Condominium sales made a splash here on Maui last month, according to the recent report released by the Realtors Association of Maui (RAM). We saw double digit gains, compared to sales in April of last year. Homes saw a dip in sales, but year-to-date sales remain higher than last year. Both homes and condos had modest median price gains, which is just what investors like to see over time. If you're thinking about buying Maui real estate, the following details from the report may be helpful in terms of getting a feel for the market.
Homes on Maui saw 91 sales in April, which was 7.1 percent down from the 98 sales in the same month last year. Meanwhile, the median price of a Maui home was $725,000, a 7.7 percent increase compared to $673,000 in April of last year.
As for condominiums, April saw no less than 174 sales, which was up an incredible 48.7 percent compared to the 117 units that sold in April of 2017. The median price settled in at $508,513, a 3.8 percent gain from the $490,000 of the same month last year.
The months have really flown by, and we already have the first four to contribute to year-to-date statistics, which tend to portray the most accurate picture of Maui real estate trends. Although it's still early in the year, what we're seeing so far is slow but steady growth.
Single family home sales are up a respectable 13 percent at 375, compared to the same period last year, which saw 332 sales. Condo sales are up 19 percent at 546 total, compared to 459 year-over-year.
Median prices were also up for both homes and condos. For homes, that figure is $688,025, up 0.4 percent compared to $685,000 in the same period last year. For condos, the median price is $492,250, up 2.3 percent from $481,125 in the same period last year.
This kind of steady growth that we're seeing in the year-to-date reports continue to confirm economist's predictions for continued growth in the Maui real estate market. Whether you're exploring Kapalua homes for sale, Kaanapali condos for sale, or properties anywhere else on the island, we'll be happy to put our expertise to work for you.
Surprised to hear that Hawaii's home insurance is the lowest in the nation? You're not alone. It's a common reaction among prospective Maui real estate buyers. But based on a recent report from GoBankingRates, the average cost of home insurance in the U.S. is $3,798 a year, and Hawaii's is nowhere near that. So if you're deliberating between your favorite states in terms of a real estate investment, you may be interested in the following information.
Hawaii's average annual insurance cost was $703, according to the report. Contrast that with Florida, which had the highest rate at $6,892. So why are both of the nation's lowest latitude states on each end of the cost spectrum? Although they enjoy similar warm temperatures, Florida's high frequency of fires, hurricanes and tropical storms all contribute to its sky high rates. Meanwhile, Hawaii is rarely scraped by hurricanes, and although we've had unusually high rainfall lately, property damage still doesn't compare to Florida.
Sloping island topography makes for relatively fewer flood-prone areas as well. Hawaii homes themselves also tend to be well adapted for wind and rain. You won't find basements in Hawaii, but you will find many homes that are on low stilts that allow rain water to simply pass through. To preserve views, the state is also strict about building heights, which happens to contribute to stable floor plans that spread out instead of up. It seems that when you combine Hawaii's low incidence of disasters with its high frequency of well-designed homes, you enjoy the lowest average insurance rates in the nation.
As for many of the other high-cost states in the nation, cold winters with ice and heavy snowfall were big contributors, causing damage via freezing pipes and flooding. Hawaii's subtropical climate keeps things balmy and warm, even in the winter months. With thousands of miles of ocean in every direction, temperatures also tend to be much more consistent than inland locations.
According to FEMA, Texas has had the most natural disasters in recent history, and its average annual insurance cost is $3,306, with the higher rates found south of the Gulf Coast. FEMA placed California as the state with the second-highest natural disaster rates, with fires ranking highest among insurance claims. The earthquakes also contribute. Despite this, California's average annual insurance cost was $1,619. Not bad, but still more than twice what the average Hawaii homeowner pays. If you'd like to learn more, you can visit www.gobankingrates.com.
If you're undecided as to which island to choose for your Hawaii real estate investment, you may be interested to know that Maui tends to be less prone to natural disasters than its neighboring islands, in terms of both frequency and severity. If you'd like to buy a West Maui property in a great location, we'll be happy to assist you in finding just the right property for your needs. Feel free to reach out to our real estate agents at Sakamoto Properties if you need us. We look forward to hearing from you! Mahalo!
Looking for a quaint, versatile home in a family neighborhood near the beach? At 101 Omaikai Place in Kahana, West Maui, you'll find a delightful three-bedroom, two-bathroom home for sale just a languid stroll from a quiet little beach where you can soak up the sun, go for a relaxing swim, or explore the expansive coral reef below the water's surface.
Learn more about: Home for sale at 101 Omaikai Place.
This home is located in the charming Kahana Nui subdivision, which is a great location for families to live or vacation. It also happens to be one of the most affordable developments, if you're looking for homes for sale in West Maui, which is remarkable, given its proximity to the beach. The homes in this neighborhood feature vaulted ceilings, a one-car garage, and plenty of character in their design.
Speaking of design, among its many interesting details are the arched windows, which let in the natural light for a bright, breezy feel to the interior. Step out into the backyard and you'll find gorgeous tropical foliage, along with space for your future gardening ambitions. It's a nice plot for growing your own fruits and veggies, as well as ornamental species for visual enjoyment. The front lanai is covered so you can relax in the shade on sunny days, or take shelter and watch the rain when storms pass through.
Inside, you'll find the Master Suite is located on the ground floor, and boasts a vaulted ceiling of its own to maximize the feeling of spaciousness. Its bathroom includes a walk-in shower. Located upstairs, the second and third bedrooms feature vaulted ceilings as well, along with their own bathroom.
The property has been graced with many thoughtful upgrades recently, including new wood/laminate flooring in the living room, tile floors in the kitchen and bathrooms, new plumbing, and a new stove and hood. Even the back porch and steps have been replaced. All of this reflects the care that has been given to the property by its conscientious renters over the past ten years, as well as its owners.
Interested in a showing of this charming home? Feel free to contact us and we will be happy to schedule one for you. While 48 hours notice is generally preferable, check in with us or with your agent and we may be able to schedule you before or after a pre-existing showing. If you're still interested in perusing similar listings, try our Maui property search, and you can tailor your search to your specific criteria. Mahalo!
A common question among Maui real estate buyers is, "When is the best time to buy?" Some say that it's best to aim for times when interest rates are low. Others point to certain times of the year as giving you the highest variety of options to choose from. Still others will say it should depend on the time that works best for your life circumstances, such as planning around school phases for your children, or based on your retirement. There are advantages to each of the aforementioned options, but in reality, what ends up mattering the most is your long-term results. In short, if you find yourself hung up on waiting for the perfect time, you may miss some opportunities. But even that's okay if you act when the next window opens up. The worst case scenario is doing nothing at all.
Have you ever found yourself checking property prices and marveling at how much cheaper they were in prior years, or during the recession? Prospective buyers will often groan something like, "This home was $500,000 a few years back. Now it's double! I missed my opportunity!" But, fast forward ten years, and the same property is now worth even more. Ideally, we all act as early as possible to reap the rewards of long-term increases in value, which have certainly been at work among Maui properties over the years. But delays happen, and you can benefit enormously from making an investment, even though prices are higher than they used to be. Prices are always higher than they used to be. The only mistake is letting that stop you.
The fact of the matter is, real estate prices are relative to the economy at any given time, and focusing on short-term fluctuations can obscure the big picture. When you look at the big picture, it's never too late to make an investment that will pay off down the line as prices continue to rise with economic growth. If you're wondering how certain that growth might be, just keep in mind that Maui's visitor industry is booming. Travel websites and publications all over the world are putting Maui at the top of U.S. vacation destinations. In fact, some of them have put it at No.1, such as Kayak, the travel booking service. Maui's status as an iconic vacation destination isn't going anywhere for the foreseeable future.
When it comes to real estate investments, in the long run, sooner is better, but anytime is better than no time. In short, procrastination is better than a failure to act. If you've found yourself on the fence for a long time, wishing you had gotten in sooner, then maybe the best time to buy real estate on Maui is now. It's up to you to decide.
If you have any questions or you need expert assistance to help you through any step of the Maui real estate purchase process, feel free to contact us. We specialize in West Maui properties, but we can help you with listings anywhere on the island. We look forward to helping you navigate through the finer points of buying here in Hawaii, where the market has its own unique set of nuances that set it apart from the Mainland. In the meantime, here is a relevant poem that came up in Farm and Land Realtor Magazine back in October of 1917! We hope you enjoy it! Mahalo!
Searching through the current collection of West Maui condos for sale? If you're in the market for a one-bed, one-bath unit in a beautiful neighborhood you might just fall in love with the Masters at Kaanapali, Unit 3602 that just came up for sale last week. The location is set back from the coastline, so you can enjoy more peace and quiet, but with convenient access to all that Kaanapali has to offer, as well as the nearby Lahaina and Kapalua areas.
Learn more about the Masters at Kaanapali, Unit 3602
If lofty ocean vistas are on your list of desirable qualities in a condo, you're sure to appreciate this unit and its western-facing orientation. The rich blue of the Pacific Ocean stretches as far as the eye can see, with the majestic neighboring islands of Lanai and Molokai rising up in the distance, crowned by flaming evening sunsets that look like someone painted them.
The lanai stretches the length of the living room and dining area. Imagine relaxing on a chaise lounge and sipping a glass of wine on your spacious lanai as you soak in all the natural beauty that West Maui has to offer. As night falls, you can watch an endless parade of twinkling stars appear in the sky until they're hidden by the sun's return.
With its upper corner location, unit 3602 provides extra privacy and quiet in terms of neighbors. Vibrant natural light spills in through the windows along the entire northern side of the unit, and when opened, they allow cooling breezes to be swept in by the trade winds. Between the light and the vaulted ceiling, there's a bright, spacious feel to the interior.
The unit features an impressively long list of recent upgrades, including refinished kitchen cabinets, granite counter tops, a new stainless steel dishwasher, new window treatments, tinted windows for extra privacy, all new LED lighting to keep utility bills low, new doors, new hardware for doors and cabinets, new paint throughout, new carpeting, and a new A/C unit. Last but not least, electric blinds were added in the living room/dining area.
When you feel like stepping outside to explore the Masters at Kaanapali, you'll discover a gated residential community with 198 apartments spread among thirty-four buildings, each two stories high. The property covers an impressive total of 37.5 gorgeous Kaanapali acres adjacent to the Royal Kaanapali Golf Course. The amenities include swimming pools, hot tub spas, barbecue areas, and tennis courts.
Although the unit is currently owner occupied, it can be shown at short notice. Please reach out to us if you'd like to see this remarkable unit in person. If you'd like to continue browsing, we suggest a look at the many wonderful Kaanapali condos for sale now, including condos for sale at the Masters at Kaanapali. Feel free to contact us if you have any questions or need our help! Mahalo!
Condominium sales made a splash here on Maui last month, according to the recent report released by the Realtors Association of Maui (RAM). We saw double digit gains, compared to sales in April of last year. Homes saw a dip in sales,… Continue Reading
Average Hawaii Home Insurance Lowest in the Nation
Surprised to hear that Hawaii's home insurance is the lowest in the nation? You're not alone. It's a common reaction among prospective Maui real estate buyers. But based on a recent report from GoBankingRates, the average cost of home insurance in… Continue Reading
Charming Home for Sale in Kahana Neighborhood
Looking for a quaint, versatile home in a family neighborhood near the beach? At 101 Omaikai Place in Kahana, West Maui, you'll find a delightful three-bedroom, two-bathroom home for sale just a languid stroll from a quiet little beach where you can soak… Continue Reading