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Happy September! Aloha from Kona, Big Island of Hawaii. We are almost in the final quarter of 2022. How did we get here so quickly?! Japan is finally lifting restrictions on foreign tourists from October 11th. I suggest everyone visit Japan to take advantage of the strong US dollar. Coupled with the low inflation rate in Japan, everything in the country is on discount. |
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Japan Airlines resumed Kona-Tokyo direct flights, and we are starting to see Japanese tourists again like normal days. I didn't know "NORMAL" felt this good until now. It is a pure joy to share the island lifestyle with friends and clients again. Golf, BBQ, sunset, snorkeling, sipping Kona coffee together, etc. - These insignificant moments are often the most precious moments. |
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My September started with going to see RODEO in Waimea. Hawaii, Big Island is known for "Paniolo," Hawaiian Cowboys. Waimea's Parker Ranch, one of the largest privately owned ranch in the US, has a deep Paniolo legacy and history. Ikua Purdy, the great-grandson of John Parker was inducted into the National Rodeo Cowboy Hall of Fame in 1999. I should wear a Cowboy hat next time. |
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The prestigious IRONMAN TRIATHLON WORLD CHAMPIONSHIP returns to Kona in two weeks. Over 5,000 triathletes compete following a two-year hiatus. This biggest event in Kona, started with just 15 athletes in 1978. What a foresight! The local economic impact was estimated at over $72M in 2019. Please plan accordingly if visiting the island during the first week of October as there will be lots of road closures. It is definitely worth seeing these top athletes push their limits. NBC will broadcast the race. |
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The Fed hiked rates 0.75% this week. The U.S. housing market slowed for a seventh straight month in August, the longest stretch of declining sales since 2007. Mortgage applications rose 1% this month but are down 30% compared to a year ago. Most believe rates are going up and staying up. Curious about the Hawaii market? Please read on to see how Kona and Big Island real estate market is doing. |
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Finally, I met Reiko, an interior specializing in Aging-in-Place Universal design. I feel it is vital that I know how to assist clients in this area. There is a link for Aging-In-Place design CHECKLIST below. It's a very intriguing topic. |
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Kai's Kona Market Update |
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Kona Single Family Homes |
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The pace of sale is down 30% Y/Y, but the median price is unaffected at $1.095M. The number of active listings is up 80% compared to last year same time. While the number of pending sales is down 15% Y/Y. |
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Kona Condominiums |
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The inventory (active listings) is up 60% since a year ago. While the number of pending sales is down over 40%. The inventory is still extremely tight. There were close to 200 condos on the market Pre-pandemic. |
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Kona September Trend |
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Both inventories of Single Family Homes and Condos decreased this month. The number of pending sales increased for condominiums. |
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Is Kona Market Slowing Down?? |
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The median price has not changed, and the inventory decreased this month. The number of pending sales is also down compared to a year ago. Still, the absorption rate for single-family homes is low at 2.4 Months. This indicates a seller's market. As for the condo market, there is less than one month's supply.However, we are starting to see some market changes. There were only two properties that adjusted the listing price during May. However, 43 properties went through price reductions during August. Aggressive pricing may be fading away. |
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2022 vs 2019 |
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Everything depends on a perspective. The market may not be as hot as a year ago, but it certainly looks way better than in 2019. The days on the market (DOM) are still very short, but the average DOM for homes is now about 2 weeks. The DOM is less than a week for condominiums. The average sales price is now below the asking price for both homes and condos. 2019 was a good year. 2022 is a superb year. |
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Big Island Resort |
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The resort market is still very tight, especially in private resorts. Big Island(Kona and Kohala) has led Hawaii's luxury market(over $3M) for the last 10 years. |
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Real Estate in the News |
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U.S. News Ranks the Best Places to Live in the U.S. in 2022-2023 U.S. News & World Report revealed the 2022-2023 Best Places to Live in the U.S. rankings, which compares the 150 most populous metro areas in the U.S. based on affordability, quality of life, desirability, job market and net migration. |
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Local Happenings |
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World Manta Day Festival at Outrigger! On Saturday, September 17, join Outrigger & Manta Pacific Research Foundation for a day dedicated to celebrating the majestic Manta Ray. |
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Wailoa Center Happenings "Mosaics in Hawaii" is open through September at the Wailoa Center. The show is fun and funky and features over 20 mosaic artists working in a variety of different techniques and materials, from porcelain shards, to eggshells, to marine debris. On Saturdays, September 17 & 24, there are workshops being held by artists- check out the link below! |
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Lifestyle Tips & Tricks |
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Redefining Luxury Through Countertops While one might be well advised not to go chasing waterfalls, the design world is all over it; because nothing captures our marble-loving hearts like waterfall countertops. With an edge that cascades seamlessly to the floor, this expanse of stone can be a decadent focal point that links floor design with cabinetry. |
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Aging-In-Place Universal Design I had an opportunity to meet with Reiko Lewis, an interior designer specializing in "Aging-In-Place" Universal Design Resident, and her 91-year-old mother. Ventus Design has been helping senior clients remodel their homes to live comfortably without moving to assisted living. No need to sacrifice quality or appearance. Check out the Ultimate Aging-In-Place Checklist from the link below. |
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30 No-Cook Appetizers for Super-Easy Entertaining On really warm days spent cooking over a hot grill, it's nice to have a few fuss-free options that skip the heat but keep the flavor. Enter these no-cook appetizers. Courtesy of Martha Stewart Magazine |
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Valspar Unveils Its 2023 Colors of the Year The right paint color brushed on the wall doesn't just change how a room looks, but also how it feels. This year, for its 2023 Colors of the Year, Valspar is tapping into color psychology. |
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JUST SOLD in Kona!! $3.175M |
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Property Collections |
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I have put together collections of properties. This month, I selected listings that have VIRTUAL TOURS. |
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Mahalo for reading! We visited the Kilauea volcano last weekend, and it was quite a sight. Kilauea is a small mountain on the other side of the island, so there is no danger. I recommend staying till the evening so you can see the red lava. Please contact me should you have any questions about Hawaii. See you next month! Mahalo! Kai |
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Life is short - Live Big Island Style anywhere. |
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