We thought a short update on Maui and the Real Estate market would be of interest to you.
If you look at sales data you will see prices are steadily and solidly increasing at a modest rate over the last 3+ years. Island wide all properties are valued at $610,000 which is a 6.1% yearly increase. Single family homes are valued at $674,885 which is a 3% yearly increase. Condos are valued at $468,000 which is a 7.6% yearly increase. Keep in mind that this is an average and that different areas may be more or less than this average. The bottom line for Maui is that there does not seem to be a bubble in prices like other areas on the Mainland. Time will tell. Check on the complete Maui statistics at https://www.mauirealestate.net/real_estate_stats.html
Properly pricing a property for sale is essential! Although there are a lot of factors that can affect days on market, properties that have been on the market for more than 6 months may want to consider a change in their pricing strategy. Overpriced properties are sitting and can seem “stale” even when a price reduction is done.
Have you heard? The first phase of construction has begun on the new Kihei High School! South Maui’s future high school is scheduled to open for the 2021-2022 school year. A track and outdoor basketball and tennis courts will be part of the new campus.
Considering West Maui or popular Ka’anapali? We are very excited about the newest project underway. It is called Luana Garden Villas which is part of the Honua Kai Resort. Luana Garden is composed of 72 large three bedroom, three bathroom villas. The Honua Kai property has a reputation for good rental history and fabulous pools, grounds and of course, the famous Dukes restaurant. The Villas run from $1.9 to $2.4 million. Building 1 has started going vertical, work on building 2 is well underway and prep for pouring slabs on buildings 3, 4 and 5 has also begun. Call us for more info.
Please give us a call for updates in your specific area. We are here to help. Here are our numbers.
Clint Hansen 808-280-2764
Donna Hansen 808-280-1650
Bob Hansen 808-283-9456
Maui Luxury Real Estate LLC
The Hansen Ohana