The Latest From Our Blog

This is where you can find out more about what's new at Aloha Group Maui - new homes for sale, new condos for sale, video tours, 3D tours, price adjustments, open houses, our community involvement, and Maui fun!

 

Nov. 29, 2021

Daily Dose of Vitamin Sea ~ November 29, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Aloha!
We hope everyone had a great Thanksgiving (the Americans anyway, the rest of you, we hope you had a great Thursday:) ). We enjoyed the day and are still full (most likely because we are still eating!). 

The Xterra World Championship off-road triathlon is this coming Sunday, December 5, in Kapalua, and we are starting to see the athletes training around town. It is a pretty spectacular event and there are athletes that come from all over the world. If you want to experience some of the pain, there are some races for all ages and all abilities on Saturday! Click here to find out more.

The other visitors we enjoy seeing are the whales! And hopefully we'll be seeing a lot more of them in the coming weeks. We'll keep you posted.
 
We were pretty thankful for this Thanksgiving view!!
Posted in Community, Maui Fun
Nov. 15, 2021

Maui Real Estate Advisor ~ November 2021 Real Estate Statistics

Is the real estate market slowing down? Nope, just running out of gas.

But first...

An article this week in The Maui News reported that September arrivals to Maui were down 18%. That seems like a huge dip. But remember, that was when our governor asked that visitors not come to Hawaii unless they had urgent business here. And they listened, at least for a little while.

In October, it felt like things picked up a little bit until Halloween. Then, even with the annual closure of Front Street and parade, the revelers were out and Front Street was rocking. Lee and Barb happily shared a few scenes of Halloween on Front Street.

Mid-month this month, restaurants were allowed to go back to full capacity, providing there is still 6 feet of social distancing. You still need proof of vaccination for indoor dining, but how many restaurants on Maui are exclusively indoors? So many of the tables are outside anyway.

Meanwhile, back in real estate there are at least 2 big news items related to affordable housing. The first and least controversial is an 800 unit housing development in West Maui. Once completed there will be 100 affordable units, 300 workforce rentals and 400 market rate units. About 100 will also have potential for ohanas. These are slated for 2023. You can get more information in The Maui News.

Also, ostensibly in an effort to create more affordable housing, the Maui County Council considered a proposal to phase out short term rentals in condos located in apartment zoned areas. It's very important to note that short term renal is permitted by the county code in these buildings.

Most of the properties identified were built in the 1960's and 1970's. They were built specifically for vacation rental use. Most of the units are studios of 500 square feet or less or one bedroom units of less than 600 square feet. Most have no storage and no garages. Maintenance fees range from the high $700's to over $2,000 per month. Add that fee to a mortgage, property taxes and utilities, and that doesn't sound like affordable housing to me. That proposal failed due to efforts from the Realtors Association of Maui and a lot of public testimony. However, the council will continue to try and reduce the number of short term rental properties available. 

Missing your Vitamin Sea? Catch up at the AlohaGroupMauiBlog.com.

Sales

Sales are the number of properties that actually closed escrow. These properties likely went under contract anywhere form 2 to 8 weeks before closing.

With the exception of a small spike in August, sales of single family homes on Maui have remained level for the last 5 months. Inventory for single family homes has also remained pretty stable, if you can call consistently low levels of inventory stable. And pricing? It appears that may be easing, or is that just what's selling? We'll dig into that a bit later in the pricing section.

In condo sales however, we see some significant downward movement. And, yeah, it's an inventory issue, but seeing sales numbers go from 240+ units in April, May and June, to just 130 in October, this is telling.

What is it telling us? It's inventory! We went from 506 condos for sale in February to 178 in June. In the last 4 months we have averaged about 130 at any given time.

You can see all the properties for sale on Maui at AlohaGroupMaui.com.

Pending Sales:

Pending sales represent properties that are under contract but have not yet closed. Pendings are the pipeline that tell us how many sales are likely to happen in the next couple of months.

Despite falling inventories, look out below, pending are fairly strong still. Total pending topped out at 886 back in March. The drop to this month's 651 is a significant drop, however, 651 is still a strong number on Maui.

Pending home sales at 223 are at the lowest level this year, but only by one sale compared to the second lowest month back in January. The fact that pending home sales has remained above 200 when available homes for sale have remained at 200 or less on average since February, tells you how quickly homes come to market and go under contract.

Condos are a different story. Pending have declined from a high of 456 in March down to 327 last month. However, unlike homes, inventory has been declining far faster for condos than homes. The current condo inventory is less than half of the current pendings.

You can see all the properties for sale on Maui at AlohaGroupMaui.com.

Inventory:

Inventory tells us how many units are available for sale in each category.

The line is definitely getting old, but inventory is still the story and will likely continue to be the story well into 2022, if not for the entire year. At the end of October, home inventory was down to 179, about 13% less than the average for the rest of the year. Through the beginning of this month, inventory is still declining.

The picture for condo inventory is much more dramatic. In August 2020, condos were plentiful, statistically a buyer's market. Today, there are 134 condos for sale and last month there were 130 sales. That is most assuredly a seller's market.

We are hearing about things "slowing down" on the mainland. Here we are still getting multiple offers, usually over asking price on properties.

Find out what your property is worth at MauiHomeValues.net.

Selling Prices: Average and median sold prices

We look at Average and Median prices in all categories. A lot of people like to know the average price; however, we tend to use median for most of our analysis, because the median is less likely to be skewed by outliers of a few very high priced or very low priced sales.

The average selling price for Maui homes peaked back in April at $1,992,467. Last month the average price was a paltry $1.2 million. Does that mean home prices are finally coming down? I'm afraid not. It seems there were fewer of the very large sales. In October, there were only 2 homes that sold for more than $4 million. In August, there were 8. Oh, and just in case you might think there is also low inventory in the $4 million plus range, there are 46 of them for sale right now. That looks like a buyer's market, and we're happy to help you with one of those.

And, the median price is down as well.

The average condo selling price stayed over $1,000,000. It has been over the million dollar mark 4 of the last 6 months. There were 41 sales of condos over $1 millions and there are currently 46 listed for sale. Even at this lofty price point, it's still a seller's market.

The median price was down from $728,125 in September to $672,500 in October. The median price has been up and down over the last 12 months, alternating between a low of $558,000 to a high of $728,125. Overall condo prices are up 14% according to the Maui MLS.

Do you want to know what your home or condo is worth? Just go to MauiHomeValues.net and enter a few details to get the current value for your property.

Days on Market: (avg-sold listings)

The days on market (DOM) is the number of days a property has been on the market until close of escrow.

The average days that a home was on the market from the day it was listed until it went through the whole escrow process and closed dropped to 100 days even. That is the shortest number of days on market for Maui.

The days on market for condos is still up at 150 days. That is more a sign of how long it takes to close a loan on a condo-tel than it is any signal about the market.

_________________________________________________

 

Get more information and details

To get more information on property and trends, you can search all properties listed for sale at www.AlohaGroupMaui.com.  If you can’t find what you’re looking for there, send us an email to lee@alohapotts.com, and we’ll do our best to get an answer for you.  As we get more requests for information, we’ll add new sections to the website, newsletter or both.

 

About Aloha Group Maui

Aloha Group Maui was founded by L. Lee Potts, MBA, REALTOR® R(B) and Barbara S. Potts, MBA, REALTOR® R(B) and former California CPA. Our team consists of talented professionals; Cheri Miller R(S), Beau Dyer R(B), Angie Liu R(S), Suni Novotny R(S), Keri Nicholson R(S), Myra Plant R(S), Paul Goodman R(B), Jamie Martin R(S), Anthony Freda R(S), Courtney Stice, R(S), Kathy Becklin, R(B), and Tony Brown R(B). We are businesspeople, and we treat our clients with the same care and service attitude that we would like to receive when we do business.  We are in business for pleasure and profit.  We expect that most of our clients will enjoy the property they own in Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit).  Real estate can be highly speculative, and profits are never guaranteed.  So if you are buying property in Maui, it’s a good idea to surround yourself with a professional team.

 

Lee Potts is the former President of an international software company and former Marketing VP of a publicly traded franchise organization.  Lee and Barbara are both licensed under Keller Williams Realty Maui.  

 

Barbara Potts was a CPA with Ernst and Young before joining Apple Computer back when both Steve’s were there (Jobs and Woz).  She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.

 

Copyright 2021 L. Lee Potts

Statistical information in this newsletter is based on actual sales information reported to the Realtors Association of Maui, Inc.  While this information is deemed reliable, it is not guaranteed.  This newsletter is for informational purposes only and not intended as advice for investment or any other purposes.  Real estate is considered to be highly volatile, and purchasers and sellers of real estate should always seek expert outside advice before investing.  

 

 

Nov. 15, 2021

Daily Dose of Vitamin Sea ~ November 15, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Aloha!
Another Monday is gone in the Monday countdown to Christmas...(there are 5 left for those that are counting - is anyone panicking yet?!?!).

In other exciting news, did you hear that Jeff Bezos is moving to Maui? It has been reported that he bought a small, 14 acre beachfront property for a measly $78 million. It was also reported that Bezos made some substantial donations to various Maui organizations, so at least it seems like he's coming with some Aloha spirit! Click here to read more.

All in all things are humming along here on the island. COVID numbers continue to stay low and things are still inching towards "normal." If we haven't talked to you in awhile, send us a note, we'd love to hear from you!
 
Beautiful view of Lanai!
 
Mahalo to Don McLeish for this beautiful sunset shot over Molokai!
 
Posted in Community, Maui Fun
Nov. 1, 2021

Daily Dose of Vitamin Sea ~ November 1, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Aloha!
Did everyone remember to say "Rabbit, Rabbit" first thing this morning? If so, you will apparently have good luck for the next 30 days. Let us know how it goes.

This superstition can be traced back to 1909 and is likely related to the age old fact that rabbits are associated with good luck and have been for over 2,000 years.

So if you failed this month, there will always be another one...
 
There wasn't an official parade on Front Street this year, but that doesn't stop the Halloween revelers!
 
Lahaina Harbor is a great surf spot, reading spot and overall beautiful spot!
 
Aloha Group Maui Current Listings
Posted in Community, Maui Fun
Oct. 29, 2021

Daily Dose of Vitamin Sea ~ October 29, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Happy Aloha Friday and Happy Halloween weekend!
 

It truly is a whole weekend of fun...and candy. For some fun on Saturday night (because come on, who is happy Halloween is on a Sunday night?!?! Says no parent anywhere!), Harvest at Kumulani Chapel is happy to be able to hold their annual Harvest Festival. All are welcome.
 

 
If you prefer to stay off the streets, and away from crowds, the Lahaina Cannery Mall is holding a car Halloween drive-thru that is sure to be spooky!
 

 
Don't want to come to the Westside? Keopuolani Regional Park is offering a drive-thru Halloween, as well as a variety of other locations all over the island. Click here for more information. 
 
Whatever you decide to do, stay safe, have fun and brush your teeth!
 
You can't put your lime in your coconut here, but you can still shake it all up this weekend!
 
"Dance when the sun comes up."
~ A.D. Posey
 
Posted in Community, Maui Fun
Oct. 19, 2021

Daily Dose of Vitamin Sea ~ October 19, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Aloha!

According to the stores, the countdown to Christmas has begun...it is incredibly hard to believe that we are just a few months away from another year. 

But...before we get there, we need to talk Halloween. When we first moved to Maui, I remember a neighbor asking me if I had my costume yet, mind you this was in July, and I quickly came to realize what a big event Halloween is on Maui. This year, we are excited that some of the regular festivities are back. We're still not sure about the famous Front St. parade, but the keiki will be allowed to trick or treat. 

So, what are you dressing up as for Halloween?
 
Our team enjoyed a beautiful day out on the water this past Friday with Ali'i Maui Outrigger. It was a little bit windy, but otherwise absolutely perfect.
 
Posted in Community, Maui Fun
Oct. 12, 2021

Maui Real Estate Advisor ~ October 2021 Real Estate Statistics

Got Inventory?

Hot off the presses:

Own a vacation rental property on Maui? You want to read this!

Late last week the Maui County Council unanimously passed a bill creating a new 3% transient accommodation tax (TAT). It goes into effect on November 1. Mayor Victorino said, "We didn't want this bill, but the state legislature left us no choice."

In the past, Maui received a portion of the TAT that was generated here back from the state. However, the state, think Honolulu, decided they need the money more than Maui does, so they're keeping all of it. That takes about $15 million a year out of Maui's coffers. So, what happens when you don't have enough money? T.T.T., Tax The Tourists.

Safe Travels. Governor Ige has extended the state's emergency proclamation for another 2 months. What does that mean to you? Well, if you are traveling, whether your are a resident or a visitor, Hawaii's Safe Travels program is still in effect. The statewide mask mandate also remains in effect, and, if you were wondering, yea, it's being enforced. Restaurants and other activities, like cruises, will remain at 50% occupancy, down from 75% occupancy.

However, some good news is that the Guv announced an easing of restrictions on Oahu. They can have up to 1,000 people for outdoor events such as weddings. Outdoor seated events can have up to 500. Proof of vaccinations and masks will be required, as well as some other unnamed precautions. The Mayor of Maui has asked the governor to allow an easing of restrictions on Maui. However, at a press conference earlier this week he did not state specifically what he has requested.

Since the delta variant hit we spikes in COVID cases that exceeded our highest daily infection rates ever. It's tough on the economy, but most of the population here is taking it seriously.

And in sports news... The Maui Jim Invitational, Maui's big annual basketball tournament, which is a big deal here on the island, won't be on Maui this year. Due to our pandemic protocols the tourney is being moved to the ninth island. It is better known to non-islanders as Las Vegas.

Sales:

Sales are the number of properties that actually closed escrow. These properties likely went under contract anywhere from 2 to 8 weeks before closing.

September home sales on Maui declined slightly compared to August. However, last month's sales were still the second highest number in the last 4 months. I expect, based on the number of homes in the pending category, that closed sales will remain above 100 homes for the next few months at least.

Sales of condos are continuing their slow decline, but don't read too much into that yet. September sales at 178 are still well ahead of September 2019's 119 sales. If there were more inventory, there would definitely be more sales.

Pending Sales:

Pending sales represent properties that are under contract but have not yet closed. Pendings are the pipeline that tell us how many sales are likely to happen in the next couple of months.

At first glance pending sales seem to be dropping quickly. However, that is mostly due to condo category. Pending home sales peaked in March at 285 and have held steadily in the mid to low 200 range ever since.

Pending condo sales also peaked in March at 456. Now pendings are down to just 295. I say "just" but 295 is higher than all but one month even in the "before times." You know, COVID.

Inventory:

Inventory tells us how many units are available for sale in each category.

This month, the story is the same as last month. We have less than 2 months of inventory for single family homes and less than 1 month of condos for sale.

So, where is this going? I can't see us getting back to pre-pandemic levels for homes or condos anytime soon. In February of 2020, we had 453 homes for sale on Maui. Today we have less than half that number. Single family home inventory could start to rise in the next couple of months, perhaps due to sling sales resulting form the latest COVID restrictions. But with the more recent loosening of restrictions, and the winter buying season just around the corner, I expect home inventory won't increase significantly through the first quarter of 2022. The next few months prior to January rush may be the best opportunity for prospective home buyers on Maui.

Condo inventory has had a steep decline; however, September inventory held, if only at a measly 127 units, the same as August, but it held. And some wise people believe that condo inventory might start to climb soon. Why? As prices continue to rise, the gains might just look too attractive to pass by, especially as many condo-tel owners are still stinging from the steep losses in rental income in 2020.

Selling Prices: Average and median sold prices

We look at Average and Median prices in all categories. A lot of people like to know the average price; however, we tend to use median for most of our analysis, because the median is less likely to be skewed by outliers of a few very high priced or very low priced sales.

The median selling price for a home on Maui dipped below the $1 million dollar mark last month after 3 consecutive months over $1 million. Will it continue to drop? That's not likely. One reason is that new conforming lending amounts for the state of Hawaii were just announced. The new rate is $937,500. This should make it easier for buyers in the million dollar price range to get loans.

The average selling price for a home dropped below $1.5 million. We haven't seen that since November of last year. That doesn't necessarily mean that home prices are coming down. It appears that there were simply fewer of the very high end homes sold during the month.

The median selling price for condos moved back into the low $700,000's, continuing that up and down trend between the mid $600,000's and the low $700,000's. With such high demand and low inventory, couple with the fact that we are still receiving multiple offers, including cash offers over asking price, I expect prices to remain at these levels.

Days on Market: (avi-sold listings)

The days on market (DOM) is the number of days a property has been on the market until close of escrow.

The days on market remained at very low levels, especially for homes. The low numbers is likely a combination of cash sales and the fact that there are more lenders that can process loans, and process them quickly for homes, than there are for condos, especially our condo-tels.

The DOM for condos drifted up a bit, but this is still a very low number. I've also heard through the coconut wireless (think grapevine on the mainland) that there is a new lender entering the condo-tel market in Hawaii that could shake things up a bit.

Stay tuned.

_________________________________________________

 

Get more information and details

To get more information on property and trends, you can search all properties listed for sale at www.AlohaGroupMaui.com.  If you can’t find what you’re looking for there, send us an email to lee@alohapotts.com, and we’ll do our best to get an answer for you.  As we get more requests for information, we’ll add new sections to the website, newsletter or both.

 

About Aloha Group Maui

Aloha Group Maui was founded by L. Lee Potts, MBA, REALTOR® R(B) and Barbara S. Potts, MBA, REALTOR® R(B) and former California CPA. Our team consists of talented professionals; Cheri Miller R(S), Beau Dyer R(B), Angie Liu R(S), Suni Novotny R(S), Keri Nicholson R(S), Myra Plant R(S), Paul Goodman R(B), Jamie Martin R(S), Anthony Freda R(S), Courtney Stice, R(S), Kathy Becklin, R(B), and Tony Brown R(B). We are businesspeople, and we treat our clients with the same care and service attitude that we would like to receive when we do business.  We are in business for pleasure and profit.  We expect that most of our clients will enjoy the property they own in Maui (pleasure), and it would be nice for everyone if your property performs well for you (profit).  Real estate can be highly speculative, and profits are never guaranteed.  So if you are buying property in Maui, it’s a good idea to surround yourself with a professional team.

 

Lee Potts is the former President of an international software company and former Marketing VP of a publicly traded franchise organization.  Lee and Barbara are both licensed under Keller Williams Realty Maui.  

 

Barbara Potts was a CPA with Ernst and Young before joining Apple Computer back when both Steve’s were there (Jobs and Woz).  She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.

 

Copyright 2021 L. Lee Potts

Statistical information in this newsletter is based on actual sales information reported to the Realtors Association of Maui, Inc.  While this information is deemed reliable, it is not guaranteed.  This newsletter is for informational purposes only and not intended as advice for investment or any other purposes.  Real estate is considered to be highly volatile, and purchasers and sellers of real estate should always seek expert outside advice before investing.  

 

 

 

 

Oct. 8, 2021

Aina Nalu News - Q3 2021

Aloha from your resident experts!

The island has settled down somewhat since the "summer of freedom", but whether that is due to the Mayor asking visitors to rebook their travel until the Delta variant has calmed down or just normal October slowdown, we're not really sure. Probably a combination of both.

What about Aina Nalu you ask? Vacation rentals are up, not as much as we would like to see, but units are slowly starting to make some income. Real Estate activity actually doesn't seem too drastically different than the past two years. What is noticeably different is that units are not staying on the market very long and we continue to end each quarter with no active listings.

As you can see, prices are trending up and units are starting to sell at or above asking prices; by all indications it looks like it will continue to go that way. The average days on market for pending units now is only 24, with the last few new listings going into escrow within a day or two.

As noted in the last issue, Maui condo sales and pending sales are still very high; but inventory continues to be very low. At the end of the quarter there were only 127 condos for sale and 234 condos in escrow, and there were 187 condo sales in September. We will continue to keep our eye on things and keep you updated.

From July 1 to Sept 30 there were 6 listings and 3 closed sales. There were 0 cancelled listings, and 0 expired listings at the end of the quarter. There were 0 active listings and 3 pending sales at the end of the quarter. As of 10/7, there are 5 units in escrow (2 new listings that went into escrow after 9/30).

For more Maui real estate information, check out our Maui Real Estate Advisor.

Oct. 7, 2021

Daily Dose of Vitamin Sea ~ October 7, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Aloha!

We received great news from Mayor Victorino last week. He decided, despite being denied by the Governor, to lift the ban on no spectators at community youth sporting events held outdoors. 

In other exciting news, the first whale has been spotted off the coast of Maui! It is a bit early, but according to whale researchers, not too early, so welcome home favorite friends! 
 
Every day is a new beginning,
take a deep breath and start again."
 
Another installment of Friday Night on Front Street with Lahaina Lee Potts!
 
We love supporting local and if you love banana bread then you'll love supporting this sweet little company! Located in a VW bus at Napili Farmer's Market, Maui Banana Bread Company is made with all love (and deliciousness!). Check them out Wednesdays and Fridays from 9-12. #feedthesoul
Posted in Community, Maui Fun
Sept. 29, 2021

Daily Dose of Vitamin Sea ~ September 29, 2021

Update from Maui ~ your daily dose of "vitamin sea"

Aloha!

Mayor Victorino sent a request to Governor Ige to relax Maui's Safer Outside Emergency Health rules. Read more here. He didn't release any specifics of what he asked for, but here's hoping! If the Governor accepts any of the changes it will go into effect on October 1...

...which is Friday! Who can believe it is already October...of 2021?!? Does anyone else feel like we just finished with Christmas 2019?
 
"Foam is white and waves are grey, 
Beyond the sunset leads the way."
~ J.R.R. Tolkien
 
Friday Night on Front Street with Lahaina Lee Potts!
 
"I can unequivocally say that Kathy Becklin is likely the best, most caring, most detailed, most responsive, most helpful real estate PROFESSIONAL I have ever met...
She is fun, she is thorough, she is knowledgeable and when she isn't diving...she answers her phone...
If you are buying or selling on Maui...reach out to Kathy.
She is the best there is."

~ Chuck & Lisa
Posted in Community, Maui Fun