Still Waiting For the Bottom To Hit? Look in Your Rear View Mirror

Kona Home Team (LUVA LLC) Lance Owens (RB-24133), 2024 Real Estate Expert - Hawaii Island (Kona Home Team (luva llc)) • April 25, 2023

Aloha and welcome to the latest in real estate news and trends. I'm Lance Owens (RS) of LUVA Real Estate, and I'm excited to share insights from our partners at KCM. We're dedicated to keeping you informed about the ever-changing real estate market so that you can make informed decisions. Let's dive into the latest updates. (the chart above is local numbers)


The current state of the housing market is uncertain and constantly evolving. As we head into the spring months, you may have questions about what to expect in terms of inventory, pricing, and mortgage rates. Here’s what industry experts have to say:


According to Selma Hepp, Chief Economist at CoreLogic, competition among buyers is increasing, and housing supply typically grows during the spring. This is also a time when many people are relocating for work or other reasons.


Greg McBride, Chief Financial Analyst at Bankrate, believes that while he doesn't expect significant price changes in a short period of time, the housing market is showing signs of improvement. He notes that a surge in activity with low inventory is a good sign for home prices.



Lance Owens, West Hawaii Association of REALTORS 2018/2022 Board President, notes that the West Hawaii market is heating up again, as seen by the chart below sales hit the bottom in January, sales volume (blue) is up, number of sales is increasing, median price has stayed high, and higher than it was a year ago and inventory has tightened up again with only 87 active FS homes on the market, 13 under a Million and 34 are in the sweet spot of $1-2million, the rest sit between $2-28 million.


Rick Sharga, Founder and CEO of CJ Patrick Company, advises buyers to act quickly if they find a home they love and can afford, as home prices in most parts of the country are not likely to crash. Mortgage rates may also decline only gradually or not at all this year.


Jeff Tucker, Senior Economist at Zillow, notes that the market is still relatively favorable for buyers who can overcome affordability hurdles. However, he cautions that competition for homes may be more intense than expected due to the limited number of homes available for sale.


Bottom line: if you're considering selling your home, now may be an opportune time to do so while inventory is low. For buyers, it's essential to work with knowledgeable advisors to navigate the current housing market successfully. Regardless of your plans, staying informed about market trends and seeking expert advice will help you make confident decisions in this uncertain time.


Posted by

Lance Owens RB-24133
808.936.8383
 

LUVA Real Estate | 75-240 Nani Kailua #8, Kailua Kona, HI 96740 
   REALTOR® / BROKER-IN-CHARGE • Residential homes, Condos, Land, Agricultural/ Equestrian/Large Acreage 

Hawaii Association of REALTORS® (HAR) 

    2025 President   2023/24 State RPAC Chair
    2023 HARLA Graduate 

National Association of REALTORS® (NAR) 

    2023-25 Director   2024-25 RPAC Participation Council   Safety Advisory Committee   Region 13 Leadership

NAR Designations
      
AWHD (At Home With Diversity) | PSA ( Pricing Strategy Advisor) 
West Hawaii Association of REALTORS® (WHAR)

   2023 REALTOR® of the Year   2018/2022 President


By Kona Home Team (LUVA LLC) Lance Owens (RB-24133), 2024 Real Estate Expert - Hawaii Island (Kona Home Team (luva llc)) April 24, 2025
Today’s Inman News headline reads:“Existing-home sales fall to slowest pace since 2009 amid rising costs.”That may be true nationally—but not here in North Kona.While the mainland sees pullbacks, our local data paints a different picture. From January through March 2025, both home and condo sales in North Kona are up—eclipsing 2024, 2009, and even 2008 numbers.📊 North Kona YTD Sales (Jan 1–Mar 31): 2008: 69 Homes | 47 Condos 2009: 42 Homes | 33 Condos 2024: 104 Homes | 67 Condos 2025: 107 Homes | 82 Condos This isn’t just a rebound—it’s sustained confidence. Buyers are still buying. Sellers are still selling. And the market is still moving.It’s a powerful reminder that real estate is local. National headlines don’t always reflect what’s happening in our neighborhoods, our communities, or right here on the Big Island.Want the real story—not the national spin? Talk to someone who’s lived and worked it.With 21 years of boots-on-the-ground experience in the North Kona market, I’ve seen every shift, surge, and slowdown (even volcano related) . Let’s talk about what’s really happening—and how it affects your next move.Aloha,Lance Owens RB-24133  808.936.8383 LUVA Real Estate | 75-240 Nani Kailua #8, Kailua Kona, HI 96740        REALTOR® / BROKER-IN-CHARGE • Residential homes, Condos, Land, Agricultural/ Equestrian/Large Acreage Hawaii Association of REALTORS® (HAR)      2025 President | 2023/24 State RPAC Chair     2023 HARLA Graduate National Association of REALTORS® (NAR)      2023-25 Director | 2024-25 RPAC Participation Council | Safety Advisory Committee | Region 13 Leadership NAR Designations       AWHD (At Home With Diversity) | PSA ( Pricing Strategy Advisor) West Hawaii Association of REALTORS® (WHAR)     2023 REALTOR® of the Year | 2018/2022 Preside
By Kona Home Team (LUVA LLC) Lance Owens (RB-24133), 2024 Real Estate Expert - Hawaii Island (Kona Home Team (luva llc)) April 14, 2025
Mayor Kimo Alameda is holding a final Town Hall meeting: 📅 Tuesday, 5:30–7:00 PM📍 Make‘o Pavilion at Old Airport If we want a say in Kona’s future, now is the time. Show up. Share your mana‘o. Let’s make sure the decisions made today reflect the hard lessons — and wasted money — of the past. Mahalo to Our Leaders Mahalo to Mayor Kimo Alameda, Council Member Rebecca Villegas, and 365 Hawaii Island Community Fund for pulling the community together on Saturday.It’s powerful to see leadership and respectful conversation at a time when real listening is rare.With almost all in attendance opposed to the idea, few had other solutions.(Personal note: Kuakini Highway must be widened before any one-way plan moves forward.) Why the Past Matters Today Yesterday, I had the chance to speak and remind our leaders of a history many may not know. We have a new administration, new decision-makers, and 60% more residents since the last time this failed — making it even more critical to learn from the past before repeating it: These timelines were shared with Mayor Kimo Alameda and Council Member Rebecca Villegas - but should be spoken to at the meeting Tuesday 1974 — One-Way Ali‘i Drive AttemptThe County tried making Ali‘i Drive one-way.Public outrage, traffic jams, and confusion killed the plan almost immediately. 1999 — Paid Parking at Coconut GrovePaid parking was introduced, enforced by Diamond Parking.Businesses quickly lost customers.Locals and visitors pushed back hard.Within a year and a half, the system collapsed under pressure without needing government interference. 2004 — Another One-Way PilotDepartment of Public Works launched another one-way test when Kona had about 28,500 residents.Goal: Improve pedestrian safety and deliveries.Result: Massive congestion on Kuakini Highway and side streets.Public backlash ended the project early — after spending significant taxpayer money setting it up.(Personal note: I was a prisoner in my own office. It took over an hour just to get out and back.) 2013 — Expert Warning IgnoredA new administration revisited the idea, population now at 37,800Warren Lee, Director of Public Works — a licensed Professional Engineer (P.E.) and respected leader of major infrastructure projects across Hawai‘i — publicly warned:"Any one-way proposal must be contingent on the completion of alternate routes to absorb displaced traffic.Public health, safety, and overall traffic flow must improve — not worsen — before any change is made." 2023 — Paid Parking ReturnsPaid parking was reintroduced in Kailua Village.Same pattern: fewer visitors, frustrated residents, half-empty parking lots. 2025 — Déjà Vu?A new one-way proposal is on the table.Kona’s population has jumped 60% since the last failure — from about 28,000 to 45,000 people today. The Pattern is Crystal Clear Every time these changes were rushed without real planning, they failed — wasting time, wasting money, and hurting local businesses. 📣 Show Up Tomorrow We cannot afford another repeat. Show up tomorrow. We owe it to our community — and our tax dollars — to learn from the past and plan responsibly.🗓 Final Town Hall🕠 Tuesday, 5:30–7:00 PM📍 Make‘o Pavilion at Old Airport 
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