We thought it was time again for a little update of real estate statistics and happenings on Maui.
Many regions of the US Mainland continue to experience a slow-down although the majority of areas are also seeing modest increases in prices. The vast majority of economists continue to predict that the market will continue to steadily increase, but at a much more sustainable pace (3% or so). The really good news is that the FED’s have indicated that there will be no interest rate increases from them for the rest of the year.
Inventory on Maui is still shrinking, and the “Median” Sales Prices increased 4.8% to $712,718 for homes, and increased 13% to $524,500 for condominiums. On the other hand, the “Average” sales prices for homes decreased 11.1% to $1,001,880 and the average sales price for condos decreased .03% to $693,952. Less inventory could mean upward pressure on prices in the long run. The reason for this disparity may be found in people more willing to purchase in the lower price ranges.
Luana Garden Villas at Honua Kai pre-sales continue to be strong – over 85% are now under contract. Kalama Kai in Kihei has broken ground and vertical well building is under way. D.R. Horton is currently offering new construction homes in Wailuku with some interesting incentives. They are 2 story, with 3 or 4 bedrooms and priced between $667K-$721K. We have some exciting listings in Wailea, Kapalua, Kahului, Kihei, Pukalani and Haiku ~ homes, condos and vacant land. Just to mention a few locations: Wailea’s Best Villa with full garage, a large 4,100 square foot ocean view custom Wailea home, a totally remodeled ocean view Maui Meadows home with cottage, plus so many more all over the Island. Be sure to check all the featured listings on our website www.MauiRealEstate.net
Please give us a call for updates for your specific area. We are here to help. Following are our numbers.
Clint Hansen, R(B) 808-280-2764
Donna Hansen, R(S) 808-280-1650
Bob Hansen, R(PB) 808-283-9456
The Hansen Ohana
Maui Luxury Real Estate LLC