October Tourism Survives Storms

Maui had growth in both visitor spending and visitor arrivals for the month of October in comparison to the same time last year according to the Maui Visitors and Convention Bureau.

Although visitor spending was down in August and September due to Hurricane Lane and Tropical Storm Olivia, spending was back up in October to $377 million. Even with the storms interrupting the months of August and September, for the 10 month span of January through October visitor spending was up 10.9% to $4.26 billion. This total puts Maui on track to break last year’s record.

Air travel to Maui has increased making it an easier destination for visitors which will in turn increase the amount of visitor spending. Although the tourism industry is fragile and affected by multiple sources, Maui remains focused on continuing to make Maui a top global destination.

Median Home Prices Climb

October median prices came within $6000 of the record previously set in May 2005 of $780,000. Coming in at $774,223 this is a 15.8 percent increase over the same time last year. October marked the fifth straight month with the median home prices being over $700,000. Total dollar amount in sales is up 4.6 percent compared to the same January to October 10 month span.

Although the median condo price was down in October to $499,000, for the 12 month period of October 2017 to October 2018 condo prices were up 10.2 percent. Inventory of condos for sale was also down 20.3 percent. The total sales amount for condominiums however was up 25.5 percent for January to October 2018 timeframe.

For more statistics and to see the full report, the Realtors Association of Maui October 2018 report is available if you click on the market statistics icon.

Good News!

Good News! The Hawaii State governments attempt to find clever new ways to tax us has been thwarted by the Hawaii High Court.  Historically the four counties of Hawaii charge a tax on real estate to run the county.  The State tried to grab part of that tax by charging it’s own tax on real estate.  They promised to spend it on education but as we all know it never happens.  To help the children many people feel they should eliminate the top-heavy State education department and pay the teachers a living wage and fix up our aging schools.

Hansen Ohana September Newsletter

Aloha All,

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

dad@mauirealestate.net

Visitors Increase For Lanai And Molokai

Lanai had a 19.1% increase in visitors for the month of July as compared to the same time last year. Spending on Lanai increased over the year a whopping 67.9% to $8.6 million.

Molokai also saw increases in visitors and expenditures. Visitors increased by 32.2% and spending increased 109.5%.

The increase in Lanai is due largely to new visitors coming and staying at the recently redone Four Seasons Resort Lanai. The resort, formally the Manele Hotel, reopened in February 2016.

Overall vistors have increased 5.3 percent statewide. Visitor spending also grew to 4.8% in July, and 9.8% for the year to July totals.