Big Island Real Estate Updates | April 2023

A very active market

April Updates

The activity in North Kona is certainly active. While homes are sitting a bit more on the market, if the price is right they are selling. The end of the quarter for market activity in Kailua Kona saw the highest closings since September 2022. We have lots of properties currently under contract ( even higher than in March). Historically, April experiences the highest closings each year, so I believe that we are on for a great year. Inventory is still tight and demand keeps driving these sales. To provide you with more context, we are down 184 sold properties for the first quarter, compared to 290 last year. Sellers are rethinking to sell their properties and the buyers that score the 2.5%-3% interest rates are not in a rush to sell this year.

Mainland buyers are coming to the island in order to relocate and enjoy this beautiful island weather. For most, they come cash-heavy as they are opting to do tax-deferred 1031 exchanges resulting from the sale of their property on the mainland. Although there may not be much inventory available right now, properties are still selling.

So what to do?

If you are a seller call me as this market is changing rapidly and you need a strong partner to navigate it. Pricing your property properly and at market value will take you to your next goals but you need someone that can provide you all avenues to know how to proceed.

If you are a buyer, multiple offers are still a thing so be ready! I put offers this month for clients on multiple offer environments and I can tell you that you need someone heavily on it so that you don’t lose.

If you are cash – your chances of getting the property that you want are very high.

So to summarize, the housing market is still stable but correcting a bit. Demand is high, inventory is low. ( the usual theme for property in Hawaii)

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