Aloha All!

Get ready to experience the thrill of enjoying whales. We are excited to announce the first whale has been spotted off the shores of Kaanapali. This is the beginning of yet another awe-inspiring whale season! These majestic creatures return each year to Maui to birth their young and continue the cycle of life. Get ready for a season of unforgettable encounters and cherished memories!”

Maui Update: The upcoming elections have caused many to sit back and wait to make decisions. The outcome will affect not only the United States as a whole, but also for Maui. Whomever is elected to the new Maui County Council will end up affecting Maui’s economy. There are several different bills and studies, the South Maui Plan as well as Mayor Bissen’s Bill that would affect some private vacation rentals. It’s very complicated and if you would like more details, please email us or call either Clint or Bob.

Concerned about what you’ve recently heard? Be cautious of misinformation: Make sure to verify any information you come across regarding changes in Insurance, Real Estate Laws or Contracts, whether it’s from blogs, newspaper articles, friends or other sources. Call us with any questions. We are here to help.

Speaking of statistics, in September 2024, U.S. existing-home sales fell by 2.5% from the previous month and 4.2% from the prior year, with a seasonally adjusted annual rate of 3.86 million units. Home prices hit record highs, with a median sales price of $416,700, a 3.1% increase year-over-year. Despite slower sales, NAR’s chief economist expects improved sales ahead due to rising inventory and potentially lower mortgage rates. On Maui, new listings for homes dropped significantly, pending sales rose sharply. Condominium Inventory has surged most probably due to the uncertainty of Maui County Government changes.

The real estate market on Maui has been significantly impacted by a combination of factors, including rising home prices, limited inventory, and the aftermath of recent wildfires. The demand for homes remains strong but is showing some signs of weakness. Local residents face challenges as housing affordability continues to decrease. The destruction caused by the wildfires in Lahaina and other areas has further strained the housing supply, leading to a surge in rental demand, especially long-term. As a result, property values in certain areas are expected continue to rise at a moderated rate, but uncertainty remains as the island works to recover and rebuild.

As we near 2025, many of our friends and clients are pausing to reflect on their goals and how real estate aligns with their overall life plans. Share with us what speaks to you, and we’ll offer insights to help you navigate your next steps. We are eager to support you on this journey!

Keep informed with our blog where local information and statistics are posted:

https://blog.mauirealestate.net/

Enjoy our informative radio program: https://www.youtube.com/channel/UChcOyThjgwJgO5fV72YQVtg

If you would like a copy of our newsletter to share let us know at dad@mauirealestate.net

Clint Hansen BIC R(B)   21616

808-280-2764     

Bob Hansen PB R(B)    17532                 

808-283-9456

Donna D. Hansen R(S)  49765          

808-280-1650

MAUI LUXURY REAL ESTATE LLC

The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years