Aloha from Chiaki Yamada with KW-Big Island. I hope you are enjoying the autumn months, wherever you are.

The upcoming U.S election is affecting the Real Estate Market all over the nation. In Hawai`i, because it is a Resort and second home market, the effect is even more evident. It seems to me that both Buyers and Sellers are waiting for the elections to be over. Right now, the market is in a "holding" pattern, without many noticeable changes during the last two months.

For the Residential Market, due to relatively limited inventory, the market is maintaining its median price. Properties priced under $1.2M with ocean views are still selling quickly, even with multiple offers; the properties in the $1.5M - $2M price range are showing lower buying activity. However, properties in the $2M - $3M price range are showing heightened buying activity this month.

Here is the information on the Residential Market (Active Listings, Under Contract, Pending Ratio and Market Insight) as of 10/21/2024. The market varies depending on the price range; overall, the Residential Market is still "Neutral." Compared to last month, the inventory is almost the same, yet Buying activities weakened as the Pending Ratio (Escrow/Active Listings) decreased by 30%.
 

For the Condo Market, because of an increase in condo insurance, we have seen more inventory on the condo market. This month, we noticed more buying activities in condos priced between $500,000 - $1M.  Compared to last month, the condo inventory remains almost the same, yet buying activities improved a bit as the Pending Ratio (Escrow/Active Listings) increased by 24%.

Here is the information on the Condo Market (Active Listings, Under Contract, Pending Ratio and Market Insight) as of 10/21/2024. Overall, the condo market has turned into a "Buyer's Market", yet it has slightly improved compared to last month.
I am here to provide you with a detailed market analysis in your neighborhood.
If you or anyone you know may be thinking of buying, selling or both, I would be happy to be of service!