listings and appreciating prices indicate a healthy demand. The contrasting trends of increased months of inventory alongside a rapid absorption rate based on pending sales highlight the dynamic nature of the market, offering opportunities for both buyers and sellers in different segments. This report is based on data supplied by the Hawaii Information Service and is intended to give an overview of the market trends for condos in Kauai as we begin 2024.
