Welcome to the Kailua Kona condominium market update as of March 1, 2023.
The current median price for condominiums in Kailua Kona is $555,000, representing a 16.8% increase year over year, demonstrating a robust market for sellers.
However, the year-to-date closing sales show only 44 units, resulting in a negative 44.3% year over year change, indicating a slow pace of sales that could be due to the pandemic's economic impact.
The number of active listings for this month is 48, representing a 10.4% decline month over month. Year over year, the number of active listings increased by 165%, but it is still only about 30% of the pre-pandemic inventory.
On a positive note, the number of pending listings has increased this month, with 45 pending listings, which represents a 12.5% increase from last month. This trend could indicate growing interest from potential buyers in the area.
The current inventory of Kailua Kona condominiums stands at 2.2 months, which means it would take 2.2 months to sell off the current inventory, suggesting a balanced market for both buyers and sellers.