Tag Archives: housing market

Maui Statistics Year To Date

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Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings.

Although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.

New Listings increased 8.7 percent for Single Family homes and 13.9 percent for Condominium homes.

Pending Sales increased 4.9 percent for Single Family homes and 22.0 percent for Condominium homes. Inventory decreased 7.7 percent for Single Family homes and 19.4 percent for Condominium homes. Median Sales Price decreased 2.3 percent to $650,000 for Single Family homes but increased 14.4 percent to $433,750 for Condominium homes.

Days on Market decreased 20.9 percent for Single Family homes and 5.7 percent for Condominium homes. Months Supply of Inventory decreased 17.5 percent for Single Family homes and 29.2 percent for Condominium homes.

Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.

Mid-Summer Newsletter

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A LITTLE BOASTING FIRST!

We are very proud to announce that Hawaii Business Magazine awarded both Bob and Clint Hansen with the prestigious State of Hawaii Top 100 Realtor designation.  It’s important to note that there are over 10,600   licensed agents in the State of Hawaii and Bob and Clint are the first father and son on Maui to both receive this recognition.  It’s their hard work and dedication that set them apart from so many others.

LATEST REAL ESTATE STATS ~ Semi-annual figures released, Year to Date 2016

Statistics for Maui show the last few years continue to be a stable and orderly market.  Prices have been on the slow, but steady rise since 2011.  At the end of June the median Home sale price was $657,000 which is a nice increase from last year which was $607,000.   The Condo median price increased slightly from $355,000 to $384,000.  The month to month changes can be deceiving as Maui is a small island and the number of sales and sample is small.  A few sales can change the numbers significantly. Days on the market for both condos and homes remain fairly stable at about 4 months.  Days on market generally depend on how well a property is priced, or how is managed you may count with Mavi Unlimited Property Management to help it with it. Over six months on the Maui real estate market is considered to be a Buyer’s market. Under six months on the market is a Seller’s market.

The Global Market is a bit of a mixed bag.  Our Worldwide partner JUWAI reports that Asian housing markets show Hong Kong down almost 10% from last year, while Japan had a 5.5% increase.  Philippine market chats a healthy growth of 3.9%.  The Middle East price increases have slowed but are still showing some increases.  Qatar for instance reported a 9.7% increase compared to last years’ 27.81% increase.  Israel rose 4.52% while Dubai had a decrease of 9.26% (oil prices?)  The United States housing prices grew 4.29% while Canada grew 5.67%.

Summary:   While there is always local and international news that could affect the housing market, Real Estate has been and continues to be a store of value as well as one of the best ways to increase ones net worth and family security.   The current market is sustainable into the future and with the current and continuing low interest rates it continues to be a great time to buy.l and international news that could affect the housing market, Real Estate has been

Great News!  The new Wailea hotel “Wailea Residence Inn” is very close to completion, with the dust fences already removed, and expected to open in August.  Congratulations to RD Olson for a job well-done.

For up-to-date information regarding new projects for workforce housing, affordable housing to very high-end communities throughout Maui and the Hawaii Islands email us at dad@mauirealestate.net.

Behind the scenes, the Hansens work diligently on our marketing efforts utilizing the most effective resources and tools. They are now promoting listings in 3D with the new Matterport system. This cutting-age tool allows buyers to experience fully immersive virtual spaces that feel so real, it’s like being there. The models are easy to share with anyone with a computer or mobile device.

 

Mahalo for your continued support and loyalty!  Bob, Clint and Donna

Bob Hansen, Realtor® Principal Broker

Clint Hansen, Realtor® Broker-in Charge

Donna D. Hansen, Realtor® (S)

Information herein deemed reliable but not guaranteed and is subject to change.  If your property is presently listed for sale, this is not a solicitation for that listing.

Maui Luxury Real Estate LLC

161 Wailea Ike Place, Wailea Town Center Suite A-106

Hansen Ohana Economic Report

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Hansen Ohana Family MauiWe attended a recent economic report from Paul Brewbaker at the State of Hawaii 100 Top Realtors meeting on Maui in June.

At that meeting Mr. Brewbaker reported that Maui should fare well in home price increases over the next several years. He feels that price increases should be in the 7% to 10% range until at least the early 2020’s. As you recall we had unsustainable increases in prices in 2004, 2005 and 2006 which was over 20% per year. That is what creates a bubble.

Our current increases in prices at 7% to 10% are sustainable at least for the short term. This is especially true for Maui as the demand for new housing is estimated at over 850 units per year (not even including mainland and foreign buyers) but there are estimated to be only about 350 permits issued per year.

With the projected increases in interest rates and the small increases in rates recently it should spur some buyers who have been sitting on the sidelines.

Paul Brewbaker’s idea on a way to increase affordable housing is to encourage developers and anyone to go ahead and build as many homes as possible at or below the median sales price which is currently at $575,000. The current County rules on affordable housing are resulting in less affordable housing, not more.

The County currently wants developers to provide 50% of any subdivision to be (in their definition) affordable, which is even lower than it should be. This seems to have pushed developers to pass on building on Maui and build where there are less restrictions.

So what it does all mean? Supply and Demand. Economists’ indicators are for increasing prices.