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!

 

May 26, 2020

Daily Dose of Vitamin Sea ~ May 25, 2020

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

Happy Memorial Day! Mahalo nui loa to all those who have served and sacrificed for the freedoms of our country. We want to take a moment to honor those who are currently serving, who are veterans, and to those that have given the ultimate sacrifice. Always remember. 
 
 
"You will never know what it cost my generation to preserve your freedom. I hope you make good use of it."
~John Adams
 
Stay safe and well.
Click here for the latest updates from Maui
May 25, 2020

Daily Dose of Vitamin Sea ~ May 22, 2020

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

Happy Aloha Friday! Kaanapali Beach is spectacularly empty, the water is crystal clear and there is a mile of white sand waiting to be relaxed upon. We hope you have a great weekend and that as things slowly start to open and recover that you are able to stay safe and healthy. 
 
 
Out for another beautiful walk. We just can't resist documenting paradise!
 
" 'Cause a little bit of summer is what the whole year is all about."
~John Mayer
 
Stay safe and well.
Click here for the latest updates from Maui
 
May 20, 2020

Daily Dose of Vitamin Sea ~ May 20, 2020

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

We're loving having the beaches open again, and for the most part it seems as though everyone is being respectful at maintaining their distance and not gathering in large groups. As summer hits and the heat comes in earnest we continue to be thankful that we have a place to go cool off!
 
 
This is one of our favorite places on Maui!
 
"Hope is being able to see that there is light despite all of the darkness."
~Desmond Tutu
 
Stay safe and well.
Click here for the latest updates from Maui
May 18, 2020

Daily Dose of Vitamin Sea ~ May 18, 2020

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

Things are feeling a bit more positive and hopeful on Maui; beaches have been opened (for a trial period of 2 weeks), and most retail stores have also been reopened (with some rules and regulations). The number of cases in Hawaii is diminishing (with only 2 cases reported on Maui for May so far!), and the weather is beautiful! 
 
 
Maui No Ka ʻOi magazine usually hosts an award Gala to announce the ʻAipono (ʻai - to eat, pono - excellence) Maui Restaurant awards. It was, obviously, cancelled this year, but they still did a themed virtual awards presentation. Check it out to see if your favorite restaurant made the list!
 
"Keep your face always toward the sunshine and the shadows will fall behind you."
~Walt Whitman
 
Stay safe and well.
Click here for the latest updates from Maui
 
May 12, 2020

Maui Real Estate Advisor - May 2020 Sales Statistics

Condo Sales Plummet, But Price Stay Steady

 

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.

The hot new phrase in real estate is, "we're taking a pause." And we are seeing both buyers and sellers taking a pause.

While singe family home sales were down in April compared to March, the number of sales were in line with the average number of sales for the last 6 months.

Condos were a different story. For the 6 months prior to April, October of 2019 through March of 2020, there was an average of 133 condos sold per month on Maui. In April, which is usually a big month as the winter buying season winds down, the number of sales was a mere 85. That is down 46% compared to March.

It's even worse when we dig into the data and see that 15 of the 85 closed sales were from the new Honua Kai development, Luana Gardens and another 4 were the new Kahoma Village units. It we pull those out the drop in condo sales is just shy of 60%.

It may be worth keeping an eye on the number of sales for condos that allow short term rentals. This month 55 of the units that sold allow short term rental, the remaining 30 do not. With a moratorium on allowing short term rentals and no rental income for those properties, we expect some impact to be seen on listings and sales for those properties that rely on short term rental income to cover expenses.

Pending Sales:

Pending sales represent properties that are under contract but have not yet closed. Pendings are the pipeline that tells us how many sales are likely to happen in the next couple of months. OVerall, pending sales dropped by 30%

Single family home pending sales peaked and then dropped 31% to 131 compared to 190 in March and 228 in February. However, home sales were already trending down due to limited inventory and affordability. Those last two factors, inventory, and affordability will likely continue to be the most critical factors in the health of the single family home market. 

Condo Pending sales peaked in February with 306 total pendings. The number of pendings has dropped by more than 50% since then. As we look back in the future months and perhaps even future years, we may see that as the top of the market for the number of sales. 

Inventory:

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

The number of Single Family homes for sale has been on the decline since February 2019 when it us up to 502 homes. with only 420 homes for sale at the end of April, there are 16% fewer homes for sales than at the peak. It is also notable that the number of new listings in April of 2020 compared to April 2019 are down 42%. So, not only is the number of homes for sale down, the rate of new homes coming to market is also off significantly. With lower interest rates in place and no sign of that changing, and prices holding steady, I expect supply and demand will continue to be the key factors affecting home sales.

Condo inventory rose by 6% month over month. However, after dipping to 444 condos for sale in February, inventory has jumped by 22%. Two months ago, we had just 4 months of inventory, indicating a seller's market. With the rise in inventory and the drop in sales, April's numbers represent a fairly balanced market with just over 6 months of inventory.

If condo buyers continue to "take a pause", we will see the condo market flip to a buyers market in short order. But don't expect to see any deals, at least not right away.

Selling 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.

The Average selling price for homes dropped 17% in April compared to March, which sounds huge. However, it did manage to stay above the magic million dollar mark. It was also higher that the average selling price in either January or February of this year. The high point in the last year and half was $1,455,064, back in October of 2019.

The Median selling price for homes slid to $754,522 in April. However, aside for an apparent spike in March, April's number was still higher than 5 of the previous 6 months. So, I don't see any evidence of home prices softening.

The Average selling price for condos had a huge 26% increase. However, 15 of those sales were at the new Luana Gardens, phase 3 of Honua Kai, and all of those sales were $1.9 million and up. Some of those units had been under contract, or pending, for over 600 days.

If we pull the Luana Gardens sales out, the average selling price drops to $757,506, which is still much higher that most of the previous 6 months.

Those sales also had an impact on the Median Selling price, which rose to $602,722. Without Luana Gardens, sales fall back to $538,000, which is down a bit since the beginning of the year, which started out hot. But, that is almost $100,000 higher than the median selling price in April of 2019.

Days on Market:

The days on market is the number of days a property has been on the market until the close of escrow. Was the increase in DOM for condos due to the Luana Gardens closings?

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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. Our team consists of talented professionals: Angie Liu R(S), Beau Dyer R(B), Cheri Miller R(S), Keri Nicholson R(S), Paul Goodman R(B), Suni Novotny R(S), and Tony Brow R(B). 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.

Lee, Barbara and the team are licensed under Keller Williams Realty Maui.

May 11, 2020

Daily Dose of Vitamin Sea ~ May 11, 2020

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

We hope everyone had a great weekend and a wonderful Mother's Day! If you're looking for some great fish, look no further than Paia Fish Market (in Lahaina). They are now open for delivery and take out (you can even walk through the drive through...).
 
Today is the day of Maui's "soft opening", but it still seems pretty quiet on Front Street!
 
"I love how fog evokes a sense of promise.
What lies beneath the mist?"
 
Stay safe and well.
Click here for the latest updates from Maui
Posted in Community, Maui Fun
May 8, 2020

Daily Dose of Vitamin Sea ~ May 8, 2020

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

Happy Aloha Friday! We hope you all have a fantastic weekend. 
 
 
We're excited that things are slowly starting to open, but just remember that we still need to be safe and keep our distance.
Be the turtle, not the fishes. 
 
"Ships don't sink because of the water around them. Ships sink because of the water that gets in them. Don't let what's happening around you get inside you and weigh you down."
 
Stay safe and well.
Click here for the latest updates from Maui
May 7, 2020

Daily Dose of Vitamin Sea ~ May 7, 2020

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

It is a beautiful Thankful Thursday and we are so grateful to live where we do during this time.
 
It was a beautiful, quiet morning near the Lahaina Harbor. The water is so crystal clear right now.
 
"The cure for anything is salt water - sweat, tears or the sea."
~ Isak Dinesen
 
Stay safe and well.
Click here for the latest updates from Maui
 
Posted in Community, Maui Fun
May 6, 2020

Daily Dose of Vitamin Sea ~ May 6, 2020

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

It is another beautiful day on Maui and we hope you had some great food yesterday (we sure did!). Tomorrow marks an exciting day for our community; Governor Ige has announced Phase 1 of re-opening a few types of businesses. We are optimistic as we move forward into whatever the new normal will be! And if nothing else, we'll take to the seas...
 
We're sure sorry you missed Chef Juan's carnitas, they were amazing! However, Chef Juan and Penne Pasta are still open for take out and have a variety of other delicious menu options. 
 
"One of the very nicest things about life is the way we must regularly stop whatever it is we are doing and devote ourselves to eating."
~ Luciano Pavarotti
 
Stay safe and well.
Click here for the latest updates from Maui
 
Hale Napili 17
Studio, 422 sf
$415,000 FS
 
View More Hale Napili 17
 
May 6, 2020

Daily Dose of Vitamin Sea ~ May 5, 2020

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

Happy Cinco de Mayo AND Taco Tuesday! Whether you celebrate or not (maybe get rid of a case of Coronas), we hope you have a day full of hope and beauty!
 
Sunset coming to you from Lahaina!
 
"But then there are magical, beautiful things in the world. There's incredible acts of kindness and bravery, and in the most unlikely places, and it gives you hope."
~Dave Matthews
 
Stay safe and well.
Click here for the latest updates from Maui
 
Hale Napili 7
Studio, 381 sf
$450,000 FS
 
View More Hale Napili 7