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Aloha & Welcome!
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I'm late getting this month's newsletter out as I've been so darned busy. Thanks for your consideration. It's much appreciated!
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In here you'll find data on July 2022 home sales in Kailua-Kona and other real estate news. I strive to share balanced perspectives on what's happening in the market. Big Island real estate is not frenzied as it was in months prior, but there's continued demand for well-priced homes. We're seeing more price reductions and more days on market. Whereas in past months properties were often under contract in a handful of days, or even sold before they came to market, this is less common. Buyers are more skeptical, cautious and patient, whether they're financing a purchase or paying all cash.
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In addition to real estate information, including a new listing in Komohana Kai II, I share a few stunning paintings by Kathy Long, one of the finest artists of the Hawaiian cultural revival. Her paintings depict magnificent local men and women in wonderfully-rendered tropical settings. Her works feature alluring jungles and radiant waterfalls and streams. Her paintings are breathtaking in their portrayal of light.
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If you know someone who might want to receive this newsletter, forward this email to them and they can subscribe. I don't send additional emails to those who sign up for my newsletter. Folks get one email from me per month.
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As always, if you have ideas for future newsletters, drop me a note!
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Sending much Aloha your way ~
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Kathy and her family settled in Waimea in 1982, where her husband became the curator for Parker Ranch for 13 years. Combining her interest in cultural anthropology and art, Kathy began to record the renaissance of the Hawaiian culture and is now considered one of the best interpreters of the revival. For galleries that feature her work Click Here.
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It's the people who are creating the renaissance of the Hawaiian culture that truly inspire me. I hope that by documenting this moment in time, their culture and stories will live on.
– Kathy Long
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~ Real Estate News ~
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- Existing-home sales dropped for the fifth straight month in June. Three out of four major U.S. regions experienced month-over-month sales declines and one region held steady. Year-over-year sales sank in all four regions according to the National Association of Realtors.
- Pending Home Sales Declined. NAR Chief Economist Lawrence Yun believes contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date. However, he says "there are indications that mortgage rates may be topping or very close to a cyclical high in July. If so, pending contracts should also begin to stabilize."
- Three More People Indicted In $10.9M Big Island Housing Conspiracy Case. A Big Island public corruption scandal deepened as federal officials announced the felony indictments of two attorneys and a private businessman in a conspiracy involving at least $10.9 million worth of land and affordable housing credits issued by Hawaii County.
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Island-Wide Market Statistics / July 2022
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The median price for Single Family Residences on the Big Island decreased 5% from $480,000 in June to $457,000 in July. Median condominium prices decreased 11% from $604,950 in June to $540,000 in July. For all property types new listings and number of sales were dramatically lower than July of last year.
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North Kona Market Statistics / June 2022
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Active listings in North Kona increased by 23% from May to June ~ up from 135 to 166. The number of properties that were under contract decreased by 18% from May to June ~ down from 174 to 142.
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June 2022 ~ North Kona Market Statistics
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May 2022 ~ North Kona Market Statistics
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Remote Work Continues to Influence Buying Trends
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Among other factors, demand for Hawaii real estate has been driven by remote-work opportunities and migration from urban centers. More than before, buyers are looking for homes outside cities with space for a home office.
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Downpayment Obstacles for First-Time Homebuyers
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The continuing struggle for first-time homebuyers is illustrated below where we see the average downpayment for repeat homebuyers was over twice that of first-time homebuyers as a percent of purchase price in 2021.
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NEW LISTING
76-6342 KOLOLIA STREET
Expansive Ocean Views & Natural Light!
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Newly-remodeled 3 BEDROOM / 3.5 BATH two-story residence with 2,845 interior square feet, expansive ocean views and amazing natural light.
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Home Sales Kailua-Kona ~ July 2022
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If you would like an estimate of value for your home, get in touch! For data on recent sales in your neighborhood click here
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Wishing you a lovely day!
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Genuinely hoping you're taking care of yourself in these challenging times.
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Contact Me
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Lisa made me feel like a high-priority customer. She put a lot of thought and time into marketing. I’m very impressed with Lisa. She is first-class all the way and her customer service is bar none. Thank you Lisa!
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Need an estimate of your home's value? Want the scoop on available properties? I'm here to help!
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Check out my website and blog
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This newsletter is not intended to solicit currently listed properties. If you're working with a Realtor, I wish you the very best of luck!
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