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Though the month of February is a short one,
it is filled with lots of love and special moments.
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Hawaii Island Market Report
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Hilo, Kona, and Pahoa markets remain in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone. If the market heats up, prices are likely to resume an upward climb.
In Waimea, home sales have begun exceeding new inventory and puts us in a buyers market. Prices are not yet moving higher as excess inventory is consumed. If the tightening continues and the market moves into the Seller’s zone, we may see upward pressure on pricing.
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Housing Market Predictions For 2023: When Will Home Prices Become Affordable?
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"Skyrocketing interest rates through most of 2022 put some much-needed pressure on the housing market after home prices hit record highs across the nation. However, since December, mortgage rates have been on a steady decline through the beginning of February. Even so, many economists remain mixed about whether home prices will continue to decelerate throughout 2023—or even drop at all."
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What's in store for STVR's on Hawai'i Island?
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In November 2022, Ashley Kierkiewicz and Heather Kimball hosted a community informational briefing on proposed changes to Hawai'i County's vacation rental regulations. Amendments come nearly four years after the initial vacation rental ordinance was adopted in November 2018, and looks to comply with recent changes to Hawai'i State Statute.
At this first meeting, they shared the draft which outlined new terminology, definitions and regulations. Originally, vacation rentals were not planned for within communities and Bill 108 was the first attempt to respond to this issue. Now that time has passed, there is data to show how Bill 108 affected our communities. The new proposal will address ways to improve on Bill 108. There are many reasons to revisit this legislation. One reason is to change the terminology from STVR to TAR, Transient Accommodation Rental. This terminology aligns with Hawaii Revised Statutes and applies to transient accommodations statewide. Hawai'i Island is the last county to address this matter. Second, it only dealt with un-hosted VR's and there is a need to address hosted VR's. More on this meeting can be found in the link at the end of this article.
In January 2023, they reconvened and let the community know that the code change has not been formally introduced to council. It is still in draft form. Council members refined the language and incorporated feedback from the community to form the newest draft. Currently, the Bill is in draft three and you may weigh various aspects of the proposed updates to the TAR code at the County of Hawaii's Community Engagement Tool.
For those considering a vacation rental be sure to participate while this is still in the draft stage. Next, will be the introduction of the proposals to the County Council for consideration, likely by March.
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We are very pleased to announce Dina Singer has joined The Duryea Team on Hawai'i Island!
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Dina is a native of San Francisco who was raised in the city before her family moved to Bainbridge Island, Washington in 2003.
She earned dual Bachelor of Arts degrees from the University of Washington, Seattle and later moved to Hawaii in 2017, drawn to its culture and practices of yoga, permaculture, and the Hawaiian way of life.
She honed her real estate expertise as a transaction coordinator, assistant property manager, and marketing & social media manager, developing her exceptional customer service, networking, and organizational skills. She has found a home in Hawaii where she can thrive and flourish, combining her love of adventure and travel with her passion for real estate.
Welcome to the team, Dina! We're so thrilled to have you.
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12th Annual Wiliwili Festival
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Wiliwili are keystone species in the lowland dry forest and this year’s festival will give you the opportunity to see these beautiful trees in their natural environment.
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Jake Shimabukuro with Pure Heart
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Jake Shimabukuro returns to the historic Palace stage with his band Pure Heart for a one night only concert event on Saturday, February 11 at 7:00 PM!
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This annual event featuring popular events such as cattle roping, double mugging, bull riding, and many other thrilling, fast paced shows brings contestants from the ranching community together for this exciting two-day event filled with wonderful shows and vendors throughout the President’s Day weekend.
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Notable Events within the first two weeks of March
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Lifestyle Tips and Tricks
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Trend Watch 2023: What's Hot for Homes
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Comfortcore, color, contrast, and more: quick hits on today's top interior styles to watch from an Atlanta-based staging professional.
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10 Historic Events that Happened on February 14th
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Over the millennia, Valentine’s Day has seen more than its fair share of pivotal events.
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7 Top Chefs Share Their Favorite Locally-Sourced Ingredient in Hawaii
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Hawai‘i’s finest chefs share their favorite locally sourced ingredient and why they love creating experiences to savor in Hawai‘i.
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Ask Us About REALM Global
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We're honored to be Founding Members of REALM, a collection of the industry's top thought leaders that provides us an international resource to better serve out clients.
Through our partnership, REALM members will be matched with clients that Aidentified has linked, based on the pre-existing relationships and aligning client data. The pairing allows for real estate brokers to expand their offerings to their clients and provide better connection opportunities.
Prior to even listing your property, we can tell you how many buyers have an affinity for your home based on lifestyle and geotags. Interested in learning more?
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Your Trusted Hawai'i Island Referral Partners
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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.
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