Tag Archives: Hawaii

Maui Market Update April 2024

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April 2024 saw a decline in the U.S. housing market as existing-home sales moved away from a one-year peak, declining 4.3% to a seasonally adjusted annual pace of 4.19 million. The National Association of REALTORS® (NAR) has claimed that this decline is the result of rising home prices and interest rates, which have put off some prospective purchasers. A 4.8% increase from the previous month, the median price of existing homes hit $393,500, while the average 30-year mortgage rate has risen beyond 7%.

When it comes to property types, single-family homes and condominiums have very different market dynamics. The number of new listings increased by an astounding 36.6% for condos and 3.7% for single-family houses. But pending sales of condominiums fell by 31.2%, while single-family house pending sales rose by 5.8%. For single-family homes, the median sales price increased sharply by 16.9% to $1,300,000 and for condos, by 8.4% to $962,500. The inventory changes also showed a mixed picture, with single-family home values rising by 1.8% and condominium values rising by a significant 141.0%.

The warmer springtime weather has enticed more sellers to enter the market, despite the obstacles presented by rising prices and loan rates; as a result, overall inventory has increased by 4.7% month over month and 14.4% year over year. As a result, at the present rate of sales, there was 3.2 months’ supply. Nationwide, sales of real estate are happening quickly; the average time a home spends on the market is now 33 days, as opposed to 38 days the previous month. This pattern highlights a continuous demand that surpasses supply, maintaining market competitiveness as the spring purchasing season approaches.

Howard Dicus Update

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Thank you to Howard Dicus discussing today on Hawaii News Now this morning:

Fantastic News, 

Google donates $1Billion and the Federal Government donates $320Million “Connect Kokou”

helping Hawaii to upgrade our underwater cable to connect to the Mainland, Japan and others

Those making plans to Japan…..Hawaiian Air drops its main cabin price to Japan to $599!  

Looking for a “Staycation” on Oahu?  Hilton Hawaiian Village extended their offering of Half-Off Suite Rates

Seabury Hall Craft Fair

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On Saturday, May 11, 2024, from 9 am to 3 pm, Seabury Hall will have its yearly Craft Fair at its picturesque Makawao campus. The event will include a range of attractions like artist and crafter booths, a silent auction, live entertainment, and a variety of food options. While adults can peruse a large assortment of plants, flowers, and leis, children can enjoy attractions like keiki games, bounce castles, a waterslide, and pony rides. Pets are not permitted, and admission is $10 for adults and free for children under 12. Premium and free parking are both available. As the school’s biggest fundraiser, Seabury Hall’s financial aid programs enable worthy students to receive a top-notch education that prepares them for college.

More information available here.

Dynamic Ocean View Penthouse! Wailea Beach Villas #404 

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Private Access To The Beach!

2 bedrooms & 2 bathrooms plus den

Where Elegance Meets Ease!

Dual pools plus spas, fitness center, and concierge service.

Nearby resort amenities offer world-class dining and shopping! Golf, tennis, pickleball plus beach and ocean activities!

Vacation Rentable!

Maui Update

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Maui Luxury Real Estate LLC ~ The Hansen Ohana. ~ Maui Update

Aloha All, 

We have all been watching the Stock Market and interest rates jump around and heard many discussions of what to expect. This being an election year makes things even a little more unreliable. Happily, we can report that Maui is working towards rebuilding and all the support we have received from many sources has been very helpful. Looking to the latest end of month data, March 2024, U.S. existing-home sales saw a notable improvement, rising 9.5% to a seasonally adjusted annual rate of 4.38 million units, surpassing economists’ expectations. This surge, reported by the National Association of REALTORS® (NAR), marked the largest monthly gain in a year, reflecting strong buyer demand heading into the spring selling season despite fluctuating mortgage rates and elevated sales prices. Check out our popular well informed website for all the details. https://www.mauirealestate.net

Key highlights:

  • New listings rose significantly, with Single Family homes up by 19.8% and Condominium homes by 46.5%.
  • Pending sales, however, decreased by 4.3% for Single Family homes and 1.1% for Condominium homes.
  • Inventory levels remained flat for Single Family homes but increased sharply by 105.5% for Condominium properties.
  • Median sales prices surged, with Single Family homes up by 9.5% to $1,303,692 and Condominium homes by 62.9% to $1,300,000.
  • Days on Market increased for Single Family homes but decreased notably for Condominium homes.
  • Months Supply of Inventory increased for both Single Family and Condominium homes, with a particularly steep rise for the latter.

The recent spike in home sales can be attributed to a drop in mortgage rates in December and a broader increase in housing supply across the nation. NAR reported a 5.9% month-over-month and 10.3% year-over-year growth in total inventory, resulting in a 2.9 months’ supply at the current sales pace. Despite this increase in inventory, buyer demand remains strong, contributing to a 5.7% year-over-year rise in the median existing-home sales price to $384,500, marking the eighth consecutive month of annual price increases.

This past year has been very challenging. Between the economic issues and the traumatic fires things have been challenging. As we clearly know, the endeavor to rebuild Lahaina Town and the other fire-affected areas will extend over many years and demand substantial dedication and assistance. Maui’s community has been banding together to help each other. It truly shows our “aloha” spirit. Please keep in mind and share with others that Maui still possesses untouched regions where its tropical splendor thrives. Remember, MAUI IS OPEN FOR VISITORS AND BUSINESS. While these are challenging times, the enduring spirit of Aloha on Maui remains vibrant. For more details check our local information.  https://www.mauirealestate.net/real_estate_stats.html

Many clients have asked us to offer long term property management. We listened and now offer Aloha Rental Management. Feel free to email us at dad@MauiRealEstate.NET or call us at 808-280-1650.

Confused about the Real Estate Industry Lawsuits and potential new regulations the news media has reported? Much of what you have heard is not accurate. If you would like to understand what it all means, call us and we will do our best to make sense of it all.

We are featuring some fabulous new listings:

Launiupoko Legacy property.  https://www.mauirealestate.net/mls-401396.html

Wailea Beach Villas condo/home.  https://www.mauirealestate.net/mls-401641.html

Hokulani Golf Villas home.  https://www.mauirealestate.net/mls-401089.htmlKeep informed with our blog where local information and statistics are posted:

https://blog.mauirealestate.net/

Enjoy our informative radio program: https://www.youtube.com/channel/UChcOyThjgwJgO5fV72YQVtg

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