Spring Newsletter

Aloha All,

We thought it was time again for a little update of real estate statistics and happenings on Maui.

Many regions of the US Mainland continue to experience a slow-down although the majority of areas are also seeing modest increases in prices.  The vast majority of economists continue to predict that the market will continue to steadily increase, but at a much more sustainable pace (3% or so).  The really good news is that the FED’s have indicated that there will be no interest rate increases from them for the rest of the year.

Inventory on Maui is still shrinking, and the “Median” Sales Prices increased 4.8% to $712,718 for homes, and increased 13% to $524,500 for condominiums.  On the other hand, the “Average” sales prices for homes decreased 11.1% to $1,001,880 and the average sales price for condos decreased .03% to $693,952.  Less inventory could mean upward pressure on prices in the long run. The reason for this disparity may be found in people more willing to purchase in the lower price ranges.

Luana Garden Villas at Honua Kai pre-sales continue to be strong – over 85% are now under contract.  Kalama Kai in Kihei has broken ground and vertical well building is under way.  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.  We have some exciting listings in Wailea, Kapalua, Kahului, Kihei, Pukalani and Haiku ~ homes, condos and vacant land.  Just to mention a few locations: Wailea’s Best Villa with full garage, a large 4,100 square foot ocean view custom Wailea  home, a totally remodeled ocean view Maui Meadows home with cottage, plus so many more all over the Island.  Be sure to check all the featured listings on our website www.MauiRealEstate.net

Please give us a call for updates for your specific area.  We are here to help.  Following are our numbers.

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

dad@mauirealestate.net

Southwests Inaugural Flight

Southwest Airlines had their inaugural flight to Maui from Oakland on Sunday, April 7th. The first departure flight is schedule for today from Kahului back to Oakland. Starting on Wednesday, flights will increase to two flights per day in each direction.

Travelers departing the aircraft were greeted with lei’s, goodie bags, and food! Passengers described the crew as welcoming and the flight entertaining. Maui singer and songwriter Lily Meola was on board and played a few songs for the 175 passengers.

A special blessing was done on the aircraft after the passengers had disembarked. A lolo ana ceremony, traditionally done on new canoes,  was done by Kumu Kapono Kamaunu and Ua Aloha Maji. The ceremony is meant to bring a connection between the pilots and crew to the land.

Service on Southwest to Maui from San Jose will begin at the end of May. Dates for service from Sacramento, San Diego, and Lihue will be announced in the future.

Hawaii Energy Conference

The Hawaii Energy Conference will be taking place Wednesday March 27th and Thursday March 28th at the Castle Theatre. This is now the conferences 6th year. Theme for 2019 is Innovation In Practice. The conference is a great place for those in the energy field to network.

Energy leaders from Hawaii, Japan, Europe, and the Continental U.S. share ideas on how to serve customers and market growth opportunities. Discussions will also include grid modernization, and how solar can contribute to clean energy goals. Ideas about new housing developments that can supply to the grid and have limited electricity needs are also something the conference hopes to address.

Both days are scheduled to begin a 7:00 am. To learn more about the conference including ticket pricing and registration available here.

 

Prices Rise As Inventory Declines

Median prices for both homes and condominiums rose for the month of February while inventory and sales declined. Median home prices increased 15.4%  to $790,000 and median condo prices rose 11.8 percent to $524,500. These stats were released by Realtors Association of Maui.

Closed sales for February homes were down 19.4% to 79 homes. Closed condo sales were down 3.2% to 120. Kihei was the city with the most homes sold, with Wailuku and Kahului close behind. Closed condo sales also saw Kihei with the most units sold with Napili/Kahana/Honokowai and Wailuku next.

Maui’s market was on trend with the rest of the nation showing a decrease in closed sales. Potential homeowners will likely take advantage the remainder of the year with interest rates being more stable then 2018’s unreliable changing rates.

As always, contact the Hansen Ohana with any and all of your real estate needs!

Maui Visitor Numbers Continue To Climb

With an increase of over 6% in 2017, the number of visitors traveling to Maui could hit the 3 million mark for 2019. Visitor spending also increased by over 8% to $5.07 billion.

Hawaii overall is expected to surpass 10 million visitors for 2018. This is an increase of 1.8% according to the Department of Business, Economic Development and Tourism. Expected visitor spending is over $19 billion. There was on average 242,629 visitors in the Hawaiian Islands on any given day during 2018.

In an effort to balance the impact of so many visitors, changes in promotional tactics have been started. New videos focusing on the cultural appreciation, ocean health and safety, have started playing on social media, resort websites, and in hotel rooms.