Hawaii Big Island Style

ALOHA April

As we welcome the month of April, it also signifies the end of the peak winter vacation season for Hawaii. This means that the so-called mainland "snow birds" or second home owners are returning to the mainland. 
The real estate market in Hawaii was active during this peak season, and as a result, we now have fewer available properties compared to the beginning of 2023.  Please read on for 2023 Q1 UPDATE. 

The Birthday Party commenced promptly at 1:01 PM this year, marking the astounding milestone of Grandma Velma turning 101 years old. Her radiant smile filled us with joy and made us feel extremely lucky to participate in the party. It's worth noting that Grandma Velma is one of the few individuals who can differentiate my daughters, a feat even iPhones occasionally struggle with!

In Hawaii, flower leis are commonly used to celebrate various occasions. There are numerous types of leis used in Hawaii, each with its own unique significance. Each island in Hawaii has a specific flower that symbolizes it. 
Here are the island flowers:
The Big Island:  Lehua
Maui: Lokelani
Oahu Golden Ilima
Kauai: Mokihana

The combination of a sunset and a conch shell horn is simply perfect. I had the chance to play the conch shell for the first time, and it was a beautiful way to signal the end of the day. Playing it is similar to playing a trumpet, but the challenge lies in having enough air. I realized that I need to develop a bigger lung capacity! It's always exciting to have a new experience, especially as I get older.

Emil and I were fortunate enough to serve as mentors to the students of Innovations Public Charter School, alongside Mr. Caleb, who taught both of my daughters. We discussed real estate, marketing, and latest visualization technologies, but most importantly, the power of a positive mindset for success. 
It was a humbling experience, and KE TEAM HAWAII look forward to continuing to help the next generation of leaders.

Stay up-to-date with the latest real estate news, home tips and tricks, and more by continue reading.

Kai's April Recap Video

KAI's Kona Market Update

April 2023

National Trend
Total housing inventory registered at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022. The inventory is still very tight.
March 2023 brought 4.44 million in sales, a median sales price of $375,700, and 2.6 months of inventory. The median sales price is down 0.9% year-over-year, and inventory was up 0.6 months from March 2022

After declining for 5 consecutive weeks, mortgage rates rose this week to 6.39% from 6.27% as of April 20th.

Here is an interview with Robert Reffkin, CEO of Compass, on CNBC discussing the current real estate market..

US Home Price Change since 1991

289.1%

National Average

286%

Hawaii

588%

Utah:  The Highest appreciation

149.6%

Connecticut:  The Lowest appreciation

KONA MARKET

KONA Single Family Home Market

2023 Q1 Summary
-Active Listing(Supply): -11.9%
-Pending Sale(Demand): +16.7%
-Median Price: +2.0%
-Monthly Supply: -25%

2022 Q1 vs 2023 Q1 COMPARISON
-Active Listing(Supply): +77.8%
-Pending Sale(Demand): -27.8%
-Median Price: +0.09%
-Closed Sale:-40.2%
-Monthly Supply: +200% (1.2 Months vs 3.6 Months)

Latest Update
In April, the YTD median price for single-family homes in Kailua Kona increased slightly to $1.096M, a 0.09% YoY rise. However, Q1 YTD closed sales decreased by 41.5% compared to last year. Active listings have increased by 50% compared to the same time last year, which includes 17 homes under construction. 
The inventory level has decreased in 2023, with supply shrinking from 109 homes to 81 as of April 17. The current supply of homes is 3.1-month supply when sold at the current pace, compared to 4.0-month at the end of the last quarter (2022 Q4). Typically, a neutral market has around 6-month supply. Although the inventory of homes for sale is still lower than pre-pandemic levels by 50%, there is still strong demand for homes in the Kailua Kona area.

Mid Month Trend

Inventory has decreased significantly this month. March and April are normally a strong month. Pending sales is also up.

Kona Condominium Market

2023 Q1 Summary
-Active Listing(Supply): +4.3%
-Pending Sale(Demand): +6.7%
-Median Price: +3.0%
-Monthly Supply: -21.8%

2022 Q1 vs 2023 Q1 COMPARISON
-Active Listing(Supply): +60%
-Pending Sale(Demand): -28.3%
-Median Price: +13.9%
-Monthly Supply: +125% (0.8 Months vs 1.8 Months)

Latest Update
The year-to-date median price for condos is $567,000, which represents a 14% increase year over year. However, the number of closed sales is down almost 30%, and the number of pending sales is also down compared to last month and last year. 

The number of active listings has remained steady at 48, but this is still only around 30% of pre-pandemic levels, and there is only 1.8-month supply on the market.
 The limited supply of active listings and low months' worth of supply indicates a seller's market, which could continue to put upward pressure on prices.

Mid Month Trend

The trend looks typical peak season numbers.  The Supply is down and demand (# of pending sales) is up this month.

Big Island Resort Market

Here is a recap of Resort Condo Market. Due to small sample sizes, resort home market was excluded.

2023 Q1 Summary
-Active Listing(Supply): +2.6%
-Pending Sale(Demand): +4.5%

2022 Q1 vs 2023 Q1 COMPARISON
-Active Listing(Supply): +227%
-Pending Sale(Demand): -39.1%

Similar to the real estate market in Kona, there has been a significant increase in supply (active listings) and a decline in demand(pending sales) by nearly 40% in the Year on Year comparison for the resort condo market. However, it is important to note that each market is distinct and cannot be generalized. Currently, the resort condo market has an estimated 3.0-month supply. 6-month supply is considered neutral market. 

Real Estate in the News

Housing Inventory Recovery Continues At A Breakneck Speed, Giving Buyers More Choices

"In a market with conditions that don’t particularly favor buyers or sellers, both will likely have to make compromises to make a deal happen. As mortgage rates continue to fluctuate and increase the cost of buying a home, it’s important for sellers to price their home appropriately to attract buyers in the market. For buyers, it’s critical they make the best offer they can on a home that fits their needs and budget."

Courtesy of Forbes

Local Happenings

APRIL 28-29, 2023

10th Annual Big Island Chocolate Festival

Make your life even sweeter by attending the 10th Annual Big Island Chocolate Festival - April 28-29, 2023 at Waikoloa Beach Marriott Resort & Spa. From chocolate cooking demonstrations and cacao growing presentations to the fun and festive gala of all galas, our annual event is the sweetest (and savoriest) event of the year..

The ticket price includes unlimited tastings at numerous (12-14) food stations serving sweet & savory offerings, unlimited beer, and wine pours from our various sponsors, DJ or live music, a fabulous silent auction and all around chocolate-themed fun.

Make Reservations!

May 1

Hilo Lei Day Celebration

In 1929 Lei Day was officially recognized as a holiday. Lei Day is a statewide celebration in Hawaii. The celebration begins in the morning of May first every year. 
There will be a Lei Day Festival in Hilo this year.

Learn More

Lifestyle Tips and Tricks

Best Healthy Home Upgrades for 2023

“It is no surprise that many homeowners are considering renovations that improve more than the look of a home.” These can all help homeowners clean faster, cook smarter and rest easier.

Courtesy of Forbes

30+ Best Kitchen Color Ideas 

Grab your paintbrush and get ready to give a fresh new look to your kitchen walls and cabinets.

Courtesy of Country Living

Spring Cleaning Checklist

The Ultimate Guide to a Tidier Home. Spring cleaning will be easier with our checklist that covers your house from top to bottom.

Courtesy of Better Homes & Gardens

Featured Listings

Bayview Estates

78-7005 Mololani Street

4 BD   4 BA   2595 SF   $2,995,000

Keauhou Estates

78-6875 Kuhinanui Street

4 BD   4 BA   2826 SF   $3,500,000

Sunset View Terrace

77-6472 Kilohana Street

3 BD   3 BA   2276 SF   $1,749,950

Mauna Lani Resort

68-1304 Akea Place

5 BD   6 BA   4606 SF   $5,249,000

This modern tropical house, set to begin construction in early 2024, will be located in the heart of Mauna Lani as part of the premier development, Nohea at Mauna Lani. Situated in the westernmost area of the renowned Mauna Lani Resort, this new-construction estate offers a stunning design with a tropical-inspired flair and breathtaking views of the Kohala Mountains and beyond.

REALM GLOBAL

MIAMI, Again

REALM is a distinguished association of top-notch real estate experts hailing from more than 100 renowned brands, representing 40 states and 12 countries. In May, over 200 brokers will convene in Miami for the annual Realm Global Collective event. This three-night, two-day gathering will showcase an array of visionary leaders, innovators, and disruptors from across the globe who share the same values as REALM members. I'm thrilled to announce that I'll be attending this event, making it my second trip to Miami in as many months.

2023 GLOBAL LUXURY
REAL ESTATE
MARKET REPORT

Data collected from 4-million of the wealthiest
people in the world from over 175 countries combined with the
global insights from REALM. 

I have the best network of trusted brokers around the world.

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

Reach out to chat!

MAHALO!

Daisuke 'Kai' Ioh

RB-19352
Realtor Broker
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.