LIHU‘E — A rough housing cycle ended on a bright note, as transactions for single-family residences popped in the final month of the year on the island of Kaua‘i.
Sales of single-family homes climbed to 27 in December 2023 from 22 in December 2022, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu. That marked an increase of 22.73 percent in the period.
At the same time, the median price of a home dropped 9.76 percent to $1,325,000 from $1,468,254. The most recent median price was easily the highest of the four major markets in the Hawaiian Island chain.
The condominium market wasn’t nearly as chipper with 16 sales recorded in December 2023, which was down from 19 in December 2022. That marked a decrease of 15.79 percent in the period.
In the same period, the median price of a condo inched up 1.47 percent to $760,000 from $749,000.
Maui posted the largest percentage retreat in the period, as home sales fell 16.67 percent to 55 in December 2023 from 66 in December 2022. At the same time, the median price jumped 10.98 percent to $1,200,000 from $1,081,250.
The condo market was much brighter with sales leaping 36.23 percent to 94 in December 2023 from 69 in December 2022, while the median price swelled 10.39 percent to $850,000 from $770,000.
Sales of single-family homes on O‘ahu skidded 9.90 percent to 182 in December 2023 from 202 in December 2022. In the same period, the median price rose 5.32 percent to $1,049,500 from $996,500.
Demand for condos flopped 24.44 percent to 272 in December 2023 from 360 in December 2022, while the median price was up 1.49 percent to $510,00 from $502,500.
Condo and home sales were also off on Hawai‘i Island with the number of single-family homes sold down 7.19 percent to 142 in December 2023 from 153 in December 2022. At the same time, the median price soared 19.05 percent to $550,000 from $462,000.
The condo market was worse, as sales retreated 23.08 percent to 30 in December 2023 from 39 in December 2022, while the median price dipped 1.89 percent to $598,500 from $610,000.
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Wyatt Haupt Jr., editor, can be reached at 808-245-0457 or whaupt@thegardenisland.com.
Good new for who? Certainly not local folks trying to buy a home.