We are set to deal with Hurricane Olivia which is projected to be a tropical storm. You might want to observe some of the effects on our beach webcam at https://www.mauirealestate.net/video.php
We are approaching the high season for tourists and the busy real estate season and thought it was also a good time to update you. While inventory continues to shrink you will also notice that prices have steadily and solidly increased at a very modest rate over the last year. Island wide all properties had a median price of $613,750 which is a 6.7% yearly increase. Single family had a medium price of $675,000 which is a moderate 1.7% yearly increase. Condos had a medium price at $480,000 which is a 11.06% yearly increase. The reason for this disparity may be found in people more willing to purchase in the lower price ranges. Keep in mind that this is an average and that different areas may be more or less than this average. Additionally where sellers were overzealous with their asking price, many have lowered them to market rates.
There is a statistic that clearly points out what is happening on Maui which is the months’ supply of inventory. As of the end of August there was 5.3 months’ supply of real estate inventory. While this may not seem low for San Francisco, historically this is a very low number for Maui representing a 20.9% drop in supply.
Luana Garden Villas at Honua Kai pre-sales continue to be strong – over 50% are now under contract. Kalama Kai in Kihei has broken ground and vertical building is under way. We have some wonderful land listings ranging in price from $389,000 to $1,725,000 with a variety of potential building options both residential and commercial. If you or someone you know is interested in land banking, building a dream home or estate or real estate development with apartment zoning, please call us to discuss.
We are in the process of planning our annual Christmas Children’s Annual Event on Saturday December 1, 2018. We will be supporting the Friends of the Children’s Justice Center again this year.
Please give us a call for updates for your specific area. We are here to help. Following are our numbers.
Clint Hansen 808-280-2764
Donna Hansen 808-280-1650
Bob Hansen 808-283-9456
The Hansen Ohana
Maui Luxury Real Estate LLC