Hawaii Big Island Style

Aloha SPRING!

Springtime here is pretty special - it’s when we get to experience "Kona Snow." Imagine seeing Kona coffee farms all lit up with white coffee flowers. They smell sweet, kind of like jasmine, which is a nice change from the coffee aroma. These flowers are short lived, so if you see them, definitely take a moment to enjoy.

On Wednesday briefing, Federal Reserve Board Chairman Jerome Powell confirmed the Fed's continued plan to reduce interest rates by the year's end, contingent on sustained economic growth. Powell emphasized the Fed's commitment to its projection of three interest rate cuts, highlighting that even a robust job market wouldn't sway the central bank from pursuing rate reductions.
This development is a positive signal for both the housing and mortgage sectors, suggesting that the anticipated monetary policy direction could facilitate further drops in mortgage rates.

Here in Hawaii, property values in Kona and the west side of the Big Island remain robust, underscoring the enduring allure of the Big Island. However, the market is witnessing some shifts. If you are looking to sell or buy, grasping the nuances of market data and thorough preparation are crucial. The latest Market updates and Data link are below.
We have lots to cover. And if you like my newsletter, please drop me a line and/or forward it to your friends!
Kai

March is Women's History Month, and in Japan, we celebrate "Hina Matsuri" or "Girls' Day," to wish girls' health and happiness. As a father of two daughters, I find immense value in such observances, which honor women's achievements and inspire future generations with a sense of pride and possibility.

It's not quite Star Wars, but I'm all about that force—the kind you feel, not see. Think of it: people vibe out energy, good and bad. Throwing a party? Perfect energy booster. Emil and I did just that at Pelenike Estate. Boom, amazing offer the next day! Big thanks to Islander Sake, Shiono, and Umekes for the epic eats and drinks. Mahalo to our fabulous guests! 🌟

2024 Kona Brewer's Fest was the place to be, buzzing with the coolest vibes and 27 brewers serving up everything from Japanese-style lagers to IPAs, sours, and ales. Every sip was a new adventure! And guess what? We rocked it with zero waste. Plus, the Trash Fashion Show stole the show, flaunting the festival's wild creativity. 🍻

Hawaii, celebrated as the happiest state in the U.S., is also distinguished for its unique and cherished slang, Hawaiian Pidgin. Esteemed as the most beloved slang in the U.S. by WordTips, Hawaiian Pidgin enjoys an 88.10% favorability rate. At the forefront of this affection is "Hapa," a term that denotes a person of mixed heritage, embodying the state's multicultural identity. Following Hawaii in slang popularity are New York, Philadelphia, and Boston. The distinct charm of Hawaiian Pidgin invariably brings a smile to faces, highlighting its cultural significance. Here is a link to some of the popular Hawaiian slang words. Are you familiar with all of them?

Kai's March 2024 Video

Experience the vibrant lifestyle of Kona and the Big Island through this exclusive video. This month, I have captured videos of Kona Brew Fest, Pelenike Estate that quickly went pending, local recommendations,  etc . Let this visual journey rejuvenate your spirit with the true essence of Hawaiian Aloha.

Kai's Market Updates

National

Year over year, the median single-family-home sales price in Feb was up 5.6% and the median condo price up 6.7%. 
The number of new listings in Feb 2024 was up 15% from January and up 11% year over year. while active listings were up 10% y-o-y. 
The supply of homes for sale is still down almost 40%  compared to typical numbers in 2017-2019.
February existing home sales were up 16% from January and slightly up year over year. 
Weekly average interest rates have oscillated between 6.74% and 6.94%; up from January but still well down from last fall.

Compass National Real Estate Insight- March 2024

Kona Market Update

Extremely local but important!

Single Family Homes-March 2024

Median Price: Saw a substantial 35% increase year-over-year, marking an all-time high.

Supply: Market is still very tight as active listings are at 60% of pre-pandemic levels. The inventory shrunk again this month. Now down 101 active listings as of March 20th.

Demand Dynamics: We saw a decrease compared to last month, but we are seeing slight uptick this month as of March 20th.

Days on Market & Price Per Square Foot: Homes are selling faster, with median days on the market now at 19 days and the price per square foot at $756.

Condominiums:

Median Price: Increased by 13.1% year-over-year to $605,000, highlighting the area's desirability.

Market Supply: Active listings have surged by over 72% Year over year, the highest since March 2021.

Demand Dynamics: Pending sales have increased by 9% compared to last year, indicating healthy market activity.

Days on Market & Inventory (Months): Median DOM stands at 22 days, with a monthly supply of 5.1 months, moving towards a neutral market stance.

Big Island Resorts

Luxury Market

Latest Big Island Market Data by Kai

Real Estate and Local News

Biden Proposes $10,000 Tax Breaks for First-Time Homebuyers, 'Starter Home' Sellers

President Joe Biden has floated plans to address the country’s affordable housing issues, including new tax breaks for first-time homebuyers and “starter home” sellers. However, experts have mixed opinions on the proposals...

Courtesy of CNBC

Proposed coffee labeling bill moves from House to Senate committees for hearing

 House bill that outlines a phased approach to increasing the amount of locally grown coffee in products required for a Hawai‘i-grown label.

Courtesy of Big Island Now

Hundreds Of Hawaii Island Residents Protest Proposed Housing Project In Punaluu

Courtesy of Honolulu Civil Beat

Corner to Corner

Compass/REALM Global Network

Welcome to my monthly feature as a member of Compass, the #1 brokerage in the nation and founding member of REALM, the premier global real estate network. Here, I'll introduce you to my trusted referral partners from the U.S. and worldwide, each personally known to me for their exceptional expertise.
This month, let me introduce Allison from Virginia and Derek from Canada. Click on their profile images to explore the latest offerings.

Local Happenings

MERRIE MONARCH FESTIVAL & COMPETITION 2024
March 31st - April 6th, Hilo

Celebrating its 61st year in 2024, the Merrie Monarch Festival will again present the best hālau hula (hula schools) from Hawaiʻi - and a few from the continental U.S. and internationally - honoring Hawai'i monarch King Kalākaua and his contributions to the revitalization of hula. Held at the Edith Kanaka'ole Multipurpose Stadium in Hilo, the weeklong festival is highlighted by the prestigious, three-night Merrie Monarch hula competition, which is also broadcast live on Hawai'i television and live-streamed globally at MerrieMonarch.com.

LAVAMAN TRIATHLON

April 7th, Waikoloa Beach Resort

This yearly triathlon starts with a 1500-meter swim in A-Bay, followed by a bike course and a 10K run to the finish line. The entire course travels all around the Waikoloa Beach Resort.

Click HERE for more info!

11th ANNUAL BIG ISLAND CHOCOLATE FESTIVAL

April 26th-27th, Waikoloa

Join us for an unforgettable experience filled with chocolate cooking demonstrations, cacao growing presentations, and the most festive gala of all galas! This year we reveal our theme as 'Mystical Chocolate Masquerade' and we highly encourage to dress up, wear masks and get creative to win tickets to 2025 event.

Get Tickets HERE!

Local Recommendation- 
Barbara Hanson Art

Explore the vibrant world of Polymer Clay Art by Barbara Hanson, who has been crafting these colorful pieces for 30 years. Her art is full of vivid, soulful colors, yet it’s soothing and balanced, a real feat given the riot of colors she uses. I particularly love her banyan tree piece, inspired by the 150-year-old tree in Lahaina we’re all rooting for after last year's wildfire. You can find Barbara’s gallery in the charming heart of Holualoa town. Check out her website to see more, and don’t miss her feature in this month’s video! 

Lifestyle Tips and Tricks

13 Features New Home Buyers Say Are Essential, Desirable

New research shows that house hunters are willing to accept a smaller property as long as it has these key amenities.

Courtesy of the National Association of Realtors

When Selling Your Home, Don't Try to Conceal These 7 Problems

When selling your home, it’s natural to want to present the property in the most favorable light possible...

Courtesy of Forbes

Featured Listings

Keauhou Estates

78-6875 Kuhinanui Street

4 BD   4 BA   2826 SF   $3,475,000

Sunset View Terrace

77-6472 Kilohana Street

3 BD   3 BA   2276 SF   $1,495,000

Captain Cook

82-6115 Hawaiʻi Belt Road

0 BD   0 BA   0 SF   $1,995,000

North Kona

78-261 Manukai Street, Unit 806

2 BD   2 BA   1500 SF   $749,000

Kalani Makai

76-6123 Royal Poinciana Place

4 BD   6 BA   2024 SF   $1,200,000

Holualoa

77-404 Pelenike Drive

5 BD   6 BA   5006 SF   $3,975,000 - PENDING

Mahalo for reading and subscribing!

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Kai's Profile

Daisuke 'Kai' Ioh
Connecting  Hawaii - US-Japan

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

www.KETeamHawaii.com
www.KonaFudosan.com

Founding Member - REALM
Top 1.5% of US Real Estate Professionals, 2020-2023

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.