It is time again to update you regarding what the real estate market is doing and also to ask you to mark your calendars to save the date of December 7th for our annual Holiday Toy Drive.
Regarding real estate activity, the US Mainland seems to have leveled off in its decrease in sales although the majority of areas continue to see modest increases in prices. The vast majority of economists continue to predict that the market will continue to slowly but steadily increase, but at a much more sustainable pace (3% or so). The really good news is that the FED’s continue to predict no interest rate increases from them for the rest of the year.
Inventory on Maui is still shrinking as new listings decreased 1.7% for single family and 1.5% for condos. In addition, Single Family inventory decreased 14.6% and Condos decreased 11.4%. Median Sales Prices increased 3.4% to $750,000 for homes and increased 7.2% to $552,000 for condominiums. Less inventory could mean upward pressure on prices in the long run.
Luana Garden Villas at Honua Kai pre-sales continue to be strong – over 90% are now under contract and construction is well under way. The majority of construction of Kalama Kai in Kihei has reached completion and occupancy of units has begun. D.R. Horton is currently offering new construction homes in Wailuku with some interesting incentives. They are 2 story, with 3 or 4 bedrooms and priced between $667K-$721K. Towne Island Homes also has some completed properties available in the mid $600’s. We have some exciting listings in Wailea, Kapalua, Kahului, Kihei, Pukalani and Haiku ~ homes, condos and vacant land. Just to mention a few locations: A Wailea Kai best buy, a Haiku home on 2 acres and a Maui Meadows home and Ohana, plus so many more all over the Island. Be sure to check all the featured listings on our website www.MauiRealEstate.net Our office features agents that specialize in different areas of Hawaii.
Important notice: Tune in for more information regarding Hawaii’s economy either by listening to Clint Hansen’s radio program at KAOI 1110 AM where he will be interviewing Paul Brewbaker, Hawaii’s respected economist or go to mauirealestate.net/radio or MauiRealEstate.net/mauirealestateradio for the audio or written version. Clint’s radio program is every Monday at 7:00 to 8:00 am and covers different aspects of our real estate.
Please give us a call for updates for your specific area. We are here to help. Following are our numbers.
Wishing you a fantastic summer,
Clint, Donna, and Bob
Clint Hansen, R(B) 808-280-2764 ~ Donna Hansen, R(S) 808-280-1650 ~ Bob Hansen, R(PB) 808-283-9456
The Hansen Ohana
Maui Luxury Real Estate LLC