The data for the Maui real estate market in 2017 is finally complete, and we get to look at the big picture for the year to get a better idea of what we can expect from 2018. According to the report released by the Realtors Association of Maui, home sales increased by 8.8 percent in 2017, compared to 2016. This kind of steady increase in prices is just what buyers look for when they want a reliable investment. If you're in the market for Maui real estate, you may be interested in the other findings of the report as well.
The median price of a single-family Maui home was $695,000 in 2017, compared to $639,000 in 2016. As for sales, a total of 1,099 single-family homes sold last year, which was an increase of 2.1 percent compared to 1,076 sold in 2016. All in all, it was a good year for a Maui home purchase, with 2018 also looking good based on conservative predictions by analysts.
Meanwhile, condos saw increases in both categories as well. The median price of a Maui condo was $445,000 in 2017, up by 7.2 percent from $415,000 in 2016. Sales were up 10.8 percent to 1,451 units sold in 2017, compared to 1,310 in 2016. So, overall, condo sales and prices saw higher increases than homes did in 2017.
If you're interested in the data from the month of December, home sales and prices dipped, while condo sales and prices rose. The report revealed that the median price of a single-family home was $695,500 in December, down 0.8 percent from $701,000 in December 2016. There were 88 homes sold, which was 10.2 percent down from the 98 sold in December of 2016.
On the other hand, the median price of a Maui condo was $445,000, up 7.2 percent from $415,000 in December 2016. The number of sales reached 138 units, which was a 14 percent increase compared to 121 sales in December of 2016.
Again, monthly data shouldn't be considered as significant as long-term data collected over the course of the year. If you'd like to look at the report for 2017 in more detail, you can find it at www.ramaui.com, along with past reports. In the meantime, if you need assistance with your Maui real estate search, you'll find our contact information at the bottom of the page We would be happy to put our expertise in Maui luxury real estate to work for you. Mahalo!
If you're in the market for West Maui real estate, it's likely that you've been charmed by several of its finest features. There's the breathtaking natural beauty, the wide variety of restaurants, a collection of gorgeous beaches that seem to go on forever, and the unparalleled luxury real estate and resorts. What better place to enjoy rest and relaxation in style than at your new home in West Maui? But there's a whole lot more to enjoy than these obvious favorite features. So, let's talk about the adventurous activities that are at your fingertips as a West Maui resident.
1. Whale Watching - Some of the best whale watching in the world can be enjoyed off the coast of West Maui, where humpbacks gather en masse to breed and give birth to the next generation of calves. They begin to arrive as early as late October and stay through the winter, with the last whales departing in May. Conveniently, several whale watching charters can be booked out of Lahaina Harbor.
2. Ziplining - Maui is an amazing place for ziplining, and is in fact the birthplace of the very first zipline. As you can imagine, there are several courses to choose from. Whether you're in the Lahaina, Kaanapali or Kapalua areas, you'll find ziplines. Take your pick!
3. Surfing - West Maui's shorelines provide a variety of surf spots with conditions ideal for beginner, intermediate and advanced surfers. There are a number of surf schools and private teachers on the island, many of whom operate in West Maui. So, if this is something you always wanted to learn, this is an ideal location.
4. Horseback Riding - Exploring the land on horseback can be a real delight, especially for those who love animals. Choose between Lahaina Stables in Lahaina, and Ironwood Ranch in Kapalua.
5. Hiking - Here in West Maui, you can find a variety of trails, including easy hikes like Village Walking Trails and Kapalua Coastal Trail, both of which run in proximity to the breathtaking Pacific. A local favorite is Dragon's Teeth in Kapalua, which brings you to the scenic Makaluapuna Point.
6. Parasailing - This exciting ocean activity is an exhilarating way to get a whole new perspective on the beautiful scenery of Maui. Just keep in mind that it is offered only during the months when the humpbacks are no longer in the waters surrounding our shores. Namely, summer.
7. SCUBA/Snorkeling - There's nothing quite like exploring the vibrant coral reefs off West Maui with a snorkeling or SCUBA excursion. If you're new to this kind of underwater activity, snorkeling is a good way to start. If you're a bit more confident in the water, Maui is a terrific place to learn how to SCUBA dive. If you have your open water certification, there are several charters that will take you out to some magnificent dive sites.
8. Kayaking - This is a great way to take in the sights of the ocean, the island, and the marine life that lives in the waters off the West Maui coastline. Depending on where you go kayaking, you can spot turtles, humpback whales, fish, and maybe even dolphins. Conditions tend to be best in the morning, when the water is clear and calm. You can either rent a kayak, go out on a tour that provides one, or just buy one so you can use it whenever you want!
9. Golfing - West Maui is home to some of the finest golf courses in Hawaii, including the Royal Ka'anapali Golf Course, Ka'anapali Kai Course, The Bay Course at Kapalua, and The Plantation Course at Kapalua Bay. Just be prepared for some distractingly beautiful scenery.
10. Lahaina Second Friday - Not all adventures have to be outdoorsy! If you feel like enjoying some upbeat night life, make your way into Lahaina Town on the second Friday of any month. Maui has adopted a relatively new tradition of hosting town parties, and these festive gatherings have picked up a lot of steam because they're great fun! There will usually be live music and performances, along with food booths and street vendors. Sometimes the businesses in the area will offer special deals, too.
We hope this list of activities adds some inspiration to your West Maui real estate search. There are so many possibilities when it comes to your island lifestyle choices, sometimes it's nice to be reminded of some of them. And there are certainly more that could be added to this list! We're happy to pass on tips for our favorite ways to enjoy the island, and if you need assistance with your real estate search, we're happy to help with that, too! Mahalo!
According to the latest preliminary report from the Hawaii Tourism Authority, November saw increases in visitor arrivals and spending, compared to the same month last year. In an economy driven by the visitor industry, this kind of data often factors into choices made by investors in both commercial and residential Maui real estate.
Lately, the data has been encouraging. For example, the report found a 2.7 percent increase in visitor spending on Maui for a total of $359.4 million in November, 2017. Arrivals were up by 9.3 percent for a total of 215,266, and visitor days rose by 5.8 percent that month. As for the major markets, visitors from Canada were up 16.4 percent, US East by 10.1 percent, US West by 7.5 percent, and Japan by 5.6 percent, so healthy growth all around.
More importantly, the year-to-date statistics revealed a 4 percent increase in visitor spending on Maui for a total of $4.27 billion, while arrivals are up 3.7 percent to 2,483,686 compared to the first 11 months of 2016. That's where we see the more significant growth trends.
As for the year-to-date numbers for Hawaii as a whole, spending was up 6.6 percent to $15.15 billion, while arrivals were up 4.9 percent to 8,502,545, and average daily spending rose by 1.8 percent to $200 per person. Both spending and arrivals were up from the US West, the US East, Japan, and Canada.
According to Hawaii Tourism Authority president and CEO George D. Szigeti, this all translates to, "an extraordinary year for Hawaii's tourism industry." He also shared optimism about the coming year. So, if you've been contemplating a Maui real estate purchase, maybe this will be the year to make it happen. If you need our assistance with your search or purchase, you'll find our contact information at the bottom of the page. Mahalo!
If you're browsing Maui homes for sale as you contemplate a move to the island, you've probably put some thought into what you'll do for income. Although there are factors that make the cost of living in Hawaii higher than some other states, many residents and prospective residents have been glad to hear that Hawaii's unemployment rate has fallen to an all-time low.
According to the latest report from the state Department of Labor & Industrial Relations, Hawaii's unemployment fell to just 2 percent in November, which is 0.2 percentage points down from the month before. That's a new record based on a methodology for calculating unemployment that dates back to 1976.
If we compare November's data with the same month in 2016, it's a 0.9 percent drop in unemployment. These may seem like small increments, but they translate to thousands of jobs, which makes all the difference for residents and their families. Speaking of which, there were 670,300 people employed and 14,000 unemployed throughout the state in November. The seasonally adjusted labor force was 684,350.
Hawaii's 2 percent unemployment rate is a contrast to the nation's rate of 4.1 percent, which was the same as it was in October. This could easily factor into the choices made by those who are thinking about buying real estate in Hawaii, especially if they have experience in one of the industries that thrives here in the islands.
Whatever your plans and considerations may be, we're happy to assist you with your Maui real estate search or purchase if you need our expertise. You'll find our contact information at the bottom of the page if you need us. Mahalo, and we wish you an incredible new year!
If you're investigating the Maui real estate market for potentially lucrative investments, the monthly report from the Realtors Association of Maui (RAM) is a great place to start. The year is almost out, and that means the data on 2017 is almost complete now that we have November's report. It revealed an increase in home sales and prices last month, but a decrease in condo sales and prices, compared to the same month last year.
According to the report, the median price of a single-family home was up 8.5 percent to $689,000, compared to $635,000 in November of last year. Sales fell by 21 percent to 71, down from 91 sales, year-over-year. The median price of a condo in November was $400,000, up 4.6 percent compared to $382,500 in the same month last year. There were 126 sales, which was a 12.5 percent increase from 112 sales in November of last year.
Another trend to consider is inventory, which continues to decline. In November, there were 504 homes for sale, which was 10.3 percent less than the 562 homes for sale in the same month of 2016. By comparison, there were around 1,000 homes for sale in November of 2010. There were 627 condos for sale last month, which was 29.6 percent down from 891 in November of last year. Again, by comparison, there were over 1,500 condos for sale in November of 2010.
As for the year-to-date statistics for 2017, single-family home sales reached 1,010, which was up 3.3 percent from 978 sales in the same period of 2016. Median prices were $695,000, up 9.4 percent from $635,000 in the same period last year. Meanwhile, condo sales reached 1,311, up 10.3 percent from 1,189 in the same period last year. Median prices were $447,000, up 7.7 percent from $415,000 in the same period last year.
Whether you're in need of expert assistance with your Maui real estate search or you know what you're looking for like a Kaanapali home for sale, call us today! In the meantime, you can learn more about our expert Maui realtors at Sakamoto Properties. Mahalo!
The data for the Maui real estate market in 2017 is finally complete, and we get to look at the big picture for the year to get a better idea of what we can expect from 2018. According to… Continue Reading
If you're in the market for West Maui real estate, it's likely that you've been charmed by several of its finest features. There's the breathtaking natural beauty, the wide variety of restaurants, a collection of gorgeous beaches that seem to go on… Continue Reading
According to the latest preliminary report from the Hawaii Tourism Authority, November saw increases in visitor arrivals and spending, compared to the same month last year. In an economy driven by the visitor industry, this kind of data often factors into choices made by investors… Continue Reading