Hawaii Big Island Style: Oct 2023

Big Island Magic
 - it's October!

Our hearts are heavy for all those affected by the ongoing humanitarian crisis and conflict in Israel. While we can't control the world, we can certainly infuse our immediate surroundings with kindness and Aloha.

The Women's Ironman World Championship 2023took place in Kona! A 2.4-mile swim kicked things off bright and early, followed by a 118-mile bike ride and a 26.22-mile run. About 2,000 athletes competed this year. Kona hosts the Men's race in 2024, while the women head to France. Hats off to Britain's Lucy Charles-Barclay! Amazing. There are good amounts of race footage in the Monthly Summary Video below.

The much-anticipated Big Island Taiko Festival returned to Hilo after a four-year hiatus. Our very own Kona Daifukuji Taiko Group took the stage, along with Taisho-ji, Puna Taiko, and Okinawa Taiko. The two-day event at UH Hilo Arts & Performance Center nearly sold out. How wonderful to see the community come together post-COVID!

A big Mahalo to First American Title for hosting Emil and me (KE TEAM) at their exquisite dinner at the oceanfront Hapuna Westin Hotel. Our main escrow officer, Kianna Leomiti, and her team do incredible work. The food was great, but the true highlight was a tranquil moment to enjoy the sunset and ocean sounds.

Our Bayview Estates brand-new home listing is in escrow! We hosted Compass Sunset Broker Open powered by Islander Sake Brewery.  Mark Neuterman, Compass Coach from Florida, also came. That day's fun energy must have moved the universe as the house went into escrow soon after the party. When in doubt, ACT! Good things will follow.

October VIDEO

Experience the vibrant lifestyle of Kona and the Big Island through this exclusive video. Dive into scenes of the iconic Ironman race, the rhythmic beats of Taiko drumming, and awe-inspiring Hawaiian sunsets over the ocean. Let this visual journey rejuvenate your spirit with the true essence of Hawaiian Aloha.

Market Updates

National and Kailua Kona

National Trend
Sales Trends: Existing-home sales dipped by 2.0% in September, marking a year-over-year decrease of 15.4%. Among the major U.S. regions, only the Northeast experienced a sales uptick, while the Midwest, South, and West saw declines.
Inventory & Affordability: Housing inventory slightly increased by 2.7% from August but is still down 8.1% year-over-year. This limited inventory, along with low housing affordability, continues to hinder the sales, according to NAR's Chief Economist Lawrence Yun.
Interest Rates: Yun also cautioned that the Federal Reserve should reconsider raising interest rates given the weak inflation and job gains.
Median Price: The median price for all types of existing homes reached $394,300, up 2.8% from last September, highlighting a persistent need for more housing supply.

Hawaii State Trend

Homes | Condo 
YTD Median Price

Oahu : $1,050,000 | $505,000
Maui:   $1,195,000 | $825,000
Kauai:  $1,150,000 | $709,500
Kona:   $1,180,000 | $560,000

Kona Market

Single Family Homes

Single Family Homes:
Median Price: Following early-year fluctuations, the median price has now stabilized, registering an 11.0% increase year-over-year.
Supply: A noteworthy development—inventory levels have risen 14% from the previous month. This uptick is influenced by the shoulder tourism season, although it's worth mentioning that supply still hovers at 50% of pre-pandemic levels.
Demand: Slightly diminished from last month, yet when observed on an annual basis, demand remains elevated.
Inventory: Presently, the market is characterized by a 3.1 months' supply, underscoring the seller's market conditions.

OCTOBER TREND

Condominiums:
Median Price: Currently standing at $560,000, which signifies a modest yet encouraging 1.8% year-over-year increase.
Supply: The market has experienced increase of active listings.
Demand: Of particular note is the decline in pending sales, dropping nearly 29% month-over-month and 25% year-over-year. This is a developing trend that warrants close observation in the subsequent month.
Inventory: Despite decreased listings, inventory levels have remained stable at 2.2 months, maintaining conditions that continue to favor sellers.

October Trend

Big Island Luxury

Resort Condo YTD Median Price

$950,000

Waikoloa Resort

$1,585,000

Mauna Lani Resort

$2,637,500

Mauna Kea Resort

$4,378,000

Hualalai Resort

$4,800,000

Kohanaiki

Real Estate in the News

DID YOU KNOW

Compass is the exclusive project broker for an elevated 
new development in the heart of Honolulu.

Market units are now live and available to non-Hawaii residents. These residences are perfect for an investment opportunity, a vacation home, or for relocating entirely to the Aloha State. 

Discover Elevated Island Living! Discover Kuilei Place.

Local Happenings

OCt 28 (SUN)

Daifukuji Soto Mission Bazaar is Backl

Discover surfboards, local produce, children's toys, home essentials, plants, books, tools, and sports gear. Plus, indulge in scrumptious eats and catch mesmerizing Taiko performance. Don't miss out!

Silent Auction Alert: Starting Nov 18, bid on exclusive experiences like golf at Nanea, authentic Kona Coffee, and gift certificates from local gems. Your support keeps the Kona Daifukuji Taiko's rhythm alive. Mahalo to all sponsors. 

SILENT AUCTION WEBSITE

NOV 3- 10

Kona Coffee Cultural Festival

Since its inception in 1970, the Kona Coffee Cultural Festival organization has sought to preserve, perpetuate and promote Kona’s unique nearly 200-year coffee heritage. The Festival and the local community embrace visitors and residents by sharing the unique history and culture of Kona coffee pioneers, farmers and artisans throughout the 10-days that celebrate the Kona coffee lifestyle. VIDEO of KCCF

Lifestyle

Best Housewarming Gifts

The Best Items for a Weekend Getaway - at first glance, the best items for a weekend getaway might seem like an odd fit for our best housewarming gifts series, compared to gifts for the kitchen, bathroom, or bedroom.

Courtesy of Forbes

Hawaii Has Been Facing A Housing Crisis For Generations

Politicians have been pledging to address a shortage of housing in the islands for decades, but the root causes of the crisis run deep.

Courtesy of Honolulu Civil Beat

Hawaii’s Population Is Aging Fast. The Impacts Will Be Significant

Hawaii is in the midst of a major demographic shift that will transform island society in the coming decades, as the rest of the baby boomer generation reaches retirement age.  

Courtesy of Honolulu Civil Beat

Local Business

DRIPBaR Kona is Now Open 

I tried the IV Hydration therapy for the first time. At convenience of at our home.  It was great way to hydrate and supply much needed vitamins after a round of golf. 
My friends, Kevin and Mayumi offer a mobile IV services throughout the greater Kona area; including Keauhou, the Kohala Coast, Kukio, and Waikoloa. 

Call Kevin at 808-941-3012
and receive 50% OFF of your first Drip session when you mention my name "Kai". 

You can download DRIPBaR App from the QR code.

Featured Listings

Bayview Estates

78-7005 Mololani Street

4 BD   4 BA   2595 SF   $2,790,000

Thanks for Tuning In! 🌺 Ready to conquer your next real estate dream? Let's chat—your paradise awaits.

What a whirlwind month! One another highlight of the month? Rubbing elbows with COMPASS CEO, Robert Reffkin. Jetting in from NYC, Robert spent quality time with us. Let's just say, this young, forward-thinking entrepreneur had some gems to share. Speaking of gems, Compass has just amped up their platform with cutting-edge AI. Imagine my delight—after years trying to create a multilingual newsletter supported by a seamless CRM, Compass delivered it day one. 
Sky's the limit!

See you next month!

Kai

Reach out to chat!

Daisuke 'Kai' Ioh
with Robert Reffkin

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

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.