Hawaii Big Island Style

Aloha February!

Aloha!
Hawaii remains in the heart of its peak vacation season, bringing with it an influx of cars and visitors more than usual. This year, however, it's not just the increase in tourists that has caught my attention—it's the WHALES. It seems I've spotted more of these majestic creatures breaching the ocean's surface than in typical years, a truly spectacular sight.  I've included footage of these magnificent whale breaches in this month's video.
Kona's median prices have climbed over 14% in the first month, outpacing the YTD 2023 median price. This raises an interesting point: might this be the real estate version of the "January Effect," typically seen in stock markets? I've analyzed early-year prices against year-end trends to forecast the rest of the year. Please read on to find out. 

Hawaii's Cherry Blossom season kicks off early. The 31st Waimea Cherry Blossom Heritage Festival was alive with crowds, featuring Bon dances, taiko drumming, and diverse ethnic food booths. The trees, originally from Okinawa, were planted to commemorate the centennial of the first Japanese immigrants. At the festival, I discovered something unique: Hawaiian Bonsai. The Bougainvillea Bonsai, in particular, was exceptionally well-crafted.

Can you guess my latest adventure?
 
We rescued a sea kayaker struck by a humpback whale, towed the sinking kayak back to Honokohau Harbor. 
The odds of a single  seater sea kayak encountering a whale in this immense sea? Slim, almost akin to a "hole-in-one"! 
Fortunately, nobody was injured.

If you're considering a boat charter in Kona, Aloha Kona Tours comes highly recommended. The owner and captain, Ichiro, is a long-time family friend. Our family has enjoyed their services for dolphin, manta, whale, and snorkel cruises. Their boat is both stylish and comfortable, complemented by outstanding service.

Kai's February 2024 Video

Experience the vibrant lifestyle of Kona and the Big Island through this exclusive video. This month, I have captured videos of Hawaiian cherry blossoms, ,close up of whale breach, Honolulu, etc . Let this visual journey rejuvenate your spirit with the true essence of Hawaiian Aloha.

Market Updates

National

Existing home sales expanded 3.1% in January to a seasonally adjusted annual rate of 4 million. Sales declined 1.7% from the prior year.
The median existing-home sales price climbed 5.1% from January 2023 to $379,100 – the seventh consecutive month of year-over-year price gains.
The inventory of unsold existing homes increased 2.0% from one month ago to 1.01 million at the end of January, or the equivalent of 3.0 months' supply at the current monthly sales pace.

COMPASS LATE JANUARY 2024 NATIONAL UPDATE
National Association of Realtors Update

Hawaii State Trend

Median Prices by Island

Homes | Condo

Oahu : $1,021,000 | $502,000
Maui:   $1,342,000 | $795,000
Kauai:  $1,411,000 | $992,000
Hawaii(Kona):$1,312,000 |$612,000

Big Island Update

Kailua Kona

Kona Single Family Homes:

Median Price: Notably increased this month; however, due to a small sample size, it is too early to tell if this increasing trend will continue.
Supply: Active listings remain stable, mirroring levels from a year ago. The monthly supply is steady at 3.7 months.
Demand: Pending sales have risen by 23% from last year sae time, indicating stronger demand.
Days on Market: Median time is 22 days, consistent with brisk sales.
Price per SqFt: Currently at $786.


Kona Condominiums:

Median Price: Similar to single-family homes, there was an increase, but the small sample size makes this metric less reliable.
Supply: Active listings have surged by nearly 60% compared to last year.
Demand: Pending sales have increased by 15% compared to the same time last year.
Days on Market: Median DOM has jumped to 38 days, a 171% increase from the previous year, surpassing single-family homes.
Monthly Supply: At 5.3 months, the market is moving towards a neutral stance.

Big Island February Market Data 

Please contact me for a more detailed analysis. 
Let's discuss real estate!!

2024 Market Forecast

Is this January Effect??

The 2024 Kona real estate market started the year with a bang, as January's median price for single-family homes soared by 14%. While early-year data can be tricky due to small sample sizes, a closer look at historical trends reveals something interesting: 
Whenever January's median price surpasses the previous YTD median price, the median price for that year tends to finish stronger than the previous year. 
A buoyant January seems to signal a prosperous year for the market.
Analyzing 29 years of data from 1995 to 2023, this happened 92.3% of the time. The only exception to this trend was in 1998 when the 1998 median price ended up lower than the 1997 median price despite good January. 
Moreover, a strong January gives us a positive outlook for the rest of the year, but a weaker January doesn't necessarily predict a downturn—it's a 50-50 chance.
With 2024 January's prices significantly up from last year, could we be on track for a stellar 2024? 

Let's watch and see how this trend unfolds.

Big Island Resorts

Real Estate in the News

Younger Buyers Want Baby Boomers to Update Their Homes

Millennials are worried they'll inherit properties in need of major renovations and repairs, which could further hamper affordability, a new survey shows. 

Courtesy of Realtor Magazine

LOCAL RECOMMENDATION- O'z Kitchen

I often receive inquiries about the best Japanese cuisine in Kona. While I hesitate to declare a single best, I must recommend O'z Kitchen in South Kona, near Kealakekua. Run by the owner-chefs Tomo and Yuuki from a food truck, their authentic Japanese dishes are exceptional. Favorites include ten-don (tempura and rice) and taiyaki. Featured in this month's video, I strongly suggest stopping by if you're seeking delicious Japanese food. Outdoor seating is available.

Local Happenings

March 9th, 3-7pm ~Kailua Kona~
King Kamehameha Beach Hotel

KONA BREWERS FESTIVAL

Experience Kona’s spirit in celebrating the 29th Craft Beer Anniversary on local culture and community in Hawaii. Kona Brewers Festival: Established in 1996, the beloved community event has become a cherished tradition, attracting visitors and locals alike. Proceeds from the festival support local nonprofits focused on environment, youth, sustainability, and culture, making a positive impact on the Big Island community. Book Online

March 3rd, 3:30-5pm ~Kailua Kona~
Grace Community Church

The Chamber Orchestra of Kona

On Sunday March 3, please join the Chamber Orchestra of Kona for “Orchestral Favorites”, a delightful program of some of the best loved orchestral music at Grace Community Church in Kailua-Kona.
Led by Artistic Director Farley Sangels, this concert will feature works including “On the Beautiful Blue Danube” Waltz by Johann Strauss, music from Bizet’s “Carmen”, Handel’s “Water Music”, Brahms’ “Hungarian Dance #5” and more!
Admission is FREE

March 24th, 2-4pm ~Waimea~
Kahilu Theater

GREATNESS 
FROM START TO FINISH 

The Kamuela Philharmonic’s MasterWorks season finale promises to captivate and delight! 

Click here for tickets.

March 31st - April 6th ~Hilo~

MERRIE MONARCH FESTIVAL & COMPETITION 2024

The Merrie Monarch Festival is dedicated to the memory of King David Laamea Kalakaua, known as the "Merrie Monarch" for his flamboyant and fun-loving ways. Kalakaua was elected king of the Hawaiian Nation in 1874, and reigned until his passing in 1891. He was a patron of the arts, especially music and dance.

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.

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, I'm excited to spotlight Jennifer from San Diego and Adam from Silicon Valley—trusted partners with whom we're collaborating on exciting projects. I highly recommend contacting them if you're seeking expertise in the San Diego or Silicon Valley areas. Stay tuned for what we have in store!

San Diego Collections

Silicon Valley Collections

News

Top 10 Hottest Housing Marketings in 2024

The top 10 hottest housing markets are expected to be spread across the South, Northeast and Midwest this year, according to an analysis by real estate marketplace Zillow.

But a 'hot' market isn't always great for would-be buyers...

Courtesy of CNBC

Magma moving in Hawai'i Volcanoes National Park slows, decreasing likelihood of Kīlauea eruption

The likelihood of an eruption at Kīlauea has decreased as the intrusion of magma into the area along the Koa‘e fault system southwest of the summit has slowed.

Additionally, seismicity and ground deformation beneath the summit, extending 5-7 miles southwest of the caldera under the Koa‘e fault zone, continue to lessen. Earthquake counts are holding steady at 1–10 earthquakes per hour; dispersed widely from the summit to the southwest.

Courtesy of Big Island Now

Big Island Candies and Harumi Kurihara collab on a new cookie

It’s been a few years since Big Island Candies introduced its first collaboration with Harumi Kurihara. The offering — Harumi’s Hawaiian Salt Cookies — became an instant hit.

So, it made sense that the brand — a favorite in the islands — would once again collaborate with the lifestyle maven, who’s been billed as the “Martha Stewart of Japan.”

Courtesy of Spectrum News

Researchers record 170 Hawaiian monk seal pups born in Northern Hawaiian Islands last year

Researchers documented 170 new Hawaiian monk seal pups born in 2023 around the Papahānaumokuākea Marine National Monument during their annual field camp.

Throughout August and September, a team from the National Oceanic Atmospheric Administration camped in the Northern Hawaiian Islands to assess the endangered species. Along with counting the new pups, NOAA also intervened on 27 monk seals to improve their survival.

Courtesy of Big Island Now

Featured Listings

Holualoa

77-404 Pelenike Drive

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

Discover unparalleled luxury in Kailua Kona on the west side of the Big Island at the Pelenike Estate. This exclusive property, nestled on 1 acre of land behind a private gate, offers ultimate privacy and a prime location. 

Keauhou Estates

78-6875 Kuhinanui Street

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

Nestled in the prestigious Keauhou Estates Subdivision, this brand-new, exquisite 4-bed, 4-bath residence offers a harmonious blend of modern design and tropical allure. Spanning 2,826 sqft, the interior boasts a seamless flow with vaulted ceilings, an open-concept living space, and wall-to-wall tile flooring. 

Keauhou Estates #161 Information

Captain Cook

82-6115 Hawaiʻi Belt Road

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

Sunset View Terrace

77-6472 Kilohana Street

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

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

Reach out to chat!

Daisuke 'Kai' Ioh

RB-19352
REALTOR®
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.