Aloha from Chiaki Yamada with KW-Big Island. Are you experiencing season changes wherever you are?

Every U.S. election tends to affect the Real Estate Market, and the anticipation of some rate drops in the near future is putting the brakes on some buyers. If you have a dream to own a home in Hawai`i, now is the best time to look for property. The current market will be much less competitive until after the election and the high season starts in December.

For the Residential Market, due to relatively limited inventory, the market is maintaining the median price. The properties priced under $1.5M with ocean views are still selling quickly; the properties in $2M - $4M price range are showing less buying activity, yet super luxury estates priced at $7M and upwards are selling in exclusive resorts such as Kukio, Hualālai, and Kohanaiki. 

Here is the information on the Residential Market (Active Listings, Under Contract, Pending Ratio and Market Insight) as of 6/16/2024. Overall, the Residential Market is still "Neutral," however, in some neighborhood such as Kona Vistas and Keauhou Estates, there is more inventory than buying activity.

For the Condo Market, because of the  increase in condo insurance, there is more condo inventory on the market and buying demands have weakened. Compared to last month, the condo inventory increased by +5% and the Pending Ratio (Escrow/Active Listings) decreased by 13%.

Here is the information on the Condo Market (Active Listings, Under Contract, Pending Ratio and Market Insight) as of 6/16/2024. Across the board, the condo market has turned into a "Buyer's Market". Condos priced less than $500,000 show the least buying activity.
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!