Hawaii Big Island Style

ALOHA March!

Spring time is in the air! March welcomes us by breathing life into the season as it brings us the Spring Equinox and St. Patricks Day. 

In Hawaii, the spring also marks the end of whale watching season as the whales migrate back to Alaska. Additionally, the spring season also marks the end of the busiest season in Hawaii, as the "Snow Birds" from the mainland US depart after a long vacation. 
The inventory in Hawaii remains at a record low, and the real estate market has been active for the past two months. 
Continue reading to stay updated on seasonal tips, real estate news, and local events.

March was a jam-packed month.  I celebrated "Girl's Day" with my girls on March 3rd before jetting off to Japan. Just two days after I returned from Japan, I was on my way to Miami to catch the World Baseball Classic finals, where Japan faced off against the USA. The game was an absolute thrill, and the atmosphere was electric!

Did you know Miami is the second most popular US cities, next to New York, as a second home destination for the ultra wealthy?
Even though my visit lasted only 26 hours, Levi Meyer, fellow Compass and REALM agent, provided me with a glimpse of luxurious Miami, including stunning residences and gorgeous boats. I'm eagerly looking forward to returning to Miami in May REALM Retreat.
Miami Real Estate = Levi Meyer! 

Congratulations to my client on a successful sale! The property was sold at full price in a remarkable three days. The ongoing spring break peak season on the Big Island is contributing to the thriving real estate market, which is expected to continue until mid April. Real Estate Market Update is below. 

Here is a quick VIDEO RECAP of March 2023.  < Ma

Below video is the final pitch of the Trout vs Otani matchup in WBC. What a pitch!

KAI's Kona Market Update

March 2023

NATIONAL TREND

Existing-home sales reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of REALTORS®. Month-over-month sales rose in all four major U.S. regions. All regions posted year-over-year declines.
Total existing-home sales, vaulted 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Year-over-year, sales fell 22.6% (down from 5.92 million in February 2022).
Pending home sales improved in January for the second consecutive month, according to the National Association of REALTORS®. All four U.S. regions posted monthly gains but saw year-over-year drops in transactions.
The Pending Home Sales Index (PHSI)* — a forward-looking indicator of home sales based on contract signings — improved 8.1% to 82.5 in January. Year-over-year, pending transactions dropped by 24.1%. An index of 100 is equal to the level of contract activity in 2001.
“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.
NAR anticipates the economy will continue to add jobs throughout 2023 and 2024, with the 30-year fixed mortgage rate steadily dropping to an average of 6.1% in 2023 and 5.4% in 2024.

Here is alink to 2023 Quarterly US Economic Forecast by National Realtors Association.

Kona Trend

Kona Single Family Home Market

We have seen some interesting trends in the market this month. The number of pending sales has increased by 18.3%, indicating that buyers are still actively searching for their dream homes in Kona. However, we have also observed a YTD median price decrease of 9%, bringing the median price down to $1,000,000.
The inventory level has also decreased over the past month by over 13%, which could be attributed to the high number of pending sales. Despite this decrease, we have seen a significant increase of 53% in the year-over-year number of active listings. It's important to note that even though the number of active listings has increased, the inventory level is still fewer than 50% of pre-pandemic levels.
The current inventory level stands at 3.5 months, which indicates that the market is still favoring sellers, but buyers are also active in the market. As the market continues to adjust to the changing landscape, it will be interesting to see how these trends play out in the coming months.

MARCH MID-MONTH TREND
Both the number of Active listings and Pending Sales increased this month. The level of inventory is still about 50% of pre-pandemic level.

Kona Condominiums

The current median price for condominiums in Kailua Kona is $555,000, representing a 16.8% increase year over year, demonstrating a robust market for sellers.
However, the year-to-date closing sales show only 44 units, resulting in a negative 44.3% year over year change, indicating a slow pace of sales that could be due to the pandemic's economic impact.

The number of active listings for this month is 48, representing a 10.4% decline month over month. Year over year, the number of active listings increased by 165%, but it is still only about 30% of the pre-pandemic inventory.
On a positive note, the number of pending sales has increased this month, with 45 pending sales, which represents a 12.5% increase from last month. This trend could indicate growing interest from potential buyers in the area.
The current inventory of Kailua Kona condominiums stands at 2.2 months, which means it would take 2.2 months to sell off the current inventory. 6.0 months worth of inventory is said to be the neutral market.

MARCH MID-MONTH TREND
Both the number of Active listings and Pending Sales increased this month. The level of inventory is still about 35% of pre-pandemic level.

Big Island Resort Market

Real Estate in the News

15 Major Interior Design Trends for 2023

"Design trends during the 2010s tended to veer toward minimalism, so that spaces often showcased clean lines and pared-down decor that was often impersonal. Now, the pendulum is swinging in the other direction. People today are embracing personality, eccentricity, and maximalist joy from their homes. You'll be glad to know that 2023's interior design trends will put you at the center."

Courtesy of the Chicago Tribune

Local Happenings

April 9-15, 2023

MERRIE MONARCH HULA FESTIVAL

The world famous hula competition will take place April 13-15.
Twenty three halau will be participating this year; three from the Big Island, 14 from O'ahu, 4 mfrom Maui, and 1 each from Kaua'i and Washington State.

Learn more here!

Lifestyle Tips and Tricks

Refresh Your Design for Spring

There's something about spring that makes us want to mix up our interiors. An updated, spring-inspired interior can inspire a welcome change in perspective, and it helps us enjoy our lives a bit more as the season slides into summer.

Courtesy of Forbes

Ultimate Spring Guide to Stay Healthy this Season

Find out how staying healthy this spring can be as breezy as the refreshing springtime air!

Courtesy of Bistro MD

Spring Cleaning Tips and Tasks

Spring Cleaning is the tradition of deep cleaning at the start of spring. It's a way to welcome the change of the seasons and tackle often neglected chores.

Courtesy of Home Edit

Featured Listings by Kai and Emil

Keauhou Estates

78-6875 Kuhinanui Street

4 BD   45 BA   2826 SF   price $3,500,00

Sunset View Terrace

77-6472 Kilohana Street

3 BD   3 BA   2276 SF   $1,749,950

North Kona

78-261 Manukai Street, Unit 806

2 BD   2 BA   1500 SF   $795,000

Almost Complete-Bayview Estates

It has been an incredible month. 

Traveling to Japan and Miami in the same month would have been unimaginable a year ago. It was amazing to see many Japanese fans in Miami who came to support Team Japan. Everyone was excited, and it was incredible to see that none of them wore masks(99% of Japanese wear masks in Japan).

I hope you enjoyed this month's newsletter in Big Island Style.

See you next month!

Kai

Reach out to chat!

Daisuke 'Kai' Ioh

RB-19352
Realtor Broker
M: 808.936.6148
kai.ioh@compass.com
www.KEteamHawaii.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.