We are happy to announce we have moved to our new location in The Wailea Town Center. We are now located in Building A, Suite 106, right next to the new Italian Restaurant, Matteo’s Osteria. Please feel free to drop by.
Since our last newsletter that looked at 2013 ~ the year in review ~ there has been a lot of market activity. We thought it was important to update you about your neighborhood’s real estate activities for the first quarter of 20114, as well as other interesting information.
The past year has provided interesting perspective of what one might expect on Maui and Hawaii in general. In most areas of the US, the market is on fire with multiple offers and very little supply. On Maui we have been experiencing much the same.
A few weeks ago Donna and Bob attended a Bank of Hawaii economic presentation with Paul Brewbaker and then had the distinct pleasure of joining him for dinner. The Hansens have been to numerous presentations by Paul and were excited to get to know him on a more personal level and to ask questions and get answers that were specific to the real estate market.
Many charts and graphs and a lot of data was received from his presentation and talks. We won’t bore you with too much information, but will summarize what we think is important.
- The Fed funds rate is currently at less than one percent, but the target rate long term is 3.88%
- The Fed’s target for inflation is right on target at 2%.
- The Fed’s target for growth in Gross Domestic Profit is currently at about 2% and expected to go to 3% and stay there.
- More specifically for Maui and the real estate market:
- Prices are increasing at a reasonable rate currently at about 5% annually.
- Inventory will continue to be low as building permits remain at historically low levels. Permits are hard to get. Extremely tough workforce housing rules seem to be backfiring on the Maui County government.
- Price increases for the future into 2020 should be about 5% or possibly more annually.
March 2014 year to date Statistics for Maui:
- Island wide the median sales price for homes rose 13% year to date from $520,000 to $585,000.
- Number of homes sold dropped 7% from 209 homes to 194 homes.
- Island wide the median price for condos rose 10% from $368,000 to $403,750.
- Number of condos sold increased 17% from 265 units to 309 units.
***If you would like us to forward links to economic charts, weekly updates, etc., please email us and we will be happy to provide them.
Did you know that The Hansens currently have listings in many of Wailea’s most popular neighborhoods and complexes: Wailea Ekahi, Wailea Ekolu, Wailea Palms, Ho’olei, Wailea Beach Villas and Wailea Kai.
In addition to these we have vacant land listings in Haiku and Kula, a home in Kuau Bayview/Paia, and a fabulous Certified Organic farm with over 650 Maui Mokka coffee plantings and multiple living structures on 7.9 acres in Lower Kula. If you would like to view a video of Kupu Hou Organic Farm or would like more information on these or any other properties please call or email us any time.
More Hansen Ohana News: In February, Bob and Donna attended the Christie’s Top Realtor Conference in Scottsdale Arizona, where they were identified as one of the 140 most successful real estate professionals in the Christie’s International Real Estate network and were awarded the distinction of “Christie’s International Real Estate Luxury Specialist for 2014.” Bob and Donna enjoyed the events and ability to network with other top producing Christie’s Realtors. We are also happy to welcome Carol Russell, Realtor (S) back to our Ohana. Carol has been living in Oahu, continuing her real estate career there for the past eight years. We are so glad to have her back.
Our iPad and Tablet are continually updated so if you like those apps they are there for you athttp://www.mauirealestate.net/tablet/
Your Neighborhood First Quarter Real Estate Activity is available on the following page.
We appreciate all of your support over the years and hope that you will continue to think of us if you or someone you know is considering buying or selling on Maui.
Mahalo Nui Loa ~ Bob, Donna, Clint & The Hansen Ohana Group