Hawaii Big Island Style

Aloha, September

Volcano | Queen Liliuokalani Race | DOM

Aloha!
As the sun sets a little earlier and a gentle breeze begins to rustle the leaves, all of our hearts are still heavy in the aftermath of the Maui fires. 
Here on the Big Island, Kilauea Volcano woke up briefly to show magnificent lava show for about a week. The Kilauea is the safest active volcano on the earth and great number of people enjoyed the spectacular show. I have included excellent video footage from the September eruption in the Summary Video for this month.

Labor Day Weekend in Kona was an exciting time as we welcomed the world's largest canoe race. The 50th Queen Liliuokalani Race brought together more than 2000 paddlers. This year, We drove alongside the 18-mile race route from Kona to Honaunau. The speed and agility of the canoes were incredible.  A team from Wailea, Maui won the Men's division with 2 hours 3 minutes. Wow! Great team work.

The 2023 Orchid Show by Kona Daifukuji Orchid Club provided a local and relaxed atmosphere, featuring a stunning display of exotic and unique flowers. 
It was fascinating to discover that Aunty Carol, whom I have known for years, is a distinguished collector of US orchid stamps. I was truly impressed.

Personally, September saw four closings, marking a good month. As we enter the quieter fall season on the Big Island with fewer tourists, the real estate market tends to follow suit until Thanksgiving. 
The median prices remain higher than last year due to supply constraints. 

Kona and the Big Island are abuzz with exciting October events: Ironan World Championships, Big Island Taiko Festival, Taste of Hilo, and Slack Key Guitar Festival all takes place in October. The event information is below.
And Kona Coffee harvest has begun! Please come enjoy the new crops. 

Welcome to a vibrant fall in Hawaii!           
  
-Kai

Kai's September Video

I am sending Hawaiian breeze via video all captured by my iPhone. Watch Kilauea Volcano in action.

Kai's Market Watch
Sept 2023

National Trend
In August, existing-home sales in the U.S. dipped slightly, with the Midwest seeing improvement, the Northeast remaining stable, and the South and West regions experiencing declines. Year-over-year, all regions saw a drop in sales.
Total existing-home sales decreased 0.7% from July, reaching 4.04 million annually. Compared to August 2022, sales were down 15.3%. NAR's Chief Economist, Lawrence Yun, noted that home sales have been relatively steady. He pointed out that short-term mortgage rate changes and long-term job gains play vital roles.
Housing inventory in August was 1.1 million units, down 0.9% from July and 14.1% from the previous year. Unsold inventory equates to a 3.3-month supply at the current pace, similar to July but slightly up from August 2022.
The median price for existing homes in August was $407,100, up 3.9% from the previous year. Yun emphasized the need for a doubled housing supply to curb price increases despite lower sales.

Hawaii State Trend

Homes | Condo YTD Median Price

Oahu : $1,050,000 | $510,000
Maui:   $1,170,000 | $767,000
Kauai:  $1,150,000 | $701,000
Kona:   $1,175,500 | $552,500

Kona Market

Kona Single Family Homes

Strong Price Growth: The median home price is now $1,175,000, an 8.29% year-over-year increase.

Tighter Inventory: With only 77 active listings, there's been a significant 25.96% year-over-year decrease, meaning less competition for sellers but the opposite for buyers.

Steady Sales: Pending sales are at 67, indicating a 10.67% year-over-year decrease.

Quick Sales: The median Days on the Market (DOM) is just 15 days. It is taking longer than Q1 2022, when it was 8 days. The median DOM in 2019 was 48 days.

DOM Improvement: The DOM has decreased from 32 days in Q1 2023 to 15 days. Showcasing a resilient market.

Negotiating Power: The Sale/List Price Ratio, now at 97.8%, gives buyers room to negotiate. It was over 100% in the first half of 2022, indicating a shift towards a balanced market.

The following is a summary of Pending Sales(demand) and Active Listings(Supply) in Kona, categorized by month. The number of Pending Sales decreases after Summer. Conversely, the number of Active Listings tends to increase after August.

Sept Trend

We are starting to see uptick of inventory. The monthly supply is still under 3 months. 

Kona Condo Market

Condos:
Steady Price Growth: The median condo price is holding strong at $552,500, marking a steady 1. 75% year-over-year increase.

Increased Choices: With 63 active listings, a substantial 90.9% year-over-year increase has occurred. However, The inventory level is still 30% of 2019, Pre-pandemic days.

Sales Snapshot: Pending sales are at 38, showing a 39.7% year-over-year decrease. Keep an eye on this pace for potential shifts in the market.

DOM Trends: The median Days on Market (DOM) is 20 days. DOM is on the rise.

Harder to negotiate: The Discount Rate (Sale/List Price) has gone up since the beginning of 2023, indicating that the buyers are buying at full price or higher if priced right.

Sept Condo Trend

Both inventory and sales are in downward trend.

Big Island Resort Market

Support Maui Relief

Wondering how you can help our Maui ohana affected by the devastating fires? Here are some trusted resources to guide you in choosing the best way to support Maui fire relief efforts.

Click here for all links!

Have you seen the Lava?!

Kilauea Volcano

"Have you seen the latest lava?"
This is the question we often hear when living on the Big Island. The iconic Kīlauea Volcano, known for its mesmerizing lava flows, has once again graced us with its fiery spectacle this month.
For those who vividly remember the massive 2018 eruption that lasted around 90 days, the recent eruptions have rekindled those memories. However, it's important to note that Kīlauea is renowned as the safest active volcano in the world where we can witness the raw power of volcanic activity up close.
From the 1980s until 2018, Kīlauea erupted consistently, shaping our island's landscape. Since 2020, the volcano has been sporadically active, offering us shorter yet no less captivating displays. Here are the recent eruption dates.
December 2020 to May 2021
September to December 2021
January to March 2023
June 7th to 16th, 2023
Most recently, from September 10th to 17th, 2023

I treasure my experience of the incredible opportunity to work as a guide at Kīlauea Volcano when I first move to the island back in 2001.
The sight of molten magma oozing from the Earth's surface was nothing short of breathtaking. It never gets old. 

Kilauea Volcano and the wonders of nature never cease to amaze me even after living here for over 20 years. 

Did you know that Mauna Kea, one of our iconic volcanoes, is not just the tallest mountain in Hawaii, but it also claims the title of the tallest mountain in the world when measured from its base on the ocean floor?

Or how about this - our Hawaiian Islands are in constant motion! Hawaii is gradually drifting towards Japan at a rate of about 4 inches every year, driven by the tectonic forces deep beneath the Earth's surface.

And speaking of natural wonders, there's an exciting development happening right now just off the Big Island's coast. A new island is slowly forming, a testament to the ever-evolving beauty of our island chain.

While I wouldn't wish to be too close to an erupting volcano myself, those who were at Kīlauea on September 10th can consider themselves incredibly lucky.

If you haven't seen the lava yet, keep an eye on Kīlauea's activity – you might just get the chance to witness this natural wonder for yourself. 
And it is easier and definitely safer than you expect!

USGS Eruption Updates

Local Events

SATURDAY, OCTOBER 14
IRONMAN WORLD CHAMPIONSHIP TRIANTHLON

Women's Championship race take place again in historic Kaiua Kona. This is a full distance triathlon. 

Click Here for More Info!

saturday, OCTOBER 15
TASTE OF HILO

the Japanese Chamber of Commerce's will present the annual "A Taste of Hilo" at Sangha Hall in Hilo, Enjoy 'ono grinds at East Hawai'i's premier culinary event, which showcases more than 30 of the island’s tastemakers and beverage purveyors.

Learn more here!

saturday, OCTOBER 15
Big Island Taiko Festival

This exhilarating weekend of vibrant drumming and physical choreography will bring together the best of Big Island Taiko. Four Groups from the Island will perform at The Performing Arts Center at University of Hawaii, Hilo Campus. Our own Kona Daifukuiji Taiko Group will perform!! 

Learn more here!

saturday, OCTOBER 29
Hawaiian Slack Key Guitar Festival-Kona

An afternoon of music slack key guitar musical performances. Slack Key Guitar is an indigenous guitar art form that originated on Hawaii island in 1832. Performers include Master Slack Key Guitarist Ledward Kaapana, Sonny Lim, Stephen Inglis, Bobby Moderow, and many others. The event takes place from 1 pm to 4 pm at the Outrigger Kona Resort.

Real Estate in the News

'Ugliest House in America' Reveals the One Astonishing Upside to Buying a Homely Home

As you can imagine, buyers are not exactly lining up to purchase these dingy dives...

Courtesy of Realtor.com

5 Small Backyard Ideas

Creativity is key with a small backyard.

Courtesy of US News

Featured Listings

Bayview Estates

78-7005 Mololani Street

4 BD   4 BA   2595 SF   $2,950,000

Sunset View Terrace

77-6472 Kilohana Street

3 BD   3 BA   2276 SF   $1,590,000

Alii Heights- SOLD

77-207 La'ela'e Street

3 BD   2 BA   1798 SF   $1,350,000
JUST SOLD FULL PRICE

Malulani Gardens- SOLD

75-231 Malulani Road

3 BD   2 BA   1569 SF   $1,025,000
JUST SOLD ABOVE ASKING PRICE.

Paniolo Country

74-1521 Hao Kuni Street

3 BD   2 BA   2396 SF   $1,400,000
JUST SOLD ABOVE ASKING PRICE

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

Reach out to chat!

Mahalo!

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.