If you're keeping a finger on the pulse of the Maui real estate market, the monthly reports from the Realtors Association of Maui (RAM) are the best resource. They provide a wealth of data on Maui home, condos and land listing sales for the given month, plus year-to-date statistics. The latest report revealed that both Maui home and condo sales soared in October, 2017, as median prices rose.
To be specific, Maui home sales increased by over 35 percent to 111 homes sold, compared to the same month last year, which saw 82 homes sold. Median prices were at $667,350, which was 5.5 percent higher than the $632,500 of October 2016. As we always remind our readers, the percentages can swing widely based on a relatively small number of sales in a small market like ours, but that being said, October's growth trends were pretty remarkable.
According to the report, condo sales shot up by 38.1 percent to 134 sales, compared to 97 sales in the same month last year. The median price of a Maui condo was up 12.9 percent to $519,500 from $460,000 in October of 2016. Often times, we'll see a spike in home sales, or a spike in condo sales, but rarely both in one month, much less to such a dramatic extent.
As always, the year-to-date information provides the clearest picture of Maui's real estate trends. For the first ten months of this year, the median price of a single-family Maui home was $695,000, up 9.4 percent from $635,000 for the same period last year. The median price of a condo was $450,000, up 7.1 percent from $420,000 during the same period last year.
In the first ten months of the year, home sales rose 5.6 percent to 937, up from 887 sales during the same period last year. Meanwhile, condo sales reached 1,184, up 9.9 percent from 1,077 units sold during the same period last year.
Considering the reliability of year-to-date trends, this data says a lot about the value of a Maui real estate investment. If you're contemplating one of your own, you'll find our contact information at the bottom of the page. We would be happy to help you through every step of this rewarding process! Mahalo!
Diving into the Maui real estate market can be joyful, rewarding, exciting, and sometimes a bit overwhelming. If you're bursting with excitement to finally get your Maui dream home, that's a good sign! You just need to make sure to focus on making savvy choices in the process to ensure that living in your new Maui home is everything you hoped it would be. Here are some tips to keep in mind.
Get Pre-Approved - Always get pre-approved so you know exactly how much home you can afford. This way, you can shop with confidence, and most importantly, you won't fall in love with a particular home or condo only to find that your lender won't approve you for the total price.
Know When to Compromise - Buying the right home is often a balance between cost and quality. While one home might be move-in ready and look perfect, you can expect a higher price tag. If you don't mind flexing your DIY skills, or learning some new ones, you might find that you have a rewarding experience fixing up a home that you got at a more affordable price. Besides, you might find that you end up wanting to change the style of that seemingly perfect home anyway.
Explore Thoroughly - While a home might charm you from its external appearance, it's always a good idea to really explore a home. A good way to do this is to pretend you already own it in your mind's eye. Then you'll feel more comfortable about opening the cupboards, strolling across the lanai, and testing out the lights and plumbing. Getting a sense of the broad strokes is easy, but make sure you take time to pay attention to the details that make one home more appealing to you than another.
Compare Neighborhoods - When you choose a home, you're choosing a neighborhood, too. There are plenty of fantastic communities here on Maui, and quite a lot of variety. If you're really going to feel at home, you'll want to feel comfortable with the feel of the neighborhood, too. For example, if you like to go out for walks, look for well-maintained sidewalks. If you're concerned about the safety of your kids or pets near the street, maybe look for small streets, or a home on a cul-de-sac where no one is speeding by. If you value privacy, a home in a gated community or rural area might suit you best. Just make sure to take some time to really get to know the area around the homes that you're considering.
Ask For Utility Bills - Here's a tip you won't hear every day. Ask the seller for their recent utility bills. Try to get a record of the past year, if you can. This will tell you how cost effective it is to keep the home functioning on top of the price tag for the home, and your other living expenses. Once you know what the utilities cost, you can evaluate whether those bills are affordable, and whether it's worth it to invest in ways to reduce them.
Learn Maui Real Estate Terms in Our Glossary - Even if you've purchased real estate in the past in another state, the Maui real estate market is going to be a little different, with a number of terms and concepts that are unique to Hawaii's market. If you run across an unfamiliar word, you can ask your realtor later, or save time and look it up in our Maui real estate glossary.
Balance Your Head, Heart, and Gut Instinct - Some realtors will say that if you fall head over heals in love with a home, you should trust your instincts, move fast and buy. The problem is, falling in love is not an instinct, it's an emotion. Others will say that if you feel the choice is solid from an investment standpoint, the rest will fall into place, but buyers who make decisions based mostly on math end up feeling like there's something missing. And sometimes, you'll like the home, and it'll look good on paper, but for some odd reason that you can't put your finger on, something just doesn't fit. That's instinct, and a good realtor won't urge you to ignore it. The best recipe for long-term success in buying a home on Maui or anywhere else is balancing your head with your heart and your gut instinct. When each vital part of you is allowed to do its job, you're most likely to make a decision that you can trust in the long run.
We hope that these tips serve you well as you search through the many magnificent Maui homes for sale, and that you'll reach out to us if you need our assistance through any step of the process. You'll find our contact information at the bottom of the page if you need us. Mahalo!
If you're in the market for a charming West Maui home with a convenient location, the listing at 1343 Kahoma Street might just be the perfect one to meet your needs. Ideal for a family, its 1,796-square-foot interior space features six bedrooms and three bathrooms. Nestled into a quiet local community, you'll find that it's situated just a ten minute walk from the Lahaina Cannery Mall, Safeway and Lahaina Gateway. There, you'll find shops, restaurant, salons, and a variety of conveniences.
The home itself is full of potential, and has been well maintained over the years. Formerly used as a family rental, you could easily do the same, or move into it yourself as a full-time or part-time residence. Among the recent updates are the new coat of paint inside and out, the new flooring, and a new roof. The property also features a covered carport to keep your vehicle sheltered from the sun and rain, as well as a solar water heater that takes advantage of the cloudless sky that Lahaina enjoys on most days throughout the year.
Among its interesting qualities is the fact that half the home can be closed off to the other so that two families could live in the same home with their own privacy. This provides some unique potential for your use, or for its desirability as a rental property.
The land area covers 6,177 square feet, featuring lush lawns and productive fruit trees. Whether you wanted to use the outdoor space for rest and relaxation, or to grow your own food, or to plant a decorative garden, you would certainly have the space to do any of the above. Lahaina's warm, sunny climate is ideal for growing many varieties of tropical plants, given the right watering.
Aside from the lures of the home itself, and the charms in its immediate vicinity, this location puts all the delights of West Maui at your fingertips. Combining Lahaina, Kaanapali and Kapalua, you get an incredible variety of restaurants and shopping, some of the most magnificent beaches on Maui, and world-renowned golf courses. Include the rest of the island and you also have a list of activities so long that vacationers often need multiple visits to experience everything Maui has to offer.
If you're interested in this remarkable property, feel free to reach out to us for more information. We can also assist you by scheduling a showing if you're pre-qualified. To reach us, you'll find our contact information at the bottom of the page. Click to learn more about the home for sale at 1343 Kahoma Street in Lahaina, or if you'd rather do some more browsing through listings in the area, you might try our handy Maui real estate search tool where you can set your specific criteria to find only the listings that apply to your preferences and budget. Mahalo!
If you're considering a Maui real estate purchase and permanent move to the island, employment is likely one of your most important deciding factors. It's one thing if you're looking for a second Maui home for vacation use, but quite another to live here in Hawaii full-time. There are many ways to earn a good living in Hawaii, provided you have the right skill set, determination and, if necessary, adaptability. At the end of the day, when it comes to the health of the economy, you can learn a lot from the numbers.
On that note, the recent report from the state Department of Labor and Industrial Relations (DLIR) revealed some incredible news. Hawaii's seasonally adjusted unemployment rate fell to 2.5 percent in September, down from 3 percent in the same month last year. The figure was also down 0.1 percent from August of this year.
An unemployment rate this low is quite a marvel on its own, but the figure stands out for another reason. According to Linda Chu Takayama, the director of the DLIR, an unemployment rate of 2.5 percent is just a tenth of a percentage point away from Hawaii's lowest rate in history, which dates back to 1976.
According to Takayama, there were just eight months in 1989 and in 2006 when Hawaii's unemployment rate was lower, at 2.4 percent. This is not only encouraging for Hawaii's economy and enticing to investors, but it's also historically significant.
Just for reference, the seasonally adjusted unemployment rate for the nation was 4.2 percent in September, down from 4.4 percent in August. Yet again, Hawaii's unemployment rate is lower than the national unemployment rate, but that has become typical. So, if you're considering your employment prospects as you search for a new Maui home, we hope you've found this information inspiring.
In the meantime, if you need assistance with your search for the perfect Maui home, you'll find our contact information at the bottom of the page. We would be happy to put our many decades of experience to work for you. Mahalo!
While Maui condo sales and prices were up last month, home sales and prices nudged down, according to the latest report from the Realtor's Association of Maui (RAM). If you're keeping an eye on the market trends to help you decide when to buy Maui real estate, these reports are going to be your best source of information in terms of the big picture, especially thanks to the reliable year-to-date section.
According to the report, the median price of a condo rose no less than 14.4 percent to $433,750 in September, up from $379,000 in the same month last year. The number of condos sold was up a whopping 25.3 percent to 124 units sold, up from 99 units sold in September of 2016.
As for single-family homes, the median price dipped by just 2.3 percent to settle in at $650,000, which was down from $665,000 in the same month last year. Similarly, sales fell by just 2.4 percent to 81 homes sold, down from 83 homes sold in September of 2016.
If you're only considering September statistics, it will look like Maui home sales and prices have plateaued, while condo sales and prices are still rising. However, this is just one month out of the year in a small market where just a few sales can swing the percentages widely. That's why it's important to keep an eye on year-to-date statistics, which offer a more complete and reliable picture of the market.
In the first nine months of the year, the median price of a single-family Maui home rose 10.2 percent to $700,000 compared to the $635,000 median that we saw during the same period last year. That's quite a departure from September's data. Sales rose 2.6 percent to 826 homes sold, up from 805 homes sold in the first nine months of 2016.
Meanwhile, the median price of a Maui condo in the first nine months of the year was up 7.7 percent to $449,500, compared to $417,250 in the first nine months of 2016. Sales rose 6.9 percent to 1,048 units sold, up from 980 units sold in the same period last year.
So, looking at the big picture, sales and prices for both homes and condos continue to rise in the Maui real estate market. It's great news for those who have already purchased real estate and want to see those values climb over their years of ownership. If you're interested in getting into the market with a Maui real estate purchase of your own, feel free to reach out to us for assistance, or to answer any questions that you might have. We look forward to putting our expertise to work for you. You'll find our contact information at the bottom of the page. Mahalo!
If you're keeping a finger on the pulse of the Maui real estate market, the monthly reports from the Realtors Association of Maui (RAM) are the best resource. They provide a wealth of data on Maui home, condos and land… Continue Reading
Tips for Buying the Right Maui Home
Diving into the Maui real estate market can be joyful, rewarding, exciting, and sometimes a bit overwhelming. If you're bursting with excitement to finally get your Maui dream home, that's a good sign! You just need to make sure to focus on… Continue Reading
If you're in the market for a charming West Maui home with a convenient location, the listing at 1343 Kahoma Street might just be the perfect one to meet your needs. Ideal for a family, its 1,796-square-foot interior space features six bedrooms and… Continue Reading