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September kicked off much like August, with the U.S. stock market experiencing a significant pullback as investors repositioned themselves ahead of key economic data. The major reports to watch this month include the employment report on the 6th, the Consumer Price Index (CPI) on the 11th, and the Federal Open Market Committee (FOMC) policy announcement on the 18th. These will provide critical insights into U.S. inflation and interest rate trends. Many expect the upcoming employment report to show continued wage growth, which could strengthen the case for a modest 0.25% rate cut by the Fed later this month. In the real estate market, U.S. home prices rose 4.0% year-over-year in July 2024, reaching a median price of $438,837, with home sales up by 6.3%. Here in Kona, the median price for homes increased by 10.5%, and condos saw a remarkable 21.7% rise. However, the condo market dynamics are shifting, influenced by ongoing insurance challenges in Hawaii. Keep reading for more details. Each month, we share our data flipbook featuring essential insights, focusing on the west side of the Big Island. If you have any questions or want to discuss market trends in your neighborhood, please feel free to reach out! |
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| Kona Market Update - September 2024 |
| The Kailua-Kona real estate market is experiencing varied dynamics across its single-family home and condominium sectors. Single Family Homes: The market remains stable with a median price of $1,299,000, reflecting a 10.5% year-over-year increase. The months of supply are steady at 2.6, indicating a balanced market with stable demand and supply dynamics. Despite a slight decline in pending sales, the days on the market remain unchanged at 21 days, showcasing a consistent sales pace.
Condominiums: The condo market is experiencing notable shifts. The median price increased again this month to $672,500, marking a year-over-year increase of over 20%. Active listings have climbed to 70% of pre-pandemic levels, indicating a significant change in inventory. For the first time since 2020, the months of supply have surpassed the 5-month threshold, suggesting a transition toward a buyer's market. Factors like insurance challenges, high interest rates, and rising maintenance fees contribute to affordability concerns, which may explain why median prices continue to rise despite a decrease in sales. Meanwhile, the ultra-luxury segment remains fiercely competitive, with limited inventory and multiple offers.
With the conclusion of the summer tourist season, the market typically slows down from September to November, offering strategic opportunities for both buyers and sellers. This period might be optimal for sellers to prepare listings and for buyers to negotiate more favorable terms. |
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Here are LISTINGS that hit the market in the last 2 weeks. |
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| | | Oahu : $1,100,000 | $510,000 Maui: $1,300,000 | $880,000 Kauai: $1,400,000 | $798,000 Hawaii(Kona):$1,299,000| $672,500 source: Title Guaranty Escrow |
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| Approximately 62% of sales went into contract in less than 1 month (vs. 74% in July 2023), 24% sold over list price (vs. 35% last July), and 27% were purchased all-cash (vs. 26%). The median days-on-market to acceptance of offer was 24 days (vs. 20 days last July), and sold listings received an average of 2.7 offers (vs. 3). Distressed-property sales (foreclosures and short sales) remained extremely low at 1% of total sales.
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HGTV Home by Sherwin Williams: The 2025 Color Collection of the Year |
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| What's trending in color for 2025? According to the newly released collection from HGTV Home by Sherwin-Williams, this year is all about elevating your home with quiet luxury — without shying away from color. Painted ceilings, eye-catching doors and two-tone walls are just a few of the ways to use this sophisticated palette to infuse timeless style into your home. Read on to see the 10 designer-curated shades and get inspired for the year ahead. |
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| | Successful Closing in Keauhou Estates: A Smooth Journey for All! We are thrilled to share the news of a successful closing on a beautiful home in the gated Keauhou Estates community. KE TEAM had the privilege of representing both the buyers and the sellers in this wonderful transaction, ensuring a seamless experience for everyone involved, and we couldn't be more pleased with how smoothly everything came together. From the initial showing to the final signatures, both parties were a pleasure to work with. Thanks to strong communication, dedication from both parties, we were able to help both the buyers find their dream home and the sellers achieve a fantastic result. It’s moments like these that make our work so rewarding! Congratulations to everyone involved on this exciting new chapter! |
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| | | 3 BD 4 BA 2614 SF $2,479,000 |
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| Maximize the value of your home with KE Team Hawaii. |
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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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