Q1 2024 Kauai Real Estate Market Overview
Q1 2024 Kauai Real Estate Market Overview
Market Snapshot: January - March 2024
The first quarter of 2024 showed steady activity across the Kauai real estate market. While home values and sales volume increased in several areas, market conditions varied by price point and property type.
📊 Key Metrics for Q1 2024
Total Sales Volume: $331.9M (Q1 2023: $206.5M)
Total Sales Transactions: 186 (Q1 2023: 184)
Median Single-Family Home Price: $1,560,000 (Q1 2023: $1,000,000)
Median Condominium Price: $788,000 (Q1 2023: $670,000)
Median Land Price: $995,000 (Q1 2023: $880,000)
📉 Year-Over-Year Market Observations
Sales Volume Increased significantly, driven by higher-end transactions.
Condo prices rose, reflecting continued demand for resort properties.
Land sales remained strong, with an increase in median price compared to Q1 2023.
🏡 Single-Family Homes Market Trends
Luxury and resort-style properties contributed to higher median price growth.
Strong demand in mid-tier pricing, particularly for homes under $1.5M.
Higher-end homes saw longer marketing times, but sales remained consistent.
🏢 Condominium Market Trends
The median price increase to $788,000 was supported by limited supply and steady demand.
Vacation rental-friendly condos saw continued investor interest.
New inventory was limited, making well-located resale units more competitive.
🌍 Land Sales & Development Trends
Median land prices rose to $995,000, marking an increase from Q1 2023.
Fewer land transactions occurred compared to prior years, but pricing remained firm.
🔮 Outlook for Q2 2024
Looking ahead, market conditions will likely be influenced by:
Spring & Summer Buyer Activity: Increased out-of-state interest expected.
Inventory & New Listings: More supply could impact pricing.
Mortgage Rates & Affordability: Financing conditions may affect demand.
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