Hawaii Big Island Style | November 2023

ALOHA November!

San Diego |  Pu'u Wa'a Wa'a | Kona Brewing

I hope you had a wonderful Thanksgiving filled with joy, gratitude, and love. 

November began with the closing of Bayview Estates. Our 18-month journey, from construction to closing, was a story of adaptability amidst a shifting economic landscape, with interest rates rising from below 3% to almost 8%. This process highlighted the importance of flexibility and proactivity. Congratulations to our client and the new owner of this exquisite home!

 Kona Coffee industry is seeing a notable uptick in coffee bean production this year compared to last year. 83 farms participated the 52nd Kona Coffee Cultural Festival Cupping Contest. In this prestigious event, Kona Geisha Coffee triumphed in the small farm category, while Darnall Estate clinched the crown for large farms. Congratulations to the winners for setting a high standard in the world of exquisite coffee!

Kona Brewing Company is the most famous local beer here. But did you know how to ensure you're drinking Kona's locally made brews? All draft beers served in restaurants are crafted right here in Kona. However, this isn't the case for bottled beers as non are made here locally.  For canned beers, authenticity lies in a special mark on a box or can – a true sign of local production. When you're in Kona, keep an eye out for this mark to enjoy a genuine Kona Brewing experience.

The month's highlight was the Compass RETreat in San Diego, where over 2,500 agents celebrated Compass culture for three days. Compass, the top brokerage in the US, marveled at achieving a $1 trillion sales volume in just seven years. It was a joy to reconnect with our CEO, Robert Reffkin, and meet numerous talented agents. This year's guiding principle is 'High Tech & High Touch', reflecting our commitment to cutting-edge technology paired with personalized service.

Kai's November Video

Experience the vibrant lifestyle of Kona and the Big Island through this exclusive video. Dive into scenes of the Kona Coffee Festival, the rhythmic beats of Taiko drumming, and glimpse of Compass RETreat took place in San Diego. Let this visual journey rejuvenate your spirit with the true essence of Hawaiian Aloha.

Market Updates

National, Hawaii and Big Island

 National Trends
Sales Trend: In October 2023, existing home sales decreased by 4.1%, with sales falling in the Northeast, South, and West, but remaining unchanged in the Midwest. This reflects year-over-year sales declines across all regions​​.
Inventory: The real estate market continued to face challenges due to a lack of housing inventory, contributing to difficulties for prospective homebuyers​​. In October, the number of for-sale homes was 41.8% below typical pre-pandemic levels​​, according to Redfin.
Interest Rate: The average interest rate on the 30-year fixed-rate mortgage fell to its lowest level in two months. As of the week ending November 17, it declined by 20 basis points to 7.41%, marking a 45 basis point decrease over the past two weeks. This is the lowest level since late September. There has been a recent drop in mortgage rates over a three-week period, suggesting that they may have peaked and are now trending downwards​​.
Median Price: The median home price as of October 2023 was $391,800. This figure aligns with the seasonally adjusted annual sales rate, which was 3.79 million units​​.

Kona Market

Single Family Home

Sales Trend: Year-to-date closed sales in Kailua Kona decreased by 27.4% compared to the previous year, a sharper decline than the national trend.
Inventory: The year-over-year change in active inventory in Kailua Kona was -11.9%. More significant reduction in available homes in Kailua Kona compared to the national average​​​​.
Median Price: The year-to-date median price in Kailua Kona showed a significant increase of 9.56% from the previous year, reaching $1,180,000. 

Kona Condominiums

Sales Trend: a decrease in pending sales this month may indicate a shift in the market.
Inventory: Inventory is limited to just 2.3 months, and the desirable properties are selling quickly. Inventory has increased by 100% from two years ago, but it remains at just 35% of pre-pandemic levels, leaving ample room for growth.
Median Price: The modest Year over Year increase.. 

Real Estate in the News

No Local Changes Yet as National Lawsuits Rattle Real Estate Industry

At issue is the commission paid to agents who represent buyers in real estate transactions.

Two of the nation’s largest real estate brokerage franchisors say they won’t require their corporate-owned brokerages to be members of the National Association of Realtors. That change is part of the multimillion-dollar settlements in two federal lawsuits challenging the traditional model for paying agents who represent homebuyers.

Courtesy of Hawaii Business Magazine

Local Happenings

Kona Community Christmas Parade and Lighted boat Parade
DECEMBER 9TH & 10th

The 37th annual Christmas parade starts from 5:00pm. The parade starts at the gym and ends at Huggos. 
Lighted Boat Parade starts from 6:00pm on December 10th at Kailua Pier. 
Two Hawaiian style parades!

The Nutcracker ballet
Kahilu Theatre, Waimia
December 23rd, 2pm & 6pm

My daughters danced in this iconic perfromance. Let's support local dancers.

LINK 

Classical Christmas Concert
Grace Church, Kona
December 18th, 3:30pm-5pm

Holiday favorites by Bach, Mozart, Handel, Tchaikovsky and more.  Free Admission. 

Lifestyle Tips and Tricks

CocoNene opens in Waikōloa after flagship store burned in Lāhainā fire

Kent Untermann grabbed his wife Lori and shed some tears when learning their flagship CocoNene store — which sells whimsical, locally made home decor and wood wall art — burned to the ground during the Aug. 8 Lāhainā wildfire on Maui.

But less than 90 days later, the company is bouncing back with the opening of a new location at the Waikōloa Kings’ Shops on the Big Island.

Courtesy of Big Island Now

Yes, Maui Is Open. But the Loss of Lahaina May Reshape Tourism.

The entire island of Maui is bracing for the return of tourism even as disaster relief efforts continue. The path to recovery is uncertain.

Courtesy of New York Times

Hayao Miyazaki's Movie Premiers on December 8th in the US.

Much anticipated movie, "Boy and The Heron" premiers on December 8th. The movie will show in Hilo. 

Courtesy of Big Island Now

Exploring Pu'u Wa'a Wa'a: 
A Journey Through History and Natural Splendor

Nestled on the Big Island of Hawaii, Pu'u Wa'a Wa'a beckons adventurers and nature lovers alike with its unique landscape and rich history. This cinder cone, rising majestically in the North Kona district, offers a glimpse into Hawaii's volcanic past and the island's diverse ecosystems.

Formed over centuries, Pu'u Wa'a Wa'a is a testament to the island's dynamic geological history. Its name, translating to "The Many Furrowed Hill" in Hawaiian, aptly describes the cone's distinctive appearance, shaped by the forces of nature. This ancient volcano, now dormant, stands as a silent witness to the powerful volcanic activity that shaped the Hawaiian archipelago.

The hike up Pu'u Wa'a Wa'a is not just a physical journey but a voyage through time. As you ascend, you'll traverse a variety of landscapes, each telling its own story. From rugged lava fields to lush forests, the trail showcases Hawaii's rich biodiversity. The area is a natural sanctuary, home to rare plant species and wildlife, some of which are found nowhere else on Earth.

I definitely recommend the hike when you visit the island. This month's video has a glimpse of our recent hike!

Featured Listings

Holualoa

75-6040 Alii Drive, Unit 303

1 BD   1 BA   784 SF   $649,000

See What You Can Buy in Kona: $1.5M - $2.5M

See What You Can Buy in Resorts: $4M to $8M Homes

Thanks for reading and subscribing! Ready to achieve your next real estate goal?

Reach out to chat!

Daisuke 'Kai' Ioh

RB-19352
REALTOR®
M: 808.936.6148
kai.ioh@compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.