Kailua Homes For Sale

Kailua Real Estate Market Trends

The Kailua housing market is displaying a range of interesting dynamics, from fluctuations in median sale prices to intriguing migration and relocation patterns. It's a market described as "somewhat competitive," with a moderate pace and varying interest from both local and out-of-state buyers. This article aims to provide an extensive overview of the current trends affecting the Kailua real estate market.

Market Competitiveness 

In the realm of competition, Kailua offers a balanced field for both buyers and sellers. The market is neither too hot nor too cold, manifesting in the following ways:

• Time on Market: Homes in Kailua typically spend an average of 51 days on the market. This is a modest increase from the 40-day average last year, indicating that while the market is competitive, it's not frenzied.
• Offers and Pricing: The average home in Kailua sells around the list price, suggesting that the market is fairly priced. Hot homes, or highly desirable properties, can sell for about 3% above the list price and usually go pending in around 34 days, indicating a more competitive subsegment within the market.

Financial Metrics

• Median Sale Price. Last month, the median sale price for a home in Kailua was $1.5 million, marking a 2.3% increase from last year. This modest growth suggests a stable, if not rapidly appreciating, market.
• Sale Price Per Square Foot. The median sale price per square foot offers another lens through which to view the market. Currently standing at $811, this metric actually decreased by 0.49% from last year, pointing to a slight softening in property values on a per-square-foot basis.
• Volume of Sales. A total of 28 homes were sold in July 2023, compared to 38 homes sold during the same period last year. This decline in sales volume may reflect a tighter market or possibly waning interest among buyers.

Migration & Relocation Trends

• Inbound Migration. New York, San Francisco, and Los Angeles are the leading metros funneling homebuyers into Kailua, contributing to the 0.78% of buyers looking to move into Kailua from outside metropolitan areas.
• Local and Outbound Movement. Interestingly, 37% of Kailua homebuyers are searching to move out of the area, while 63% prefer to stay within the Kailua metropolitan vicinity. Among those looking to move out, Hilo, Las Vegas, and Kahului appear to be the most popular destinations.

Kailua Housing Market

The Kailua housing market is, in summary, a mixed bag. While it maintains a level of competitiveness, there are signs of a modest slowdown, as evidenced by increased days on market and decreased sales volume. Financially, the market is experiencing minor fluctuations, with a moderate increase in median home prices but a slight dip in price per square foot.

Simultaneously, migration trends reveal a two-way street: Kailua is attracting a small but noteworthy percentage of out-of-state buyers, particularly from high-cost metropolitan areas, while also seeing a significant share of current residents considering moves to different locales.

For both buyers and sellers, understanding these multifaceted trends is crucial for making informed decisions. Whether you're a local looking to upgrade or an out-of-state buyer seeking a new haven, the Kailua market offers opportunities—though it pays to act strategically.