Hawaii Big Island Style

Happy January!

Cheers to 2023! A new year is a new opportunity, full of possibility, hope, and potential. Wishing you a great start to 2023, and health and happiness all year long.

Read on for the latest real estate updates, seasonal tips and discover lifestyle trends to kick off 2023.

Back in Action

Hawaiian Volcanos took a little break in December, but Kilauea is back in action since January 5th, 2023. The lava is filling the Halemaumau crater at the top of Kilauea. It is a spectacular sight. 

Belated Happy New Year!
Japanese celebrate New Year with unique dishes that specifically have meaning.
For Example:
Shrimp: Symbolize "longevity" as it looks like back of elderly.
Lotus Roots: Symbolizes Foresight because you can look  through the holes
Namasu:  Pickled carrot and radish. Red and white is a symbol of Happiness.

Islader Sake Brewery, which I am part of( yes I wear many hats) participated in the community event this month. We coordinated the traditional SAKE Barrel Opening- Kagami Biraki Ceremony for Mayor Mitch Roth and other local business leaders. This traditional ritual dates back to the 4thTokugawa Shogun and believe in bringing good luck.

PGA's Mitsubishi Championship was in full swing this year. The last year's tournament did not allow outside spectators to see the tournament. Steve Stricker won the three day tournament with amazing 23 UNDER! Four players tied for second with 17 UNDER. 
It is a senior tour that means youNgest is my age but these old timers can hit far.

Please read on for the latest real estate market updates and trends. If you are interested in any of the above , please check out my January Big Island Video that I captured with my iPhone(mostly).

Kai's Kona Market update

January 2023

The 6 reasons why Compass CEO Robert Reffkin believes Q4 of 2022 was the bottom of the recent real estate market cycle.
25% increase in weekly mortgage applications.
Mortgage rates continue to move down to a 4-month low.
Increase in buyer interest, open house traffic, and offers.
In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.
Home builder sentiment improved for the first time in 1 year.
Pending closings were down 30+% at points in the fall but over the last few weeks, we have seen pending listings in most of our markets nearly flat year over year.4

Here is Robert Reffikin, Compass CEO on CNBC

Kona SingleFamily Home

Single Family Homes

The median price went up 15.8% in 2022.  However, the number of closed sales went down over 30% Year over Year to 469 transactions.  This decrease in the number of transactions was driven by low inventory, which is still about 50% of the pre-pandemic level. The inventory is increasing gradually but is still low although a 166% increase from a year ago seems alarming. Many potential sellers are not willing to let go of the low interest rate just yet.  Many expect interest rates to go down this year.
There is enough activity to sustain the price in Kona positively.

Mid Month Trend

As Hawaii is heading into peak vacation season, the inventory has decreased, and the number of pending sales increased. The inventory is below 4 months’ supply.

Condominiums

Condominiums

The median price of condominiums increased by 32.5% in 2022, just like the single-family home market. The number of closed sales decreased significantly. Active listing has doubled since a year ago, but the inventory level is still about 30% of pre-pandemic. The pace of sales has started to slow down significantly.

Mid Month Trend

The inventory increased from the beginning of the month, but so did the number of pending sales. The moth supply(absorption rate) is still low at 2.7 months. 6 months' worth of inventory is said to be neutral.

Real Estate in the News

2023 Colors of the Year

Thinking about making some vibrant changes to your home this year? Consult the paint companies’ Color of the Year for some inspiration. Find something that fits your style, whether you’re looking to make a bold statement with Pantone’s Viva Magenta, prefer a softer vibe with Redend Point by Sherwin-Williams, or the new neutral aesthetic of Spanish Moss by Krylon. Check out all the top colors for the 2023 to amp up your home decor. 

Courtesy of Better Homes and Gardens

Local Happenings

january 19-21

Mitsubishi PGA Electric Championship at Hualalai

Since 1997, this PGA golf tournament has showcased senior major champions in the iconic sport in one of the most beautiful locations in the world - the Hualalai Resort Golf Club. Don’t miss this chance to witness elite excellence!

Learn more here.

Lifestyle Tips and Tricks

10 Bathroom Design Trends We’ll See In 2023

Ensure your bathroom is a space of calm and relaxation. Refresh your full bath or powder room with timeless hardware details or colorful sinks and tiles. See if any of these new bathroom trends fit your design goals.

Courtesy of Forbes

11 Best Places to Travel in Winter

New year, new vacation! Though festivities may have passed, there’s still plenty of opportunities for you to keep up your spirits with a weekend—or a week—away. From cold weather activities to sun-filled adventures, there’s a trip waiting for you.

Courtesy of Travel + Leisure

10 Winter Flower Arrangements to Brighten Up the Season

Holiday wreaths and trees may have come down, but you can still keep your home full of florals. Surround yourself with texture, color, and aroma all winter long with easy table top and front door flower ideas.

Courtesy of HGTV

The 30 Must-Read Books This Winter

Start the new year off with a full bookshelf! 2023 has a lot of promising new titles that are sure to keep you turning pages all winter long. Browse the collection of thrillers, romance, short stories, biographies, memoirs, and more!

Courtesy of Town & Country

Featured Listings

North Kona

78-261 Manukai Street, Unit 806

2 BD   2 BA   1500 SF   price $875,000

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

Reach out to chat!

Daisuke 'Kai' Ioh

RB-19352
Realtor Broker
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.

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