The quiet after storm Flossy from the Royal Mauian Villa #315 available for sale! View more information and photos regarding this property here. Make sure to check out our live beach cam on our website to get the full South Maui beach Experience!
As summer unfolds and we look back over the first half of 2013, we all wonder “What’s next?” Interest rates have inched up some causing some buyers who are looking for lower priced homes and condos to either not qualify or be priced out of the market. The investors are generally not hurt by these minor fluctuations in the interest rates.
Overall June’s sales have remained strong compared to historic levels. May’s sales were slightly more, but part of the puzzle is the notable shrinking inventory. With fewer properties available for purchase there are accordingly fewer sales. One of the strongest indicators is the “days on the market” statistics. Currently, homes are at 116 days, condos are at 143 days and land is at 105 days. Note that these numbers include about 45-90 days of escrow time. All this points to higher prices which are reflected by home median prices rising to $615,000 (a 5 year high) and median condo prices have risen to $390,000.
Inventory has declined 16% over the last 12 months in both homes and condos. Bank Owned and Short Sales are becoming scarce with the so-called shadow inventory diminishing and slowly trickling onto the market. Mortgage rates are inching up which may motivate pent-up demand for vacation and retirement homes on Maui. Personally, we continue to see more than 50% of transactions using cash. The market in many parts of the mainland United States has improved tremendously. We all hear stories of 30 or more offers on one property with the final sales price well above the asking price. That has not happened so far on Maui except in a few isolated cases. A stable but improving market is more desirable than an overheated market. So far, so good on Maui.
In a July 12th presentation on Maui, Paul Brewbaker (considered by many to be THE economist of Hawaii) said “We have turned the corner”. He also said that during the first 6 months of 2013 single family home prices on Maui jumped 20 percent. “The values are back now,” Brewbaker said after his presentation. He also said that inventory continues to shrink and “The demand side is coming back.” For the complete article follow the link below.
For complete video of Paul Brewbaker’s economic broadcast (very entertaining) go to :
We would appreciate and love your letting us know how your real estate market is reacting these days. We’ll share your experiences on our blog (with or without your info ~ up to you).
We are also pleased to report that the Hansens continue to be on the cutting edge of technology with the NEW! iPad and Tablet optimized website available at http://www.mauirealestate.net/tablet/ or find our iPhone and Android Apps @ Hawaii Real Estate App. Our website allows you access to all properties for sale on all of the Hawaiian Islands and continues to highlight our featured listings.
Thank you for your continued support of The Hansen Ohana. If you or someone you know is considering buying or selling property please call or email us for a confidential consultation. Mahalo Nui Loa !
With the strongest second quarter on record, First Hawaiian Bank announced an 8.4% increase in same store sales for credit and debit card use. Hotels and shipping have posted four consecutive quarters to date which shows a healthy and thriving economy. Hotels continue to be the leader in economic growth for 13 out of 14 quarters measured. You can view the entire article via mauinow.com. The Hansen Ohana strives to keep you up to date on the latest happenings in the economy and real estate. Call us today should you or someone you know be interested in buying or selling real estate here on the Hawaiian Islands.
The Hansen Ohana would like to wish all of our friends, family, and valued clients a very safe and happy 4th of July!
For those looking for activities and firework shows many are listed courtesy of govisithawaii.com. Fireworks are scheduled to begin at 8 pm in Lahaina. You can catch the “Fireworks Over the Pacific” cocktail cruise, or you can hang out by the Lahaina Library Lawn for the free concert starting at 5 pm.
If your looking for ways to fill your day before the fireworks show, Maui Ocean Center will celebrate Red White and Blue day. Children from ages 3-12 will receive a special prize while supplies last. Maui Paintball will be open today celebrating the 4th. You can view their website www.mauipaintball.com for contact information and to call for a reservation. We hope everyone has a wonderful 4th!
The opening of Andaz Wailea: They are currently in the process of replanting the trees that were saved from the old site with an anticipated soft opening date of mid-late July 2013. The hotel has taken a green initiative and this is part of their LEEDS certification process. More information on the hotel and what it will feature are available at the Maui Anadaz website.
Maui County will begin replacing fixtures in restrooms at Polo, Wailea and Ulua beaches. The work should begin sometime in August and may cause some closures. Be sure to check for exact dates and times as the project grows near.
Manoli’s restaurant has been undergoing a remodel and anticipates beginning expansion to the kitchen area this fall. The bar area has been remodeled and new seating added.
Also underway are plans for changes to accommodate the return of the Old Blue Clubhouse. With hopes of opening next year, the work is scheduled to begin later this year.
Looking for fun events to attend? Mark your calendars for upcoming festivals. Maui Paintball is offering summer camps – the next session begins July 1. The Maui Jazz Festival scheduled for July 3 is at the MACC. July 6 is the popular Makawao Parade. September 20-22 are the Maui Marathon and Half Marathon. The Maui County Fair is October 3rd through the 6th. We hope your family is able to attend some of these great events.
The Hansen Ohana strives to keep our clients and friends updated with news, events, and valuable market trends. If you or someone you know is looking to buy or sell real estate on the islands please call or email us! Mahalo for your support!