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Maui Update
Aloha All!
Get ready to experience the thrill of enjoying whales. We are excited to announce the first whale has been spotted off the shores of Kaanapali. This is the beginning of yet another awe-inspiring whale season! These majestic creatures return each year to Maui to birth their young and continue the cycle of life. Get ready for a season of unforgettable encounters and cherished memories!”
Maui Update: The upcoming elections have caused many to sit back and wait to make decisions. The outcome will affect not only the United States as a whole, but also for Maui. Whomever is elected to the new Maui County Council will end up affecting Maui’s economy. There are several different bills and studies, the South Maui Plan as well as Mayor Bissen’s Bill that would affect some private vacation rentals. It’s very complicated and if you would like more details, please email us or call either Clint or Bob.
Concerned about what you’ve recently heard? Be cautious of misinformation: Make sure to verify any information you come across regarding changes in Insurance, Real Estate Laws or Contracts, whether it’s from blogs, newspaper articles, friends or other sources. Call us with any questions. We are here to help.
Speaking of statistics, in September 2024, U.S. existing-home sales fell by 2.5% from the previous month and 4.2% from the prior year, with a seasonally adjusted annual rate of 3.86 million units. Home prices hit record highs, with a median sales price of $416,700, a 3.1% increase year-over-year. Despite slower sales, NAR’s chief economist expects improved sales ahead due to rising inventory and potentially lower mortgage rates. On Maui, new listings for homes dropped significantly, pending sales rose sharply. Condominium Inventory has surged most probably due to the uncertainty of Maui County Government changes.
The real estate market on Maui has been significantly impacted by a combination of factors, including rising home prices, limited inventory, and the aftermath of recent wildfires. The demand for homes remains strong but is showing some signs of weakness. Local residents face challenges as housing affordability continues to decrease. The destruction caused by the wildfires in Lahaina and other areas has further strained the housing supply, leading to a surge in rental demand, especially long-term. As a result, property values in certain areas are expected continue to rise at a moderated rate, but uncertainty remains as the island works to recover and rebuild.
As we near 2025, many of our friends and clients are pausing to reflect on their goals and how real estate aligns with their overall life plans. Share with us what speaks to you, and we’ll offer insights to help you navigate your next steps. We are eager to support you on this journey!
Keep 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
Clint Hansen BIC R(B) 21616
808-280-2764
Bob Hansen PB R(B) 17532
808-283-9456
Donna D. Hansen R(S) 49765
808-280-1650
MAUI LUXURY REAL ESTATE LLC
The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years
Inter-Island Ferry
Community members recently gathered at the Kahului Community Center to discuss the feasibility of an inter-island ferry system between Maui, Lana’i, and Molokai. Councilman Tom Cook expressed strong support for the ferry, emphasizing the urgent need for it to begin operating. The meeting, led by Brian Mills and other officials, explored the potential benefits, such as providing essential transport for medical needs and emergency evacuations, especially for Molokai residents. Attendees also voiced concerns about the future of the Lana’i Ferry and the need for improved facilities and accessibility on the new ferry.
View the entire article via The Maui News here.
September Market Statistics
All Hawaiian islands have seen significant real estate market movements. From Maui’s luxury residences to Kauai’s stunning scenery, the market is showing a complex mix of growth, losses, and big price revisions. This year’s performance by region:
Maui Market Statistics:
Single-Family Homes:
Total Sales: 580 properties, up 0.5% from previous year.
Median Sale Price: $1,300,000, up 8.7%.
Sales rose 1.4% to $1,042,117,942.
Condominiums:
Total sales fell 10.1% to 679 units.
Median Sale Price: $900,000, up 9.1%.
Sales volume rose 16.1% to $1,018,536,964.
Vacant Land:
Total sales: 144 items, 14.3% higher.
An astounding 33.4% increase in median sale price: $902,501.
Total Sales: $283,084,001, up 72.3%.
Oahu Market Data:
Single-family homes:
Sales rose 1.9% to 2,210 properties.
Median Sale Price: $1,100,000, up 6.8%.
Sales rose 5.5% to $2,991,846,111.
Condominiums:
Sales fell 5.7% to 3,466 units.
The median sale price rose 1% to $510,000.
Total Sales: $2,100,169,518, down 7%.
Vacant Land:
Total sales: 53 parcels, down 23.2%.
The median sale price rose 4.7% to $890,000.
Total sales fell 35.3% to $76,100,999.
Big Island Market Statistics:
Single-Family Homes:
The number of residences sold rose 1.3% to 1,509.
Median Sale Price: $549,150, up 9.8%.
Sales rose 28.3% to $1,576,940,292.
Condominiums:
Total sales fell 10.9% to 442 units.
Median Sale Price: $680,000, up 14.5%.
Sales volume rose 10.4% to $523,486,621.
Vacant Land:
Total sales: 1,373 lots, down 9.9%.
Median Sale Price: $46,000, up 12.2%.
Sales volume fell 4.3% to $244,118,554.
Kauai Market Statistics:
Single-Family Homes:
There were 284 home sales, a 37.9% increase.
Median Sale Price: $1,400,000, up 21.7%.
Sales volume rose 78.3% to $605,555,821.
Condominiums:
Total sales fell 7.2% to 219 units.
The median sale price rose 8.4% to $769,000
Total sales fell 2.4% to $209,756,653.
Vacant Land:
Total sales: 83 parcels, up 1.2%.
Median Sale Price: $774,500, down 12.7%.
Sales volume rose 5.2% to $101,759,305.
Single-family home and land sales have increased on Maui and the Big Island, but Oahu and Kauai have had mixed results. Condo sales have slowed on the islands, but prices are rising due to island living demand. Maui’s unoccupied land sales volume rose 72.3%, driving up prices.
Thank you to Title Guaranty Hawaii for providing the information. Stay tuned for market insights and updates!
Hawai’i International Film Festival
McCoy Studio hosts Hawai‘i International Film Festival: A Celebration of Culture, Storytelling, and Resilience (October 19-20, 2024).
On October 19th and 20th, the McCoy Studio will host the Hawai‘i International Film Festival, showcasing the state’s unique narratives. A diverse combination of documentaries, shorts, and movies celebrates Hawai‘i’s culture, history, and people this year. This year’s festival has poignant stories, exhilarating mockumentaries, and insightful cultural pieces for everyone. Here’s a look at the schedule and featured films.
Saturday, October 19th: 1:00 PM: Kaniela: The Daniel Kaleikini Story
68 minutes | English | 2024
Director: Michael Lum, Pawel Nuckowski
The late “Ambassador of Aloha,” Daniel Kaleikini, shaped Hawai‘i’s tourism business in the 1950s. This heartwarming documentary commemorates him. This homage depicts Kaniela’s remarkable life, from local performances to Las Vegas and Japan, using interviews taped just before his death. Nicholas, Kaniela’s grandson, helps finish this legacy project, keeping her spirit and love of Hawaiian culture.
3:00 PM: Made in Hawai‘i Shorts Program: Healing Lahaina, Shave Ice, Kai Hali‘a (Sea of Memory), and Reclaim
Duration: 89 minutes | Languages: English, Hawaiian (ʻŌlelo Hawaiʻi)
Healing Lahaina
35 minutes | English | Year: 2024
Laurel Tamayo directed
After the 2023 Lahaina wildfire, director Laurel Tamayo reveals her experience of loss and survival in this poignant short. She considers resilience, climate change, colonization, and community strength in disaster via her family’s journey.
Shave Ice
English | 19 minutes | 2023
Director: Jaye Orikasa
Shave ice is popular, but this video explores Hawai‘i’s frozen delight. Discover the cultural background and anecdotes behind the syrupy snack that has become synonymous with island life.
The Sea of Memory
Duration: 9 minutes | Languages: English & Hawaiian (ʻŌlelo Hawaiʻi) Year: 2024
Director: Angelique Kalani Axelrode
This abstract memory study examines a diasporic kanaka reconnecting with family, ancestry, and trauma. Genealogy and the ocean heal and restore the protagonist.
Reclaim
Duration: 26 minutes | Languages: English & Hawaiian (ʻŌlelo Hawaiʻi) Year: 2024
Director: Geeta Gandbhir, Justyn Ah Chong
Two young brothers learn hula as a dance and a potent cultural reclamation tool. One of them represents their ancestry and the Hawaiian language and traditions at the Merrie Monarch competition.
5:30 PM | $1M
English | 99 minutes | 2024
Stefan C. Schaefer directed
Hawai‘i-made world premiere
A houseless Maui man inherits a million dollars. What happens? This amusing mockumentary follows Guy, a loveable clown whose life transforms overnight. In this unexpected adventure of fame and fortune, Guy rapidly discovers his true pals with a new entourage and a documentary crew following him.
8 PM | Terrestrial
76 minutes | English | 2024
Director: Alex Farnham
Terrestrial is a sci-fi comedy about a teacher attempting to make sense of his life with an estranged partner and an alien-like monster. This crazy, homemade adventure combines horror and fun in classic Hawai‘i style, starring Big Island filmmaker Alex Farnham and local actress Lindsay Watson.
Sunday, October 20th: 1:00 PM Shaka, Aloha Story
80 minutes | English | 2024
Alexander Bocchieri directed
Hawaiian Premiere Made in Hawaii
Explore the fascinating origins of Hawai‘i’s “shaka” gesture in this insightful documentary. In the 1910s, community leader Tutu Hamana Kalili may have invented the hand signal that symbolizes aloha and harmony.
3:30 PM: Above the Clouds
82 minutes | English | Year: 2024
Director: Jalena Keane-Lee
This documentary follows the ladies leading Hawai‘i’s largest political push to halt the world’s largest telescope on Mauna Kea. Three families show how action and intergenerational healing can survive cultural preservation and opposition.
Playing With:
The Queen’s Flowers
Duration: 12 minutes | Language: English | Year: 2024 Director: Ciara Lacy
In this charming animated film, Emma, a young Hawaiian girl in 1915, crafts a unique gift for Queen Liliʻuokalani, the last reigning monarch of Hawai‘i. A fascinating tale of ethnic pride and innovation.
6:00 PM Molokaʻi Bound
Duration: 112 minutes | Languages: English & Hawaiian (ʻŌlelo Hawaiʻi) | Year: 2024
Director: Alika Tengan
Kainoa De Silva wants to reunite with his family, especially his son, after years in prison. Reintegration into society is harder than he expected. In Molokaʻi Bound, a dramatic story explores forgiveness, reconciliation, and identity challenges in modern Hawai‘i.
Mark your calendars and experience Hawai‘i cinema!
Hawaii Real Estate Blog 
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