Kai Ioh | Oct 2025
The Kona real estate market continues to evolve as we move into the final quarter of 2025. Inventory patterns, buyer demand, and pricing trends are shifting, creating different dynamics for single-family homes and condominiums. Here’s a closer look at what’s happening in the market right now.
Kona Condominium Market
Condo demand in 2025 has somewhat rebounded compared to the challenges of 2024, when the condo insurance crisis dampened summer sales. Historically, demand is strongest through August, and while 2025 activity has improved to 2023 levels, it remains below 2024 level. October pendings slowed, with only 28 condos under contract, down from 39 in September. This trend is typical as we are now in the shoulder season.
On the supply side, inventory climbed steadily from early 2024 through March 2025, but active listings have been tapering since mid-year. With 153 active listings in October, supply may even fall below 2024 levels by year-end.
Median condo prices slipped to $620,000, down 5% year-over-year, while days on market rose sharply to 53 days, suggesting buyers are taking longer to make decisions. Still, with supply trending lower into year-end, the condo market is edging closer to balance, possibly tilting back toward sellers if inventory continues to shrink.
Kona Single-Family Home Market
The single-family home (SFH) market tells a different story. Demand was soft during the prime February–June selling season, likely influenced by external economic factors such as tariffs and weak consumer sentiment. The activity picked up during the summer, a secondary selling season in Hawaii. September through November are seasonally quiet months but the activies will pick up from end of November.
Year-to-date, demand in 2025 is on par with 2024, but the real shift is in supply. Inventory is up about 40% compared to last year, with 141 active listings in October. Months of supply now sit at 5.0 months, a sharp increase that signals the seller’s market of recent years has transitioned into neutral territory.
Unlike the condo market, single-family home inventory is still trending upward, though the pace of growth has slowed in recent months. Historically, pre-COVID inventory levels hovered around 200 active listings, so while today’s numbers are higher than in 2024, they remain somewhat constrained compared to long-term averages.
The median price for SFHs in October was $1.26M, down 3.1% year-over-year, with homes spending an average of 28 days on the market. If inventory levels continue to rise, downward pressure on prices may persist heading into 2026.
Big Island Resort
The resort condo market has tightened considerably in 2025. Inventory peaked in July with 101 units, but has since declined to 71—fewer than at the start of the year.
Among the resorts, Mauna Lani has shown the most activity, with the Active-to-Pending ratio now close to 1:1. The price adjustments seen there appear to have helped bring the market back into balance, though the median condo price has dropped 9.8%. By contrast, Waikoloa Resort shows little sign of price adjustment, with an Active-to-Pending ratio of 9:1. Mauna Kea Resort remains a boutique market, where precise pricing is still critical.
Private resorts continue to perform well despite higher prices. Hualalai is once again sold out, while Kukio has just three listings—priced somewhat above comps. Kohanaiki, the newest private club, is only 50% built but already in new phases. The new Alani units, priced around $5M, are selling even before they officially hit the market.
Overall Market Outlook
The Big Island market is showing mixed signals as we close out October. Condos are tightening, with inventory shrinking and balance returning after last year’s turbulence. Single-family homes are shifting into neutral territory as supply builds and pricing adjusts. Meanwhile, resort properties—especially at the high end—continue to move, with limited inventory driving demand. Success will depend on smart pricing, timing, and clear strategy.
ACCESS FULL MARKET DATA: KE TEAM Market Flipbook Oct 2025