Kona Market Update

KE Team Hawaii


Aloha! Here are the October updates.

CONDOS コンドミニアム
The median price of Condominium went down slightly this month. The first drop since March 2021.
The number of Pending Sales is down; however, the absorption rate is at an amazing 73.7%, which translates to only 1.36 months worth of inventory. The inventory level is still at about 25% of Pre-Pandemic days.

Single Family Homes 戸建て
The median price went down for the first time since January 2021. Still, the median price is +13.8% Year over Year.
The number of Active Listings increased slightly from last month to 101. This includes about TEN yet-to-be-built homes on Alii Drive. We are still at about 60% inventory level compared to Pre-Pandemic.
The number of Pending Sales is down, but the absorption rate is still strong at 42% or 2.3 months worth( 5-6 months is a neutral market). Which indicates we are still in the seller's market here.

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