Hawaii | Big Island Style: November 2022 Update

Happy November!

Aloha Everyone!
Thanksgiving is around the corner, and Kona is in the midst of Kona Coffee harvest season. The red berries in the above photo are NOT cranberries; they are coffee cherries. Only after very labor-intensive work comes beautifully roasted coffee beans that we are familiar with.

51st Kona Coffee Cultural Festival was a great success. We  attended many events and enjoyed new crops from at least 40 different farms. All tasted wonderful yet unique in own way. The coffee is a labor intense delicacy.  I certainly appreciate more now that I know the history and how Kona Coffee is processed with care and passion.  

The coffee cherries are hand-picked here because the terrain won't allow machines. This means only red-riped cherries are picked at the exact right time.  
We had honor to be at the award ceremony of the prestigious Kona Coffee Cupping Contest 2022. Here are the WINNERS.

 1. Kona Farm Direct  2. Kona Naturals  3. Kopiko Farm 4. Aloha Star Coffee 5. Kawaloa Trail Farm  6. Uluwehi Farm 7. Yamasawa Farm 8. Apapane Farm 9. Kona Hills 10. Ulu Coffee

The passion and care given by these coffee farmers are obvious by just looking at their website. I suggest touring coffee farms next time you are in town.  
KONA 100%!

Did you vote?
Hawaii moved to a universal mail-in system even before the pandemic. Of the 861.358 registered voters, the turnout was 48.4% which is probably one of the lowest in the nation. Democrats swept governor, senate, representative seats. 
Nationally, we now have split congress but, according to some research,  the market reacts well to a Democratic president and split Congress. We shall see.

Humpback whales are back!
The first whale of the season was sighted in Keauhou in October.
Typically, the whales return to hawaii in November from Alaska, and they hang out till about March. While in Hawaiʻi's waters, humpbacks don't feed, as the primary reason for their journey is to mate and for mother whales to give birth and raise their young.. 

Real estate market here is still active. Please read on for the most up to date market analysis.

Kai's Kona Market Update

November 2022

National Recap
Nationally, home sales declined for the 9th straight month in October. Sales of previously owned homes dropped 5.9% from September to October (NAR). From their recent peak in January, existing-home sales have dropped about 32%. The October reading put sales at a seasonally adjusted, annualized pace of 4.43 million units (6.12 million in 2021, and 5.34 million in 2019).  Sales were 28.4% lower year-over-year. Supply remains stubbornly low, with 1.22 million homes for sale at the end of October, a decrease of just under 1% both month-to-month and year-over-year. That’s a 3.3-month supply at the current sales pace. Historically, a balanced market is considered to be a 6-month supply.

The trend here is similar.  Please read on for the latest Hawaii island trend.

Kona Single Family Home

Both MONTH-over-MONTH median price and YEAR-over- YEAR median prices went up again in November. 
The Number of CLOSED SALES is down about 30% Year over Year. The national average is -32%.  The inventory is unchanged from last month. Of the 101 homes on the market, 13 are new construction not even framed.  There were 180 homes on the market in November 2019. 
The monthly supply is now at 3.9month. The market is still very tight.

Mid Month Trend

The inventory has risen to 4.2-moth supply at the current sales  pace. Good properties still sell very quickly. 
The Hawaii real estate market picks up in December as it enters peak vacation season. 

Condominiums

Just as in the single-family home market, the median price went up from the previous month. The median price is up over 30% YEAR over YEAR.
The inventory is increasing but still very scarce, with only 41 units for sale. The monthly supply is still only 1.8 months.
Only single-digit active listings are available all across the price range. 

Mid Month Trend

The number of condos for sale is up while the Pending Sales is down. The monthly supply is only 2.0 month at existing sales pace. The market continues to be very tight.

Big Island Resorts

The resort condo market saw an increase in Pending Sales while the active listings(inventory) decreased from the previous month. The YTD median price of Waikoloa Resort condos has surpassed $1M. It is over 3M in Mauna Kea Resort. 
The Private Resort Market continues to be quiet due to a lack of inventory. Four Seasons Hualalai and Kukio are virtually sold out for entire 2022. 

Real Estate in the News

Where Have Homeowners Built the Most Wealth?

According to Bankrate, longtime homeowners have acquired exponential gains in their home value over the past few years. But it's not just for ultra-luxury homes—many average homeowners have properties worth millions in certain housing markets. Take a look at how have homes earned value, based on data pulled by NAR.

Courtesy of Bankrate

Local Happenings

November 11th – Volcanoes National Park

HAWAII VOLCANOES NATIONAL PARK FEE-FREE DAY

Entrance fees are waived for Veteran's Day 2022. 

New Chiropractic Clinic in Kona

Dr. Okai relocated his Chiropractic office from San Jose to Kona.
His techniques that combines Chiropractic and "Shiatsu" massage are first class. Dr's  warm personality adds to speedy recovery.
(808)778-9754
https://www.okaichiro.com/home

November 2022 Recap

I hope you enjoy some of the sceneries from the Big Island of Hawaii.

Lifestyle Tips and Tricks

Best Places to Travel in November

Looking for a weekend getaway or a week-long stay this month? Whether you want to relax on the beach or cozy up in the chilly air, there's a spot for you. Explore Travel + Leisure's top 11 places to travel in November. 

Courtesy of Travel + Leisure

30 DIY Fall Wreath Ideas to Spruce Up Your Door

Add curb appeal to your front door and provide a warm welcome to your home. Create your own seasonal wreaths with these top DIY decorative ideas. 

Courtesy of HGTV

26 Thanksgiving Table Ideas for a Festive Holiday Dinner

Gain new inspiration for your Thanksgiving tablescape. Change up your usual place settings, centerpieces, and napkin foldings. Start prepping for the holiday with some new table decor ideas.  

Courtesy of Southern Living

11 Best Non-Alcoholic Drink Recipes to Serve on Thanksgiving Day

Mix up your drink offerings at your upcoming Thanksgiving gathering with non-alcoholic libations. Stir in seasonal flavors that pair well with the holiday vibe and fare. 

Courtesy of Good Housekeeping

Trevor Noah Asks $12.95 Million for Manhattan Penthouse

The three-bedroom apartment in Hell’s Kitchen area is roughly 5-minute walk from where ‘The Daily Show’ is recorded.

Compass Curated 
-Fall/Winter 2022
E-Magazine

Curated Magazine, the essence of Compass luxury. 
Explore this specialized periodical featuring Compass’ most prestigious properties.

Kai's Sneak Peeks- Coming Soon

Kama'aina Home

Beautiful home in Keauhou Mauka will be on the market soon.
This over 2,700 sqft home has a beautifully appointed guest quarter, perfect for rental or family guests. It is a great entertainment home with a custom pool with a diving board. 
The price is to be determined but will be in the $1.5M range.

Kukio - Kanani

Modern, high quality custom home is coming to most luxurious private resort, Kukio.
Full Virtual Reality(VR) Tour will be available in 2023.
The average sales price of a home in Kukio is $15M.
Please contact for more information. 

Keauhou Estates

A beautiful brand new home in Kona's premier gated community. The house, which is in framing stage, will be available soon. 3D images and plans will be available in  December 2022.  
Please contact for more information. Average sales price in Keauhou Estates is approximately $3M. 

Kona Property Collection

I recently had opportunity to enjoy a round of golf with Mark Walberg, an actor and TV personality. He was on the island to film TEMPTATION ISLAND SEASON 5 at home in Keauhou, which is on the market for $11M.
I included it in the Kona Property COLLECTION. It is a fabulous oceanfront home.

MAHALO for reading!!

Hawaii was selected as the "2022 Happiest State" by Wallethub.  I am unsure how valid measuring "Happiness" is as it is not something others can determine. But I know that the key to success is to surround myself with "Happy" people. Let's always be Happy! 

I am going to New York City for the first time in three years at the end of the month. I hope to bring little ALOHA to the Big Apple.   The sense of freedom and independence in NYC gives me self-strength and discipline. 
Happy x Dicipline = Success!?

Finally, the newest episode of the REAL TAKK Podcast is up on Apple Podcast and Spotify.  Takk and I talked about the Hawaii real estate market and geography, among other things.
If you are curious about the Hawaii market, please listen to my FIRST ever English Podcast. Mahalo Takk for coming from NYC.  Look forward to seeing you in a week.

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

Reach out to chat!

Happy Thanksgiving!!

Daisuke 'Kai' Ioh

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

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