Welcome to the Kona Single Family Home Market Update for March 2023.
We have seen some interesting trends in the market this month. The number of pending sales has increased by 18.3%, indicating that buyers are still actively searching for their dream homes in Kona. However, we have also observed a YTD median price decrease of 9%, bringing the median price down to $1,000,000.
The inventory level has also decreased over the past month by over 13%, which could be attributed to the high number of pending sales. Despite this decrease, we have seen a significant increase of 53% in the year-over-year number of active listings. It's important to note that even though the number of active listings has increased, the inventory level is still fewer than 50% of pre-pandemic levels.
The current inventory level stands at 3.5 months, which indicates that the market is still favoring sellers, but buyers are also active in the market. As the market continues to adjust to the changing landscape, it will be interesting to see how these trends play out in the coming months.
Thank you for tuning in to this month's Kona Single Family Home Market Update.