Hansen Ohana’s Maui Newsletter March 1, 2021
Maui Luxury Real Estate LLC
Aloha from Maui. If you are missing Maui and the sound of the ocean waves on our beautiful beaches,check out our live beach cam (now with sound) on https://www.mauirealestate.net/video.php?Size=Large. You might even catch a view of the magnificent whales which are active this time of year.
As most states are experiencing, the Maui real estate market is dynamite right now. Low interest rates coupled with low inventory is moving the market higher. Median home prices as of February 28, were up 19.8% since a year ago at $895,000. On the other hand, condos almost unchanged from last year at $556,990. Total inventory of homes went down from 517 last year to 214 now for homes Condos remained around 503. Months’ supply of inventory for homes went from 5.4 to 2.2. Condos months’ supply went up from 3.9 to 4.3. Due to low interest rates the affordability index for condos increased from 67 to 72 but the home affordability index fell from 50 to 45 from last year. With continued low interest rates and low inventory, the market appears to be relatively stable in terms of pricing for properties on Maui. One very interesting statistic for me is the percent of listing price realized which over the years has remained relatively similar in the 97% range. This means a million-dollar asking price on average would close at about $970,000. Well priced properties may receive multiple offers. Pending sales hit an all-time high of 826 properties under contract at the end of February.
Regarding Condominiums the average visitor spends $3,800 per person. On Vacation home rentals the average tourist spends $3,400 on Maui vs. hotel visitors spend around $2,900 per person. Due to Covid19 restrictions on travel last year vacation rental income was down. This year the vacation rental market has been very busy and visitors are coming back. People need to relax in a safe place with good weather and Maui is the place. Coming to Maui is getting easier with Covid19 on its way out but there are reasonable restrictions. Check the www.hawaiicovid19.comwebsite for more information.
If you’re interested in something new, there are quite a few projects in a variety of price ranges planned for the next 10 years across Maui. Last month we saw renderings of some workforce housing being conceptualized in Kapalua across from Pineapple Grill and another up for approval in South Maui across from The Five Palms. In addition to that there is a project currently underway in Wailea. The Wailea Hills developmentincludes75 units for sale in 15 separate buildings. They have beautiful floorplans, many with gorgeous views, underground parking and good locations. Prices start in the mid $1.8’s million and up and seem to be selling pretty steadily with approximately 70% now under contract. If you would like to view them virtually please let us know at: firstname.lastname@example.org and we will send you the links. In addition, there is an application for a Wailea Project consisting of 289 condos, 51 zero lot line homes, 92 duplex homes and 146 multi-family units of which 23 units could be short term rentals, but this may take some time before they get final approval.
With so many potential buyers now glued to social media we have significantly increased our advertising online by offering additional video tours, virtual open houses, and tours as you can see by the links below:
Virtual Home Tours:
3149 Waakea Pl. Wailea: https://my.matterport.com/show/?m=ifodYr3xSpJ
Maalaea Surf Unit E3: https://my.matterport.com/show/?m=efAg9rJzwQ2
145 N Kihei Rd Uni 512: https://my.matterport.com/show/?m=hYjUR6z8Rhn&mls=1
112 Walaka Unit 305: https://my.matterport.com/show/?m=qM4x1ppeqZU&brand=0
Click here for more Videos and Tours All VR Tour Matterport Links
Please feel free to call any one of us for more information or email us at email@example.com
May all good things come your way – laughter, gratitude, good health and good friends
Bob Hansen PB R(B) Clint Hansen BIC R(B) Donna D. Hansen R(S)
808-283-9456 808-280-2764 808-280-1650
RB-17532 RB-21616 RS-49765