Aloha,
At KE Team, we strive to keep our clients and friends informed about the Big Island market. Each month, we publish our data flipbook, featuring valuable insights such as Historical Median Price, Activity by Price Ranges, Active/Pending Ratio, and Inventory. We specialize in the west side of the Big Island.
Key Metrics Summary for June 2024
Single Family Homes: While the median price rose by 8.8%, the active listings(SUPPLY) increased by 22.1%, and pending sales(DEMAND) decreased by 8.1%, indicating a possible readjustment towards balanced market. The inventory level is still about 50% of Pre-Covid days and the months’ supply of 2.4 months still favors sellers. Nonetheless, we are starting to see properties that do not sell. Pricing and Preparation are the keys to succuss for sellers.
The median price saw a significant increase of 18.1%, but active listings (SUPPLY) surged by a nerve-wracking 236.7%! The pending sales (DEMAND) decreased by 34% this month, reflecting a substantial increase in supply and possible softening demand. Just like Single Family Homes., the inventory level is still 50% of pre-pandemic. In June 2008, there were 391 Single Family Home and 345 Condos on the market in Kona. What a difference.
If you want to see our full eNews Letter for Big Island Market Update, please click this link https://www.compass.com
Please email us if you have any questions or if you’d like to discuss the market in your neighborhood!
Mahalo, Kai and Emil