Tourists almost back to pre-pandemic levels. Per Howard Dicus this morning on the news he stated that in February over $1.6 billion was spent by tourists.
Category Archives: Economy
Spring 2023
Happy Spring! It has been a turbulent Winter both in terms of climate and the economy. Despite the challenges, there are a few key developments in the Maui real estate market that we wanted to share with you.
If you are a property owner on Maui, you may have received your property assessment recently. You can find your assessment online at https://qpublic.net/hi/maui/. Keep in mind that assessments may be higher due to increased property values, but exemptions are available for homeowners, long-term rentals, and the disabled. For more information on tax rates and tiers, visit https://www.mauicounty.gov/DocumentCenter/View/133705/2022-Tax-Rate. If you have any questions, feel free to call Bob Hansen at 808-283-9456.
In February 2023, the Federal Reserve raised its benchmark interest rate by a quarter-percentage point to 4.75%, the 8th rate hike since March of last year. While mortgage interest rates have dipped slightly, existing-home sales have declined for the 12th consecutive month, with new listings and pending sales also decreasing significantly. However, median sales price has increased for condominium homes. Some buyers have continued to struggle with affordability challenges, while some sellers are increasingly cutting prices and offering sales incentives. Note that some Sellers have been over-zealous in their original asking prices. With mortgage rates high, some buyers are pulling back, resulting in decreased sales activity and a buyers’ market. If you have cash, this may be an opportune time to purchase. With stocks unpredictable, many are returning to real estate investment for stability. If you would like more specific Maui statistics visit https://www.mauirealestate.net/real_estate_stats.html
Despite various fluctuations in the real estate market, the theory of supply and demand continues to make Maui’s market stable. In Wailea, the recent annual association meeting covered updates on new infrastructure projects and development plans. If you’re interested in more details on this meeting, let us know. Of special note, we were impressed that South Maui’s Council Representative Tom Cook and Maui’s State Senator Angus McKelvey participated, providing valuable input.
State Bill 4 (TVR conversions) has been a hot topic lately. An amended version of the bill was passed by the committee, allowing certain apartments to voluntarily eliminate transient vacation rentals. State and county lawmakers have been busy making new rules and laws, and we hope these changes will ultimately make things better, not worse. It could force some owners who have depended on vacation rentals to make ends meet, to sell or take other actions.
In closing, we believe that staying goal-focused, flexible, and positive is the best way to face whatever challenges may come our way. Spring cleaning is here, so let’s start fresh and make the most of what’s ahead!
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
We are marketing fabulous properties in a variety of price points and locations. Check out our “featured listings” on
our website: www.MauiRealEstate.NET
For more detailed statistics go to: https://www.mauirealestate.net/real_estate_stats.html
Check out our BLOG for Maui events and information: www.MauiRealEstate.net/blog
To be notified of developments email us at: dad@mauirealestate.net
If you would like a copy of our newsletter to share let us know at dad@mauirealestate.net
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
Dillingham Ranch Sold
Today Howard Dicus announced during his Business Report that the Historic Dillingham Ranch consisting of approximately 2,700 aces of ranch land and 19 acres of oceanfront land has been sold for $36.5M to an undisclosed buyer. It has been stated that the property will continue to be utilized as a working ranch.
Hawaii’s Economy
This morning, Howard Dicus of KHNL stated that the State Economist are still positive about the Net Economic outlook with a 1.7% growth even thought they believe that Domestic tourism may diminish some. This is subject, of course, expected only if Japanese and other International tourist return to the Islands.
Maui Visitors
For the year 2022, Maui had roughly 2.9 million visitors. This brought the visitor totals to almost pre-pandemic numbers.
Although visitor totals are not at pre-pandemic levels, visitor spending surpassed totals from 2019. Total visitor spending for all the islands was $19.29 billion in 2022. In 2019, visitor spending was at $17.72 billion.
Read more via the Maui News here.
Hawaii Real Estate Blog 