|Maui Luxury Real Estate LLC ~ The Hansen Ohana. ~ July 2022
As we enter the last half of 2022 the real estate market is finally calming down! Inventory is increasing and prices are stabilizing. Rumors of a recession are being suggested by some. Covid19 seems no longer to be a serious pandemic, more like a flu now but very contagious. It is something we will have to deal with in the future for years to come.
Maui’s Economy: We continue to attend economic seminars and watch the market. Single-family home prices have increased over the last year by 13.6% to a median price of $1,255,500. Condos median price increased 53.6 % to $832,500. New listings of single-family homes only increased 1.4% but condominiums decreased by 18.6%. Inventory of single-family homes increased by 0.7% but for condominiums increased 3.2%.
Inflation continues to cut deeply into the value of the US dollar and the Fed indicating that they will most likely raise interest rates a couple more 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 has ended 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 even further. That may be starting to change.
On a recent webinar from Dave Ramsey, he points out there continues to be a Shortage of used housing inventory, Home starts are way down and Foreclosures continue to be way down. This lack of inventory should keep prices from falling, if at all. Due to the exodus from California their inventory may exceed demand, but the rest of the country should remain stable. On the demand side there are 5 million more millennial buyers, 12 million more overall households, and Investors are buying 1 in 4 homes. He also reminds us that even 6% mortgages is historically low even though we were spoiled by 3% mortgages. Very recently mortgage rates lowered to 5%. No one knows the future but we all know that real estate always has been a great store of value over the years. Maui continues to attract buyers at all price ranges.
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: www.MauiRealEstate.NET
For more detailed statistics go to: https://www.mauirealestate.net/real_estate_stats.html
Check out our BLOG: www.MauiRealEstate.net/blog
Tech tip: to scan from your phone www.evernotes.com/scannableapp
Bob Hansen PB R(B) RB-17532, 808-283-9456
Clint Hansen BIC RB-21616, 808-280-2764
Donna D. Hansen R(S) RS-49765, 808-280-1650
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years