Prices Rise As Inventory Declines

Median prices for both homes and condominiums rose for the month of February while inventory and sales declined. Median home prices increased 15.4%  to $790,000 and median condo prices rose 11.8 percent to $524,500. These stats were released by Realtors Association of Maui.

Closed sales for February homes were down 19.4% to 79 homes. Closed condo sales were down 3.2% to 120. Kihei was the city with the most homes sold, with Wailuku and Kahului close behind. Closed condo sales also saw Kihei with the most units sold with Napili/Kahana/Honokowai and Wailuku next.

Maui’s market was on trend with the rest of the nation showing a decrease in closed sales. Potential homeowners will likely take advantage the remainder of the year with interest rates being more stable then 2018’s unreliable changing rates.

As always, contact the Hansen Ohana with any and all of your real estate needs!

Maui Visitor Numbers Continue To Climb

With an increase of over 6% in 2017, the number of visitors traveling to Maui could hit the 3 million mark for 2019. Visitor spending also increased by over 8% to $5.07 billion.

Hawaii overall is expected to surpass 10 million visitors for 2018. This is an increase of 1.8% according to the Department of Business, Economic Development and Tourism. Expected visitor spending is over $19 billion. There was on average 242,629 visitors in the Hawaiian Islands on any given day during 2018.

In an effort to balance the impact of so many visitors, changes in promotional tactics have been started. New videos focusing on the cultural appreciation, ocean health and safety, have started playing on social media, resort websites, and in hotel rooms.

Great Economic News!

Great news for our economy and our real estate market.  The Federal Reserve has indicated that it will not raise interest rates in the near future.  The Federal Reserve said that the economy is strong but that they will be “patient” before any future increases.  The Stock Market answered with the Dow up 434.50 on the day.

The Hansen Ohana Newsletter January 2019

HANSEN OHANA NEWSLETTER

Happy New Year!

Thank you to all those who have contributed to The Hansen Ohana’s annual drive for deserving children on Maui.  This year we topped last years’ numbers by over 25%. That is the most money, toys and gift cards we have ever received and donated.  Mahalo nui to all for such a fantastic response.

We are in yet another high season  ~ busy time for real estate.  Here’s a quick update on the market.

By now we’ve probably all heard or read reports that many US markets are experiencing a slow-down.  Early to mid-last year Realtors were complaining that they wanted more inventory and stable prices.  Well, we have that now and some still complain.  The vast majority of economists predict that the market will continue to steadily increase, but at a much more sustainable pace (3% or so).  Many economists are calling it a “soft-landing”.

Inventory on Maui is still shrinking, but some price increases have moderated.  Island wide Single-family homes had a median price of $708,750 which is a moderate 3.4% yearly increase which is similar to the Mainland.  Condos had a median price at $493,500 which is a huge 21.1% yearly increase.  The reason for this disparity may be found in people more willing to purchase in the lower price ranges and the significant amount of closings in new developments like Kamalani in North Kihei or phases of existing developments like Kamani at Kehalani.  There are many indicators that Maui may soon be matching the more moderate 3% ish increases to match of the rest of the US.  Keep in mind that these are general figures and sales in certain price ranges and areas can vary significantly.  To discuss areas of most interest to you in more detail please call us any time.

Luana Garden Villas at Honua Kai pre-sales continue to be very strong – tomorrow morning the final 15 Villas are being released.  Kalama Kai in Kihei has broken ground and vertical building is well under way.  Demolition of the old Maui Prince Hotel in Makena continues along with construction of multiple new oceanfront Makena homes.  If you’ve been to Pukalani lately you’ve likely noticed that an increasing number of the lots in Kualono have also homes in various stages of construction as well.

Be sure to check out our current listings that include some fantastic land opportunities, a Kihei oceanfront home best buy opportunity, a beautiful Wailea home with a view easement and some exciting island wide home and condo options.  If you’ve been watching the market and don’t see quite what you are looking for or are considering selling please give us a call.  There can be opportunities available prior to hitting the open market.

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

dad@mauirealestate.net

Temporary Jobs Offered To Furloughed Workers

Staffing company, Altres, is offering temporary industrial work to federal workers that have been displace by the partial government shutdown at their Maui office.

Altres has need for workers in positions that include, mail sorters, rental car cleaners and transporters, janitors, landscapers, warehouse workers, and construction jobs. This program is being offered only to displaced government workers and will end once normal government work is resumed.

Those interested would need to contact 877-5572 to make an appointment. Be sure to bring your federal ID and fill out an application. A $100 bonus will be given to workers when their first 40 hours of work are completed.

Reminder! Maui Luxury Real Estate LLC is currently taking food donations at our office at 161 Wailea Ike Place Building A-106 (next to Matteos) or call us 808-874-8473. Your support for our community is greatly appreciated!