August was a month for increases. Visitor arrivals increased 2.8%. Not only did more visitor choose Maui to vacation, they stayed longer too! Maui is up over 9% for 2013 in visitor spending. From January to August of 2013 a total of $2.5 billion was spent from visitors to Maui. Although fall is expected to show a slow down, 2013 has shown strong growth in the economy of the islands. You can read the entire article via Maui Now here. The Hansen Ohana strives to keep you up to date with the latest news pertaining to the islands. We appreciate your continued support!
Visitors arriving on Maui has increased 4.1% so far this year and up 5.8% in July. The average stay for a visitor is almost 8 days, with the average spending for each visitor $199.90. A jump from the same time reported last year. Visitors to Maui spent $360 million in July alone. A total of $2.3 billion for the first 7 months this year. Visitors have spent on average $11 million dollars a day in Maui County.
Visitors have also increased on Lanai (up 10.2%) and Moloka’i (up 5.7%). The Hawaii Tourism Authority contributes the efforts of the visitor industry with the low unemployment rate and strong budget.
To read this article in its entirety, courtesy of Mauinow.com click here. If you or anyone you know is interested in buying or selling property on the islands, call the Hansen Ohana today!
As summer unfolds and we look back over the first half of 2013, we all wonder “What’s next?” Interest rates have inched up some causing some buyers who are looking for lower priced homes and condos to either not qualify or be priced out of the market. The investors are generally not hurt by these minor fluctuations in the interest rates.
Overall June’s sales have remained strong compared to historic levels. May’s sales were slightly more, but part of the puzzle is the notable shrinking inventory. With fewer properties available for purchase there are accordingly fewer sales. One of the strongest indicators is the “days on the market” statistics. Currently, homes are at 116 days, condos are at 143 days and land is at 105 days. Note that these numbers include about 45-90 days of escrow time. All this points to higher prices which are reflected by home median prices rising to $615,000 (a 5 year high) and median condo prices have risen to $390,000.
Inventory has declined 16% over the last 12 months in both homes and condos. Bank Owned and Short Sales are becoming scarce with the so-called shadow inventory diminishing and slowly trickling onto the market. Mortgage rates are inching up which may motivate pent-up demand for vacation and retirement homes on Maui. Personally, we continue to see more than 50% of transactions using cash. The market in many parts of the mainland United States has improved tremendously. We all hear stories of 30 or more offers on one property with the final sales price well above the asking price. That has not happened so far on Maui except in a few isolated cases. A stable but improving market is more desirable than an overheated market. So far, so good on Maui.
In a July 12th presentation on Maui, Paul Brewbaker (considered by many to be THE economist of Hawaii) said “We have turned the corner”. He also said that during the first 6 months of 2013 single family home prices on Maui jumped 20 percent. “The values are back now,” Brewbaker said after his presentation. He also said that inventory continues to shrink and “The demand side is coming back.” For the complete article follow the link below.
For complete video of Paul Brewbaker’s economic broadcast (very entertaining) go to :
We would appreciate and love your letting us know how your real estate market is reacting these days. We’ll share your experiences on our blog (with or without your info ~ up to you).
We are also pleased to report that the Hansens continue to be on the cutting edge of technology with the NEW! iPad and Tablet optimized website available at http://www.mauirealestate.net/tablet/ or find our iPhone and Android Apps @ Hawaii Real Estate App. Our website allows you access to all properties for sale on all of the Hawaiian Islands and continues to highlight our featured listings.
Thank you for your continued support of The Hansen Ohana. If you or someone you know is considering buying or selling property please call or email us for a confidential consultation. Mahalo Nui Loa !
More record breaking stats are in for May. Residential sales of 105 homes in May were at a six-year high here in Maui. The median home price for a residential home also increased 22% since last year to $540,000. Condo sales remain steady and strong at 138 units sold. Prices for condos also rose 12% since last year to $381,500. On both Condos and Homes there is less than a 6 month supply on the market. This brings us to a solid Seller’s market. Here is a link to the real estate stats: http://www.mauirealestate.net/All-May2013.pdf
We are again at a time where multiple offers are coming in on well priced properties. If you are a first time home buyer looking to break into the real estate market, now is the time. Low inventory is driving prices and statistics are showing this trend in the market will continue. For sellers, having your property appraised and inspected in advance will encourage offers from buyers. If you’re a buyer, getting pre-approved so your house hunting adventure can be done with the confidence that you know your loan will be funded is strongly encouraged.
The Hansen Ohana strives to meet all of your real estate needs. Contact us today if you or someone you know is looking to buy or sell property here on the islands. We are happy to assist you!