Low Inventory Increases Home Pricing

Maui home prices have increased 8.8% in the last year and condominium prices rose 7.2% for 2016. These market increases are due to low inventory. Most housing markets across the nation have shown an increase in the median price.

Once listings hit the market, houses and condos were selling at a faster pace than in 2016. Days on the market for homes was down 8.4 % and for condos down 3.8%. Kihei accounted for 40% of the condos sold in 2016.

New housing projects to look for in Kihei by Alexander & Baldwin’s Kamalani. The first phase of this new development will be releasing 170 units.

Feel free to contact the Hansen Ohana for all your real estate needs! To read more on the market trends for Maui, visit the Maui News website here.

Maui Statistics Year To Date

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.

Moana Estate Jewel!

Experience this stunning ocean view home virtually by accessing the 3D tour here: https://goo.gl/FWK8se You’ll see every detail of this immaculately maintained 4 bedrooms, 3-bathrooms home with open floor plan, high ceilings and breathtaking ocean views which are captured from the expansive great room, lanai and master suite. The kitchen is well equipped and perfect for entertaining. Relax in the spa style pool with cascading water fall in the large, level, fully landscaped back yard with additional garden lanai also set up for entertaining. Only a short stroll to nearby Kamaole I Beach Park. You’ll love the ability to access all resort activities including white sandy beaches, restaurants and shopping within minutes of this extraordinary home. This Moana Estate jewel, only 5 years young, has only had one owner.

New Construction Kihei Development!

Alexander & Baldwin’s Kamalani project has begun in Kihei! The affordable housing units are expected to be completed this summer!  Phase 1 will include 5 buildings and 35 units.  The master planned community will eventually have 630 units. Prices are expected to begin in the mid $300,000 range. All grading, roadway, curbs, parking lot, and sidewalk work for phase 1 has already been completed.

You can read the entire article here via the Maui News.

Interested or know someone interested in the Kamalani project?  Don’t hesitate! Have them contact the Hansen Ohana today!

Top 100 Realtors

In June, both Bob Hansen and Clint Hansen had the honor of being awarded as a Top 100 Realtor in Hawaii! Congratulations to you both on a well deserved recognition!

Clint Bob top 100 pix 2016