LIHUE — Sales of single-family homes more than doubled in July, as buyers snapped up houses at an eye-popping pace in the first full month of summer on Kauai.
A total of 37 homes were sold in July, compared with 16 in July 2023. That marked an increase of 131.25 percent in the period, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu.
The total was easily the highest for any single month this year for the island housing market, which appears to be bouncing back from a dismal performance in 2023.
But the surge in home sales didn’t have an effect on the median price of a single-family home, which remained unchanged at $1,300,000 in July. The median price was the highest among the four major islands in Hawaii, and more than double the price on Hawaii Island, which looked like a bargain at just under $600,000.
The condominium market wasn’t nearly as robust, as sales eased to 21 in July from 23 in July 2023 for a decrease of 8.70 percent. At the same time, the median price of a condo slumped 22.26 percent to $894,000 from $1,150,000.
The most active single-family housing market was Oahu, where sales climbed 20.09 percent to 269 in July from 224 in July 2023. The median price rose 4.59 percent to $1,140,000 from $1,090,00 in the same period.
Sales of condos dropped 7.82 percent to 389 in July from 422 in July 2023, while the median price inched up 1.80 percent to $509,000 from $500,000.
Home sales on Hawaii Island increased 17.42 percent to 182 in July from 155 in July 2023, while the median price was up 20.71 percent to $597,500 from $495,000.
Sales of condos advanced 10.64 percent to 52 in July from 47 in July 2023, while the median price bounced 16.80 percent to $730,000 from $625,000. Home sales on Maui were off 18.84 percent to 56 in July from 69 in July 2023, while the median price crept up 0.83 percent to $1,210,000 from $1,200,000.
Sales of condos retreated 15.79 percent to 64 in July from 76 in July 2023, while the median price dipped 6.27 percent to $792,000 from $845,000.
Through the first seven months of the year, the Kauai housing market was the most expensive with a median single-family home price of $1,400,000, followed by Maui at $1,300,000.
Yes, sales were brisk, but who was buying these homes? I don’t think it was local people. I’m still seeing 5-10 trucks parked in front of every house on my street.
Yes who are butting these homes at that price? Please provide who those buyers: residents or Nona residents? The question that needs answering is how can Kauai provide affordable houses when prices are so high to begin with. Building new homes are going to be out of reach for most first time buyers. Homes are definitely over priced by $300,000-400,000.