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Aloha from Chiaki Yamada with KW-Big Island. I hope you are well and enjoying the beautiful spring weather.
As April has progressed, it’s evident that many of our snowbird visitors (part time residents who visit in the winter) have returned home. Traffic on the island has quieted and the average number of arrivals at Kona International Airport decreased by 8% in April, compared to March.
For Sellers, the winter high wave of buying has tapered off. There are still buyers on- island who are upgrading or downsizing their residence and we expect a continuous flow of buyers coming to Kona after they sell their home during the spring and summer seasons. We anticipate the “days on market” lengthening.
For Buyers, although we see many price reductions happening on available properties, there is still hesitation from Buyers due to the high interest rate and high prices.
In North Kona, we had great results during the high season! The March median price for residential properties was $1.5M, a 17% increase from March 2023. The month’s sold quantity also increased by 30%. The median price for North Konas condos was $612,000, which is just 5% higher than last February (2023). The condo market experienced lower demands through the winter and the Sold Qty showed a downtrend of 6%.
In South Kohala (Waikoloa Village and Kohala Coast Resorts) March’s median price for Residential properties was $925,000. This is a significant price difference between the Kona and Waikoloa Village properties. And its Sold Quantity decreased by 40%. On the bright side, the Condo Market in the Kohala Coast Resorts is strong, with the median price increasing 8% from last March to $1.04M. The Sold Qty increased by 11%, showing solid evidence that the resorts are still attracting condo investors/buyers.
As of April 19th, below is the number of properties for Sale, In Escrow and Sold in last 30 days in different price rage.
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