Maui Luxury Real Estate LLC ~ The Hansen Ohana. ~ February 2022
Welcome to the great start of 2022! 2021 has certainly been an interesting year with the pandemic hopefully showing in the rear view mirror this year. As we all know Covid has been a real challenge for Maui as well as all the Hawaiian Islands, the United States and the world. The good news is that our percentages of spread have dropped. People all over the world continue to look for a safe place with warm weather to enjoy. Maui is that getaway. The changing regulations Regarding traveling to Maui can be found at https://travel.hawaii.gov/#/welcome
Maui’s Economy: We have attended a number of tax and economic forecasts in January and early February. Generally speaking prices continue to increase and inventory continues to stay somewhat low. Single family home prices have increased over the last year by 18% to a median price of $1,157,500 but the number of sales decreased by almost 9%. Condominiums prices have increased 26% to a median sales price of $707,500 however the number of sales have actually increased 36%. It appears that inflation may be here to stay for a while. Interest rates are ticking up which changes the affordability rate. With inflation cutting deeply into the value of the US dollar and the Fed indicating that they will most likely raise interest rates three to four times in 2022, planning for your future should be at the top of your list. This could mean it is a great time to buy and a great time to sell. While many feel the hot market will end most economists believe that prices will continue to increase albeit at a slower pace. This means that buyers might strongly consider getting off the sidelines and buying now before prices and interest rates go up. The pandemic caused many who had been planning to move on but have held back so far. That may be starting to change.
It’s important to pay attention to what the Maui County is doing. There are some substantial problems they could bring forth to the property owners. Right now the Minatoya Act (Vacation Rental Units) is one of their targets. Unfortunately, we need to remember most of them have minimum economic education which is a problem when they come up with laws they pass. The last issue that is now a burden is the Tiered Property Tax law they passed. This hurt a lot of property owners, especially condo owners. The only way we can keep Maui property owners and business owners ready for action is to keep informed and be ready to act and we will do our best to do that for you.
Enjoy Maui Virtually!
Our Live Beach Webcam has sound so take time out of your busy life to enjoy the sounds of surf as well as wildlife by linking to https://www.mauirealestate.net/video.php?Size=Large
Wishing to virtually tour properties, open houses and 3D tours go to: http://www.MauiRealEstate.NET
For more detailed statistics go to: https://www.mauirealestate.net/real_estate_stats.html
Thank you to all of you who donated to our annual Children’s fund raiser. You have made a difference in many children’s lives who have experienced much sadness including abuse and neglect.
Bob Hansen PB R(B) 808-283-9456 RB-17532
Clint Hansen BIC R(B) 808-280-2764 RB-21616
Donna D. Hansen R(S) 808-280-1650. RS-49765
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years