The Latest From Our Blog

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

 

Feb. 21, 2019

Maui Real Estate Advisor - January 2019

January 2019

Sales Statistics

The beginning of the New Year brings with it continued and heightened discussions of inventory, interest rates, and a shift in the real estate market. The shift in Maui will be exemplified by fewer sales at the mid and lower price points due to lack of inventory. On a national basis we are also being told there will be a slowdown in the luxury sector. However, given an overabundance of inventory on Maui, creating a buyer's market, and a rumored slowdown, now couldn't be a better time to buy a luxury property on Maui. But, overall, it still looks like a seller's market to me. 

Sales:

Single Family Home Sales declined precipitously in January to the lowest number in the last 2 years. Condo sales remained strong with 130, but it will be difficult to maintain that pace with inventory declining so rapidly.

Pending sales:

Pending sales represent properties that are under contract but have not yet closed. They are a key indicator of future sales.

Although pending sales were below 500 units at the end of January, as of this writing, they are over 500 for the first time in 6 months. While that is somewhat heartening, it is still well below the same month a year ago, when pending were just under 600 units, a decline of just under 17%. But with interest rates still at historically low levels, buyers still want to take advantage of rates and get into the market while rates are low. 

Inventory:

Inventory tells us how many units are available for sale in each category. Inventory for homes had a modest decline of just under 4%, while condo inventory went the other way with an increase of 5%.

While the overall inventory for homes has actually stayed fairly steady, give or take about 20 units every month for the last year, the inventory for condos is down about 14% over this time last year. And the inventory we have for homes is mostly at the pricier end of the market. Less than 20% of the homes currently listed are priced at or below the median selling price. 

Selling Prices: average 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 median is less likely to be skewed by outliers  of a few very high priced or very low priced sales. 

It is worth noting that the average selling price for homes seemed to peak back in October at $1,165,670 after a previous high a year ago in February 2018 of $1,212,000. So, maybe there is some softening at the higher price points in the market. 

The medial price also had a peak back in October. If we look further back at the numbers from the end of 2017 through early 2018, we see that the median price has continued to trend up while inventory remains steady or slightly down.

Condo prices have been trending up since the beginning of the year. Early last year, 2018, the median selling prices were firmly in the mid-$400s after being as low as $400,000 in November of 2017. However, back in November of 2017 there were 624 condos for sale. Today, there are only 560 and even that is an increase from only 500 in November. Perhaps the higher price points could bring some additional properties to market by sellers looking to case in while the market is still favorable. 

Days on Market: (avg-sold listing)

The days on market is the number of days a property has been on the market until close of escrow. That number seems pretty stable. Normal financed sales take 45-60+ days, so on average, homes and condos are on the market up to 100 days before they go into escrow. I believe we are still seeing a downward trend in days on market.

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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 our 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. We are business people, 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 on 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 fi you are buying property on Maui, it is 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 with both Steve's were there (Job and Woz). She was also Director of Strategic Marketing for Grass Valley Group, a division of Tektronix, and a business broker in California.

 

 

 

Feb. 20, 2019

New Listing H205 - Aina Nalu Condo for Sale!

Aloha,

The sun is shining and the birds are chirping; our beautiful weather is back! We are excited to list another condo in our favorite location on Maui, Aina Nalu. 

 

 

The highlights of this particular condo are that it is located on the second floor of Aina Nalu, so it boasts vaulted ceilings and creates a lighter, more open feel to the all of the rooms in the condo. Also, because of the configuration of the units in the H building, it has more counter and living area space which makes it a great gathering area for all the friends and family you will have visit!

 

 

The grounds of Aina Nalu are beautifully maintained and host an abundance of tropical foliage and palm trees. There are 2 pools, one being an oversized saline pool, cabanas, a hot tub and a pavilion.  

 

This Aina Nalu condo for sale is all about location, location, location! Located in the heart of Lahaina Town, it is an easy walk to a variety of restaurants, to the beach, the harbor, shopping, etc. The Maui bus is also conveniently located (not that you'll need it...you have everything you could ever need a short stroll away!). 

 

This 2 bedroom, 1 bath condo is 772 SF and is listed at $510,000. 

 

With Warm Aloha,

Lahaina Lee

Posted in Listing News
Feb. 19, 2019

New Listing! Opukea D303

Aloha!

 

We have an Opukea residential condo for sale in Lahaina! This 2 bedroom, 2 bath condo is located right in the middle of Lahaina, and restaurants, shopping, and entertainment are all easily accessible (many are even within walking distance). 

The seller is the original owner, and this Maui condo is still in prime condition. It has a spacious open floor plan (1,269 SF), which includes an abundance of counter space, a dining area and a generous lanai that is situated so you get plenty of tropical breezes. 

The condo is located in a quiet part of the complex, but is also near the pool, BBQs and the fully-equipped gym. It is near the elevator, so those trips to Costco will be easy to unload. Opukea is also one of the few pet-friendly condos in the Lahaina area. 

The condo is priced at $580,000. Let us know if you have any questions or if you'd like to schedule a showing! Click here for more information. 

With warm aloha,

Lee

 

Aloha Group Maui - Keller Williams Realty Maui can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. Aloha Group Maui - We Are Your Maui Real Estate Professionals.

Posted in Listing News
Feb. 18, 2019

Free February 1031 Exchange Seminar

Aloha,

Join us on February 28 in Kahului at the American Savings Bank for a free 1031 Exchange seminar. Learn how to increase or upgrade your portfolio and create a financial plan to leave a legacy. We will discuss these topics and much more, so bring your questions and let us help you build your wealth through a 1031 Exchange. 

We hope to see you there! Please RSVP by clicking here or call us at 808.798.5549

 

Aloha Group Maui - Keller Williams Realty Maui can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. Aloha Group Maui - We Are Your Maui Real Estate Professionals.

Feb. 11, 2019

Top 10 Reasons You Should Move to Maui

Hawaii, and in particular Maui, is the perfect paradise. Here are the top 10 reasons you should move here...

 

  1. Perfect Climate - The average temperature in Maui is about 78 degrees Fahrenheit. ALL. YEAR. LONG.
  2. Sunsets and Rainbows - Your Instagram feed will be full of these pictures because each sunset or rainbow will seem better than the one before and you want everyone on the Mainland to experience the beauty.
  3. The Ocean - There is a seemingly infinite amount of water activities to try and an infinite amount of sparkling, crystal water in which to try the activities.
  4. Beaches - White sand, black sand, red sand. West side, South Side, East Side. If you get tired of basking in the sun or of the same old whales day after day, try the beach down the road. Again, your Instagram feed will be full of beach pictures, these are particularly pleasant to share November - April to those living in less than perfect weather conditions.
  5. Short Commute - No matter where you work or play, nothing is much more than an hour (except maybe if you're going up to Haleakala) and no matter where you're driving, it is bound to be beautiful.
  6. Laid Back Lifestyle - Once you move here you quickly realize islandtime is an actual thing. 
  7. No Snakes (or bears, or mountain lions) - Okay, not entirely true, there is a Hawaiian Blind Snake. But it is about the same size and holds the same amount of harm as an earthworm.
  8. The Food - Fresh caught fish, need I say more?
  9. The Drinks - Mai Tais, Lava Flows, Maui Mules, Blue Hawaiis, Pina Coladas and all served with a little umbrella. Paradise in a cup.
  10. Aloha Spirit - Love, peace and compassion. Why wouldn't you want to live in a place where this is "law?"

 

Aloha Group Maui - Keller Williams Realty Maui can help you buy, sell, or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. We are your Maui Real Estate Professionals.

Posted in Community, Maui Fun
Feb. 8, 2019

Top 10 Places Within Walking Distance from Aina Nalu...

…according to Aloha Group Maui. Located in the heart of Lahaina Town, one of the benefits of living at Aina Nalu is that you don’t really need to use a car that often (or ever). Groceries, restaurants, beaches, and entertainment are all within walking distance from the Aina Nalu condo complex and if you need some ideas, our top ten (in no particular order) are listed below:

 

  1. Lahaina Historic Walking Tour - Lahaina is a town steeped in a rich and colorful history; it has it all, missionaries, rabble-rousing sailors, and Hawaiian Royalty. There are both self-guided tours (click here for a PDF map) or you can sign up at the Old Lahaina Courthouse for a guided tour. 
  2. Entertainment - Warren & Annabelle's Magic! and 'Ulalena at Maui Theater are both worth the time and the ticket price.
  3. Sunset Sails - With or without dinner and with or without Marty Dread (on the latter, you definitely want the with...)
  4. Total Relaxation or Surfing - Perfect breaks, perfect water temperature and perfect sunsets are just a short stroll away.
  5. Luau - The Feast at Lele is a beautiful venue to bring all your friends and family!
  6. Shopping, shopping and more shopping - Front Street and the Outlet Mall, need we say more?
  7. Fantastic Food - There are so many great restaurants, coffee shops, ice cream shops, shave ice shops, etc., that you could go weeks without having to repeat yourself.
  8. Lanai - Take a trip to Lanai for the day or the weekend right from the Harbor.
  9. Whale Watching - That's it, just whale watching.
  10. ...and the best fish taco in Lahaina that has not yet been determined!

Let us know what your top 10 spots within walking distance of Aina Nalu are and if you don't know, then maybe it is time to move here to find out!

View of Lahaina from out in the harbor

 

 

Aloha Group Maui - Keller Williams Realty Maui can help you buy, sell, or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. We are your Maui Real Estate Professionals.

Posted in Community, Maui Fun
Feb. 5, 2019

Best Fish Taco in Maui?

Aloha,

There is no better place for fresh fish than Maui and there are so many ways to prepare it. One of our favorite ways to eat fish is in fish tacos (this is also a good way to get those who are less inclined to like fish to eat it and enjoy it) and we have had some good tacos, but maybe not the best?! 

Join us on our quest to find the BEST fish taco in Lahaina. The only rule is that it has to be within walking distance from our favorite condo complex, Aina Nalu (which is also right next to our office, so guess what we'll be having for lunch the next few weeks...). Follow us on Instagram and Facebook to find out where we're eating, which tacos we like best and ultimately our favorite fish taco in Lahaina!

With aloha,

LahainaLee

Posted in Community, Maui Fun
Feb. 1, 2019

Kaanapali Shores Sales Stats Q4 2018

 

Aloha!

Kaanapali Shores continues to experience strong buyer demand with a low supply of inventory. In the last six months of 2018 there were 18 units sold, and there were only 10 active listings at the end of the year. At that pace, we have a little over 3 months of inventory, which is an indicator of a seller's market. Of the 18 sales, all but one were ocean-view units. 10 were ocean-view one bedroom units, and 2 were leasehold units. The average days on the market for sold units was 134, down from 137 in Q2.

If we compare 2017 to 2018 sales at Kaanapali Shores, here are the statistics:

The number of sales units increased by 37.5% over 2018, and we continue to be constrained by the lack of inventory.

Overall inventory for Maui condos is down 16% from December 2017; sales are down 14%, and median prices are up over 11%. While K.Shores unit sales far outpaced the Maui-wide sales, our price increases lagged, but that was primarily due to a much higher number of leasehold units sold in 2018 over 2017. Our inventory is down now, and we still only have a little more than 3 months of inventory. Not only is demand high, but in spite of increasing interest rates there was a substantial increase in the number of sales that were financed at Kaanapali Shores in 2018. This is evidence that buyers have faith in the future value of the property and the revenue stream from rentals.

With sold prices nearly matching the record highs of 2005 and 2006, this may very well be the time to sell if you've been considering relocating your investment assets or upgrading your investment. We're here to help!

Feb. 1, 2019

Maui Real Estate Advisor - End of Year Wrap-up

Inventory tells the tale of the market

Prices for homes stall while condo prices soar 

How is the market? Well, 2018 got off to a slow start, but at the end of the year sales were up for both homes and condos. Home sales finished up a modest 3.3%, but condo sales shot up 13.8%.

Home prices on the other hand finished the year flat.  The median selling price did finish a modest 2.2% higher than 2017; but, the average selling price finished unchanged for the year. 

The market for single family homes will slow in 2019. It has to. The inventory of homes for sale is down 13.2% compared to 2017, and 2017 inventory was off 6.4% from 2016.

Based on the current rate of sales, we have enough inventory, homes for sale, 514 units, to last a little over 5 months. That would be perfectly adequate, except for one thing.  The number of homes for sale at or below the median selling price of $710,000 is only 107, and at the current rate of sales that’s only enough inventory for approximately 2 months. 

On the other hand, if you are looking for a luxury home, we have lots to choose from.

Condos had another big year. Sales volume and median selling prices both had double digit increases. Unit sales increased 13.8% over 2017 and the median selling price was up 12.4%. The average selling price for a condo was up 6.3%.

We will also see some slowing in the Maui condo market. At an average monthly sales pace of 133 units, we have enough total inventory to last for only about 4 months. However, the inventory for condos selling $500,000, the median selling price, or less, there is only 2.5 months of inventory available.

Additionally, as selling prices and interest rates, especially the rates for condo-tels, continue to increase, there are fewer people who can afford to get into the market.

While we still have plenty of buyers, they are getting more cautious and picky. The market is still favorable, but if you are just thinking about selling, it’s time to get off the fence.  

 

So, if condos are in short supply, why hasn’t this one sold yet?

 

If that headline sounds familiar, there is a reason. It’s the same as last year.

If you are selling a condo in a complex that allows short term rentals, the average days on market is 156. As the price point goes up, so does the days on market number.

If you are selling in a complex that does not allow short term rentals, the average days on market is only 96 days and the median is 57 days. If your unit is on the market longer than that, you might want to look at the price and/or condition.

Of course, there are other conditions that come into play, but we’ll discuss those in a separate post.

Area Highlights

The hot spot (as usual) is Kihei. With 611 sales for the year, Kihei accounted for 37% of all condo sales. This year’s sales were up 5.2%. The average price was up 6.5%, which mirrored the Maui average. However, the median price, while up a healthy 9.3%, lagged behind the island average of 12.4%. Additionally, the $410,000 median selling price is almost 20% below the Maui median. 

Sticking to the south side, Wailea/Makena was red hot with 216 sales. The average selling price was actually off by almost 10% compared to 2017, but still a touch over $1,500,000. The median selling price was up a modest 3%. Wailea sales were given a boost by Keala O Wailea, a new development that does not allow short term rentals.

West Maui is the other big regional market for condos. The west side districts comprised of Lahaina, Kaanapali, Honokowai, Kahana, Napili and Kapalua accounted for 549 sales, 33% of all the sales on Maui.

About 45% of those sales come from the district of Napili/Kahana/Honokowai where sales were up 9.4%. The median selling price was $438,500, up 5.7%, a respectable gain, but still below the Maui average.

Kaanapali sales jumped 34% to 173 units. Price increases lagged well behind the rest of the island with the average selling price up 3.4% to $1,104,534 and the median up just 2.7% $801,000. The hot properties in Kaanapali were Kaanapali Shores and Honua Kai.

Lahaina condo sales were up a respectable 16%. The average selling price was up 18%, but the median increased only 4.3%. Kahoma Village, new development with a mix of workforce and market price housing, accounted for much these noted gains. It will have a bigger impact in 2019 as only a small number of the planned units sold in 2018.

Kapalua finishes off the West Side. With 45 units sold, sales were down by 18% compared to the prior year. The average selling price was up 3.4% and the median was up by 8.6%.  

Central Maui’s Wailuku and Kahului accounted for 203 sales. Interestingly, the number of sales for Kahului in 2018 was exactly the same as 2017 with only 35. However, Wailuku sales were up by 35 units or 26%. More than 30% of those Wailuku sales came from one new complex, Kamani at Kehalani.

Last year I said that buyers had finally found Maalaea. This year buyers continued to see the value in this area that offers an ideal central location and a consistent breeze… OK, it can be windy. However, the space that most people use most of the time is protected. And sales are up 7%. That’s not a huge number, but average selling prices were up just over 20% and the median selling price is up 32%, the biggest increase on the island.

For more information on these or any other units send an email with your request to info@AlohaGroupMaui.com or, visit our website at wwwAlohaGroupMaui.com.

 

Single family home sales up, but slowing

Prices are up and inventory is down 

 

While the number of single family homes sold in 2018 rose, it was a smallish increase, only 3.3%. But that was still more than the 2% increase we had back in 2017. The important thing is that we had an increase, in spite of thin inventory. Inventory, being the culprit for declining sales as we’ve already mentioned, was down 13.2% from 2017. There are signs of a “shifting” market, most prominently in sales prices. The overall median selling price year-over-year was only up by 2% and the average selling price was flat at zero percent change. A normal market, whatever that is, has a historic increase of 4 – 6% per annum on Maui.

Our overall inventory doesn’t really indicate a shortage. After all, we have almost 6 months of inventory indicating a balanced market. Of course, that’s the whole market and we like to look at both markets, meaning the higher to luxury end of the market and the market for everyone else.

The median selling price on Maui for 2018 was $710,000. We were selling about 45 homes per month at that price point or lower. We currently have 107 homes on the market priced at $710,000 or less. That is enough to last just slightly over 2 months. That is clearly a seller’s market.

Area Highlights

The biggest percentage gainer of any of the major areas in Maui County was Kaanapali. Kaanapali was hot in 2018 with a 56% increase in homes sold. The median selling price was just over $1.8 million. There were 3 homes sold per month on average and, with 30 active listings there now, there are plenty of homes for sale in Kaanapali.

The island of Molokai was also hot with a 41% increase in sales. The average selling price there rose a modest 2.7%, but the average price plunged to $320,000, a drop of 17.6%.

The major Maui area with the most sales was the central area of Wailuku/Kahului. Wailuku had 264 sales and Kahului had 137. Wailuku’s number of sales rose 22.8% with the help of some new developments.

Kahului sales declined and that is likely to continue. Kahului has one of the more desirable price points and there is currently only enough homes for sale to last 2 months.

The next largest area for home sales was Kihei. Kihei sales were down from the previous year by 10%. The median price declined by less than ½ of 1% to $700,000. As of this writing there are 56 homes for sale in Kihei and only 7 are priced at the median price or below.

The number of home sales in Lahaina declined by 18.5%. The median selling price dropped by 22.7% while the average selling price rose by 5%, indicating some sales at the higher price range to skew the average. There are currently 8 homes for sale in Lahaina at the median price or lower.

Another popular west side district, Napili/Kahana/Honokowai, also had a significant decline in sales, down 24%. However, both the average selling price and the median selling price were up 4% and 5% respectively. With a median selling price of $924,000 there are only 2 homes currently for sale at or below the median.

Wailea/Makena had better news for buyers. Sales there were up 21.4%. Perhaps the fact that the average selling price was down 29% and the median was down 19.5% helped attract more buyers to that upscale location.

Sales in the Kula district declined 10%. The area remains a popular option for those who prefer a cooler climate. Prices reflected the popularity with the average up 8% and the median up 12% to $950,000.

Just down the mountain a ways in the somewhat more affordable Pukalani, the median selling price at $704,000 was up a modest 3.5%. However, the number of home sales was off 22.6%. Currently, there are only 6 homes priced at or below the median selling price.

All the way back down the mountain to Paia and Spreckelsville sales were up by 4 homes. Prices however, were down significantly. The average selling price was off a whopping 56.4%, but that is still $1,161,743. The median was off 34.6% to $795,000.

Rounding out the island overview is green, serene Haiku where the number of sales increased by 8%. Both the average and median selling price were ahead of the Maui average, coming in at 8% and 11.8% respectively. 

For more information send an email with your request to info@alohagroupmaui.com, or see all of the listings on Maui at www.AlohaGroupMaui.com.

Be sure to visit us online at AlohaGroupMaui.com

 

A hui ho!

 

Aloha Group Maui - Keller Williams Realty Maui can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. Aloha Group Maui - Your Maui Real Estate Professionals.



Jan. 28, 2019

New Listing! Aina Nalu J208

Aloha!

We have a new listing at one of our favorite locations on Maui,  Aina Nalu! Located in the heart of Lahaina Town, this condo complex is just a short stroll from Lahaina's famous Front Street. You can enjoy the wonderful restaurants, shopping and art galleries. It is all about location, location, location, right?! 

660 Wainee St.

Lahaina, HI  96761

2 Bed/2 Bath   832 SF

MLS #381481   $540,000

 

Aloha Group Maui - Keller Williams Realty Maui can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. Aloha Group Maui - We Are Your Maui Real Estate Professionals.

Posted in Listing News