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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.
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