LATEST REAL ESTATE STATS
Semi-annual figures released, Year to Date 2015
Statistics show the last few years have been a very stable and smooth market. Prices have been on the slow, but steady rise since 2011. At the end of June the median Home sale price was $607,098 which is a significant increase from last year which was $530,000. Surprisingly the Condo median price dropped from $444,500 to $355,000. Last month however, the median condo price was $459,900. 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. 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.
We were just at a presentation by Paul Brewbaker, the premier economist for the State of Hawaii. He continues to believe that we will maintain steady increases in prices. The last couple of years we have been in the 8 to 10% increase range. This year so far we have seen about 7% increase and Paul expects that we will settle in at about 6% for the next year then maybe 5% for the next 4 or 5 years.
Summary: The current thinking is that purchasers of condos and homes should have smiles on their faces until at least 2020. Personally, we are hoping that prices only increase moderately over the next few years so that we don’t witness a bubble like we did in 2007. Historically a sustainable price increase is 5 to 7 percent per year. Although we still have some catching up to do price wise, we may be approaching a sustainable price vs. market condition. Much depends on the global economy, as well as local and national events and politics.
THE ISLAND COUNTRY MARKET ~ The market, located on the north-east upper side of The Shops which will house a market, restaurant and wine bar is scheduled to open September 1st!
WAILEA BLUE ~ Recent name change back to its original name. The Club House and pro shop have moved back to its original location. The current 10,000 square foot buildings which houses Manoli’s, Urgent Care and Snorkel Bobs include the Pro Shop. Phase two will bring expansion of square footage of the existing buildings.
PI’ILANI SUITES ~ 200 Room All-Suite Hotel
Located on Wailea Ike Drive, the main entry will be across from Ekolu Place with the secondary entrance by the Wailea Town Center. This “Wailea Value” hotel is designed to attract families. A pool will be on site and food service will be offering breakfast and evening cocktails. The hotel roof appears near completion with the opening date scheduled for April 2016.