Aloha from Chiaki Yamada with KW-Big Island. I hope you are keeping yourself cool this summer, wherever you are.

As we entered the month of August, the real estate market suddenly became quiet, and the condo inventory has grown. Before the pandemic, the usual trend in Hawaii showed fewer offshore buyers coming to the island from August to November, which means the low season for real estate and tourism. So, if you are an active buyer, now is a good time to look for property before the high season starts in December.

With the interest rates dropping, we are hoping for an increase in buyers, especially from the local buyers who have been looking for a home.

Below, as of August 14, are the Residential properties in Kailua Kona for Sale, Under Contract (In Escrow) and Sold in the last 30 days in various price ranges. Overall, the inventory level is similar to last month, just slightly decreased in the Pending Sale category. The Residential Market is holding up as a "Neutral Market".

Aloha from Chiaki Yamada with KW-Big Island. I hope you are well and enjoying this summer, wherever you happen to be.

So far, it’s been a relatively cool summer in Kona, with evening showers to cool down the island. Temperatures are going into the 80's in the morning, but the cloud cover rolls in during the afternoon and we are doubly appreciative of the island breezes. 

This summer’s Real Estate Market is showing an overall increase in inventory, while the buying demand has softened. In this market buyers have become more selective, resulting in many of the properties staying on the market longer than in the winter season. But market priced properties with ocean views are still getting multiple offers. 

As many of you may have heard, condo communities and homeowners – not only in Hawai`i but across the mainland – are facing significant insurance increases on renewals of condo master association insurance coverage. The increase means condo communities are increasing monthly AOAO fees; some are charging owners a special assessment, and some are doing both. This has caused a rise in condo inventory on the market, and a cooling of the demand for condos. In the month of June, the sold qty of condominiums decreased by 50% compared to June 2023. The rising insurance costs are definitely having a negative effect on the condo real estate market.

Below, as of July 17, are the Residential properties in Kailua Kona for Sale, In Escrow and Sold in last 30 days in various price ranges. Overall, the inventory increased 10% and the demand has decreased by 15% compared to last month.