Kona Market Update - October 2024
The Kailua-Kona real estate market continues to display a strong but shifting dynamic. The condominium sector has experienced a slowdown in closings, with September marking the lowest number of sales since January 2021, driven by challenges such as the insurance crisis and high interest rates. However, a promising turnaround is on the horizon, with pending sales up 60% month-over-month, signaling the stabilization of chaos from insurance and high interest rates.
Meanwhile, the single-family home market remains relatively steady, maintaining stronger balance between supply and demand, with an active-to-pending sales ratio of 2:1. Though price per square foot saw a minor decline, median home prices are still on the rise, up 10.2% year-over-year, demonstrating continued market strength.
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