The general market in Kona saw a significant shift compared to previous months — both in terms of units sold and average sales price, however the condo market remains strong and saw relatively minor adjustments from the previous month.
Let’s take a look at the numbers…
General Market (Single-Family & Condo Properties in Kailua-Kona):
- Units Sold: 86
- Median Sales Price: 22
- Average Days on Market: $842,500
- Units Sold: 61 (-29.07% from June 2022)
- Median Sales Price: $730,000. (-13.35% from June)
- Average Days on Market: 18
Now Let’s Look at the Condo Numbers in Kailua Kona:
- Units Sold: 42
- Median Sales Price: $560,000
- Average Days on Market: 23
- Units Sold: 35 (-16% from June)
- Median Sales Price: $515,000 (-8% from June)
- Average Days on Market: 13
Much ink has been spilled over why the market is taking a breather (rising interest rates, inflation, stock market volatility, wars & rumors of wars, etc.), which is another blog for another day and all warrant our attention.
That said, let’s also not fall victim to recency bias and forget that:
- On average homes are selling in less than 30 days,
- The average condo list price-to-sale price is still over 100% (100.8275% in July 2022 to be precise)
- The Kona market is still undersupplied (<3mo at last check) and
- West Hawaii is well positioned relative to other islands for continued growth
If you’ve been considering Buying on the Big Island, I’d love to connect with you to learn more!
If you own on the Big Island and are curious about what your home is worth and/or how to maximize opportunities in this shifting market, I’d love to chat with you as well!