LATEST REAL ESTATE STATS
Semi-annual figures released, Year to Date 2015
Statistics show the last few years have been a very stable and smooth market. Prices have been on the slow, but steady rise since 2011. At the end of June the median Home sale price was $607,098 which is a significant increase from last year which was $530,000. Surprisingly the Condo median price dropped from $444,500 to $355,000. Last month however, the median condo price was $459,900. The month to month changes can be deceiving as Maui is a small island and the number of sales and sample is small. A few sales can change the numbers significantly. Days on the market for both condos and homes remain fairly stable at about 4 months. Days on market generally depend on how well a property is priced. Over six months on the Maui real estate market is considered to be a Buyer’s market. Under six months on the market is a Seller’s market.
We were just at a presentation by Paul Brewbaker, the premier economist for the State of Hawaii. He continues to believe that we will maintain steady increases in prices. The last couple of years we have been in the 8 to 10% increase range. This year so far we have seen about 7% increase and Paul expects that we will settle in at about 6% for the next year then maybe 5% for the next 4 or 5 years.
Summary: The current thinking is that purchasers of condos and homes should have smiles on their faces until at least 2020. Personally, we are hoping that prices only increase moderately over the next few years so that we don’t witness a bubble like we did in 2007. Historically a sustainable price increase is 5 to 7 percent per year. Although we still have some catching up to do price wise, we may be approaching a sustainable price vs. market condition. Much depends on the global economy, as well as local and national events and politics.
THE ISLAND COUNTRY MARKET ~ The market, located on the north-east upper side of The Shops which will house a market, restaurant and wine bar is scheduled to open September 1st!
WAILEA BLUE ~ Recent name change back to its original name. The Club House and pro shop have moved back to its original location. The current 10,000 square foot buildings which houses Manoli’s, Urgent Care and Snorkel Bobs include the Pro Shop. Phase two will bring expansion of square footage of the existing buildings.
PI’ILANI SUITES ~ 200 Room All-Suite Hotel
Located on Wailea Ike Drive, the main entry will be across from Ekolu Place with the secondary entrance by the Wailea Town Center. This “Wailea Value” hotel is designed to attract families. A pool will be on site and food service will be offering breakfast and evening cocktails. The hotel roof appears near completion with the opening date scheduled for April 2016.
KEALA O WAILEA
This condo project located by the Gateway Center has begun sales. Phase One offered 30 units of which fifteen (15) were reserved by lottery on July 26th. The remaining were reserved by family and friends of the Developer. More units will be available for sale as time goes on. Email us for additional details: dad@MauiRealEstate.net
SINGLE FAMILY LOTS AT GOLF ESTATES
This new subdivision will be a part of the Wailea Golf Estates just below the current subdivision. They anticipate 16 lots of approximately 14,000 generous square feet each, with almost all having either ocean view or golf course frontage. The infrastructure has begun and looks like completion should be soon with offerings early Fall. Email us with your questions: dad@MauiRealEstate.net
MAKALI’I O WAILEA
This property is owned by Wailea Golf LLC and is planned to be co-developed by Armstrong Builders. It is located across the street and up from the Fairmont Kea Lani. The project is a sharp departure from the typical Wailea look. The look and feel will be mid- century modern with Hawaiian touches. There will be 17 buildings of 4 units each in a townhouse style. Most of the units will have grand ocean views and will be 2 or 3 bedroom homes with a garage. Construction is currently on hold.
HOKU O WAILEA
This condo project consisting of 75 Multi-family units in 15 three-story, five-plex buildings located on the corner of Wailea Alanui and Okolani Drive is several years away. Email us for further updates!
Presently there are a lot of new developments under way in Kihei, Kula, Kahului, Wailuku and West Maui. If you would like to learn about any of these new present or future developments, contact us at dad@MauiRealEstate.NET
On a personal note, 2015 has been a great year to date for The Hansen Ohana. Over the years we have had a combined almost a billion dollars in closed sales between the three of us. We have enjoyed assisting so many old and new friends in their purchase or sale of Maui property. We are proud of our combined over 50 years of real estate experience and truly love what we do. As full time Maui residents for over 26 years we have valuable contacts, experience and resources to assist our clients. Please call us anytime and if you or someone you know is considering buying or selling property on Maui. We look forward to hearing from you.
Bob, Clint and Donna
Bob Hansen, Realtor® Principal Broker
Clint Hansen, Realtor® Broker-in Charge
Donna D. Hansen, Realtor® (S)
The Hansen Ohana Real Estate Group
Maui Luxury Real Estate LLC.
Information herein deemed reliable but not guaranteed and is subject to change. If your property is presently listed for sale, this is not a solicitation for that listing.