Aloha from Paradise! 🌴
The real estate market in Kailua Kona had a tough finish this past year with an overall 34% decrease in sales of homes, condos and land compared to 2021. That was about 519 fewer sales than last year’s 1,000 sales.
In the fourth quarter of 2022, residential sales plummeted to 49% fewer than those seen in Q4 2021. Residential sales in 2021 were 227, and in 2022 were 141. Average prices dropped 15%, and days on market increased from 20 to 34 days
After a wild ride of uncertainty caused by the pandemic, it looks like our housing market is returning to pre-COVID days. We now see available supplies again outnumbering pending sales and sales are settling back down after an unexpected peak in demand. It’s time to say A Hui Hou to unsettling times and we are now getting ready to enter normal times.
I would love to be of service if you need assistance with buying or selling. As always – I am here to help ❤️
# of Sales on The Big Island of Hawaii – January 2023
117
93
29
News and Economy
January Updates
TAR ( FORMERLY STVR)
Hawaii County is trying to take major steps to address the growing housing crisis. Their goal is to provide more long-term residences and combat the issue. As of now, the County is trying to enact strict new restrictions on hosted short-term rentals.
As a result homeowners with hosted rental permits may face difficult and expensive regulations if they wish to continue hosting guests for shorter lengths of time.
To make things very clear, this only applies to people that are HOSTING short-term vacation rentals.
If this initiative interests you further, check out the video links provided by TAR council – it’s over an hour so make sure to block some time!
The follow-up meeting was last Friday where they shared the changes that they are trying to implement going forward – we anticipate news from that shortly too!
How do you feel about this new proposal and amendment the county is trying to create?
Feel free to visit the links below:
TAR ( Transient Accommodations Rental) Code Amendment / Formerly STVR
Proposed changes in STVR
Tips for Buyers
If you’re interested in buying property in Hawaii, this market update is for you! Today we discuss the current state of the Hawaii real estate market and what that means for buyers. If you are interested in scheduling a call, feel free to schedule a call so that we can talk story 🤙 https://calendly.com/discoverthebigisland
Tips for Buyers
Navigating this market!
Property Highlight
Kona Reef D17
A successful STVR oceanfront condo
Purchase Price: $725,000
This property recieved so many offers thanks to the solid marketing plan that was put in place! 🌊💙 The sellers are so happy! We are set to record very soon
Kona Playgrounds Foundation
We have super exciting news for the community! We are working on adding picnic tables in Blue Park! We have been working with the county on making sure that we have property placement for the tables and we are looking at materials to build them. We will keep you posted once all is finalized : )
Success Story
I had the pleasure of representing this very sweet couple who lives on the east side of Hawaii! They were looking to relocate and wanted to be closer to Hilo town. This property was such a diamond in the rough and I was able to negotiate such a great deal for them! This property is being so loved right now! Their views are very tropical and unbelievably beautiful! Seeing clients get to the finish line with their goals fills my heart in so many ways! Mahalo for trusting the process and for relaying on me ❤️
”A goal without a plan is a wish. Plan, dream and execute ❤️ I can't wait to hear what your goals are!
Maly RomeroReal Estate Consultant
