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Aloha from Chiaki Yamada with KW-Big Island. I hope that wherever you might be you are enjoying beautiful spring weather.
At the beginning of April, the Real Estate market experienced a slowdown compared to March. I attribute this to the end of the busy winter season, on-going political uncertainty, and the volatile stock market. However, right after the tax deadline (April 15), market activity increased. We are definitely feeling more "Market Sensitivities."
I also notice that buyers have become more selective. The well-priced properties in good condition with the more desirable views or location can still generate multiple offers, while others stay on the market for a longer time. Since Hawai`i is a resort market which attracts 2nd home buyer, retirees and investors, there are still motivated buyers who are waiting for the right property. Or the price must be compelling enough to make buyers take action!
For Kona's Residential Market, according to statistical data, the median price is still high and continues to rise. Since these figures are calculated based on properties which have already been sold, it’s indicative that a greater number of high-priced homes are being purchased compared to more affordable ones. Compared to March, Inventory increased by +10% and the Pending Ratio decreased by 9% which means there is more supply and lower buying activities.
Here is the information on the Kona Residential Market (Active Listings, Under Contract, Pending Ratio and Market Insight) as of 4/21/. Overall, the Market is "Neutral."
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