Aloha from Chiaki Yamada with KW-Big Island. I hope you are well and enjoying the beautiful weather we’ve had throughout the first quarter of 2024.
If you're following the real estate market, the numbers show it - we are in the midst of Hawaii's high real estate market.
North Kona Insights:
In North Kona, the February Median Price for Residential properties surged to $1.382 million, marking an impressive +46% increase from last year's February. Concurrently, the number of homes sold saw a corresponding +46% uptick. However, the Condo market in North Kona faced challenges, with only a marginal +2% increase in Median Price ($592,000) and a concerning -30% decline in the number of units sold. This disparity underscores a stronger buying preference for single-family homes over condos this winter.
South Kohala Insights (Waikoloa Village and Kohala Resorts):
Moving to South Kohala, February witnessed a Median Price of $889,000 for Residential properties. This notable price difference compared to Kona properties was accompanied by a thriving Condo Market in Kohala Resorts, boasting a robust Median Price of $1.32 million, reflecting a 48% increase from the previous February. This area continues to allure numerous condo investors and buyers.
Luxury Market Dynamics:
An intriguing shift noted this winter is the heightened activity in the high-end luxury market segment, particularly properties priced above $2.5 million. Surprisingly, there's more demand in the luxury market than in the affordable condo market in Kona.
Market Snapshot as of March 13th:
These insights provide a comprehensive view of Hawaii's dynamic real estate landscape, highlighting opportunities and trends across different property segments. Should you seek personalized guidance or wish to explore real estate prospects, feel free to connect. Here's to a fruitful and exciting journey in Hawaii's real estate realm!