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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!

 

July 21, 2021

Aina Nalu News - Q2 2021

Aloha from your resident experts!

The second quarter of 2021 sure has looked different than the second quarter of 2020! Last year at this time, we were deep in the throes of COVID and a very quiet island - how times have changed! Restaurants and activities are booked out for months and I've heard hotel prices are pretty high, but if there is a silver lining to the crowds, it is that things seem to be moving back to normal.

Things still might feel quiet at Aina Nalu as far as real estate goes, however; there have only been 2 units listed since February and only 5 units listed for sale this year. Two units that closed escrow were listed before 2021. Out of the 6 units that closed this quarter, 3 cash sales.

There is only one unit in escrow currently, a two-bedroom in the G building, and the units that went into escrow this quarter were on the market for 2 months or less. 

Units are selling at a higher price than Quarter 2 last year due to demand and lack of inventory. The vacation rental market seems to have recovered with flying colors and visitors are still pouring into Maui in droves; it doesn't look like it is going to slow down anytime soon. It is almost like everyone was confined to their homes for a year?!? However, that doesn't necessarily mean the real estate market is still as hot. Inventory continues to be low and prices continue to increase, which might end up pushing some people out of the market. 

Overall, Maui condo sales and pending sales are still very high for this quarter; but inventory continues to be very low. It doesn't seem like it will be sustainable at this rate, but we will keep our eye on the market and keep you updated! For more details on current Maui real estate prices and sales, click here for the latest Maui Real Estate Advisor with all the stats. 

From April 1 to June 30, there were 7 listings and 6 closes sales. There were 0 cancelled listings at the end of the quarter. There were 0 active listings and 1 pending sale at the end of the quarter.

_____________________________________________

Aloha Group Maui is a team headed by L. Lee Potts, MBA, REALTOR® R(B) and Barbara S. Potts, MBA, REALTOR® R(B) and former California CPA. 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 – and we do it with Aloha! 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 Real Estate Professionals.

Lee Potts holds an MBA and was the President of an international software company. He was also the Marketing VP of a publicly traded company and has been investing in real estate since right out of college.

Barbara Potts holds an MBA, was a CPA with Ernst and Young, held a financial management position at Apple, was Director of Strategic Marketing for Grass Valley Group (a division of Tektronix), was a business broker in California, and has always been a real estate investor.

We would be honored to represent you with a purchase, sale or 1031 Exchange of Maui real estate. If you’re in Lahaina Town, stop in and see us - our office is across the street in Dickenson Square, in Suite 212.

Copyright 2021 L. Lee & Barbara S. Potts
Statistical information in this newsletter is based on actual sales information reported to the R
ealtor’s 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.

July 13, 2021

Maui Real Estate Advisor ~ July 2021 Real Estate Statistics

Visitors are back, restaurants are as full as allowed, rental cars are sparse and real estate...

Update in brief

It seems like most of Maui wasn't expecting it. The Maui Visitors Bureau wasn't the hotels and condo complexes weren't, and the car rental companies certainly were not, but the visitors are here. In fact, we're expecting more visitors this July than we had in July 2019. That seems to be the good news and the bad news.

The good news is our regulars are returning. Unfortunately, it seems like we are getting some newer visitors that are unfamiliar with the meaning of Aloha.

The supply of rental cars is somewhere between short and nonexistent, and what is available is pricey. And the cars that are available all seem to be illegally parked on the Road to Hana, hindering traffic and blocking local residents from getting home. The County is responding by increasing patrol officers and fines.

There are still occupancy limits on restaurants and bars, and while those may loosen up a little more this month, right now many don't have reservations available until well into August. I'm sure increasing occupancy limits will be a relief for restaurant owners; however, workers are still in short supply. And, yes, masks are still required when you enter and exit a restaurant.

The real estate market is rumored to be slowing. However, based on the numbers there is no sign of slowing yet.

 

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.

Home sales topped 100 back in September 2020, and have dropped below 100 one time since, despite rising prices and decreasing inventory. In fact, sales are up 52.8% over June of last year.

Selling prices also increasing again in June, but so did inventory and the number of homes pending. There is no sign of home slowing yet!

A whopping 243 condos closed in June. That is the second highest number of all time. Only April of this year was higher. June of this year was up 267% over 2020. Back then we really thought that condos, especially condo-tels, were going to lose value and sales would slow due to the lack of tourism. I'm so pleases that "we", including me, were wrong about that.

The only thing that will slow down condo sales in a shortage of condos to sell.

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.

Pending home sales topped out in March at 285, but pending sales remain strong at 235. Just over half of those are prices over one millions dollars. So, I expect that the number of sales, as well as, the closing prices will remain steady for the near future.

Pending condo sales remained above 400. Of those, 185 went under contract, meaning they went pending, in June. The fact that there were only 220 available for sale on June 1, gives you an idea of how fast inventory is moving on Maui.

 

Inventory:

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

Inventory remains the story. There is inventory. There has to be or we couldn't be selling record numbers of homes and condos. But it is moving fast

The availability of homes for sale actually increased in June. However, most of that increase came from homes priced above the median selling price. So, with a total of 110 sales, fifty-five homes sold for equal or less than the median selling price, which you already knew. There are currently 57 homes for sale for less than $1,117,500. That gives us one month of inventory.

The other half of those sales, 55 homes, sold above the median selling price. It is notable that there are only 160 homes for sale at the higher prices. That gives us only 3 months of inventory. So, the high end is also a sellers' market.

Condo inventory has dropped to the lowest level ever. In December, there were 677 condos on the market, today there are only 178. That is a drop of almost 75%. There seems to be a good number of would be condo buyers, but with condo owners experiencing some nice income after the drought of 2020, they are not as anxious to sell.

 

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 prices or very low priced sales.

The law of supply and demand seems to be alive and in full force in this market. This is evidenced by inventory staying at historically low levels while sales hit historically high levels with selling prices steadily increasing. The median price for May was just under a million dollars at $994,495. It increased by over 21% in June to hit $1,117,500.

The average selling price for a home on Maui is up 81% over the same month in 2020 and 64.5% for the first 6 months of 2021.

Are prices going to stay at that level? Will we see a decline in home prices on Maui? Well, we aren't building very many so... supply... demand, get the picture?

Condo selling prices hit a median of $650,000, and the average dropped from one month earlier to just under $1 million. And the same thing applies here. With only 178 condos available for sale, we are at the lowest inventory ever. Remember, there were 185 that went under contract in June, and we are definitely not going to be building any more vacation rental condos in the foreseeable future. 

No signs of real estate slowing down.

 

Days on Market: (avg-sld 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 for homes dropped to 108, the same as April. That suggests to me that there are a lot of cash purchases.

The days on market for condos is still up to 160. Lenders, especially those few who will make loans on condo-tels, are still very short-handed and backed up. So I expect that the DOM for condos will remain at these higher levels.

_________________________________________________

 

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), 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.  

 

June 18, 2021

Daily Dose of Vitamin Sea ~ June 18, 2021

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

Happy Aloha Friday!

Who else is astounded that it is June 18?!?! Each month last year lasted 300 days, but the months are flying by this year. 

I think partly because life here on Maui is seemingly back to normal (ish)...Traffic is definitely back to the pre-pandemic volume, as are people on the beach, and the only obvious outward signs that COVID existed are masks inside and the volume of electric bicycles on the road (it relates somehow). 

We hope all is well with you and we want to wish all the Father's (and those who fulfill the role as a father) a very Happy Father's Day! We couldn't do it without you.
 
Lazy summer days at Mokule'ia Beach (aka Slaughterhouse)
 
Even the waves are lazy in the summer.
 
The sunrise, of course, doesn't care if we watch it or not. It will keep on being beautiful, even if no one bothers to look at it.
~Gene Amole
 
Stay safe and well!
Posted in Community, Maui Fun
May 24, 2021

Daily Dose of Vitamin Sea ~ May 24, 2021

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

Aloha!

If anyone doubts whether or not the visitors have returned...watch the video below and all your doubts will be put to rest (plus you'll see a pretty nice sunset). 

The real estate market also continues to boom; it has definitely been an interesting few years (feels like about 10...). We are looking forward to seeing what the rest of the year holds!

Hope you are well, and as always, we would love to hear from you. 
 
Sunset from the Lahaina Harbor.
 
Have you ever played the The Bay Course in Kapalua?
It is truly beautiful!
 
Stay safe and well!
Click here for the latest updates from Maui
Posted in Community, Maui Fun
May 14, 2021

Daily Dose of Vitamin Sea ~ May 14, 2021

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

Happy Aloha Friday!

Things are looking good here in the Aloha State! Vaccinations are readily available for anyone over 12 who would like to get one. Navigating the second COVID test at the airport seems to be going fairly smoothly (particularly if you have a wristband and are vaccinated) and we're (maybe!) slowly moving towards not quite as strict mask guidelines. Nothing has changed in Hawaii yet, per Governor Ige, but it is encouraging that the CDC's recommendations for mask wearing are starting to loosen. 

In other news, real estate continues to be bustling on the island. Click on the link if you missed our Maui Real Estate Advisor and the number of visitors slowed down a bit, but seems to be on the rise again. We are grateful for it all, and continue to feel blessed that this is our home!
 
View from the top of the road at Kapalua Airport ~
Lanai to the left (above) and Molokai to the right (below)
 
 
Stay safe and well!
Click here for the latest updates from Maui
Posted in Community, Maui Fun
May 12, 2021

Maui Real Estate Advisor ~ May 2021 Real Estate Statistics

Properties are Going Under Contract Fast and Closing Slow

Quick update: Visitors, Roads, Erosion and Taxes

Aloha! According to a report in the Maui News, visitor arrivals for March, yes, I know it's May, were up over arrivals in March of 2020. I know that sounds like a "duh", but March and April really did feel like pre-pandemic times. And I can't quantify it, but it feels like things are slowing down just a tad in the last several days. Click here for a quick video of Front Street on Friday afternoon. 

There could be a few reasons for that. Typically, we do have a bit of a slowdown in May after Spring Break and before school lets out, if school is even in. By now a lot of visitors have heard about the lack of rental cars and the supply and demand based rental rates. And now, since Maui had a pretty good spike in COVID cases after Spring Break, we have a new second test system. As of May 4, you need to be fully vaccinated and have a negative COVID test to be set free to roam Maui. Otherwise, you get to line up and take a second test, and hope it comes out negative.

In other news, the Maui County Council has proposed an increase in property taxes for short-term rental properties and non-owner occupied residences, AKA, second homes. This time around a tiered rate is being proposed. As I understand it, the Mayor is threatening to veto it and the Realtors Association is fighting it. Stay tuned.

The county is also proposing relocating part of the highway coming into Lahaina. If you haven't been on the road during high tide or big waves, you might not know that we frequently have ocean water splashing up onto the highway. So, moving the road further inland, or mauka, would be a smart move. However, the current plan is to move only 2 short strips about 12 feet inland. It's being called a band-aide.

And, speaking of erosion, an EIS, environment impact study, for replenishing the beach in Kahana has been completed. The plan envisions bringing in sand from the ocean to create a wide sandy beach and installing 7 T-groins to stabilize the beach. The cost could be up to $40 million and would be funded by a group of condos and one family kuleana along that stretch of oceanfront. This should be interesting.

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.

Sales of homes and condos were up again in April. Home sales climbed to 133 which is the highest number of monthly sales I found going in MLS records. Given the current inventory of homes for sale, that is stunning. So, just for fun, I compared the current home market with that of April 2011, ten years ago. Back then we were still recovering from the "great recession". That month there were 87 homes sold...87 compared to 133 now! The median selling price was an even $500,000 and there were 935 homes for sale.

Condo sales also appear to be at or near a record high of 255. The next highest I can find is 2005 with 228 sales. Back in those days there were typically well over 1,000 condos for sale.

How long can Maui sustain this record pace? Read on.

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.

Pending sales were nuts in April. That explains my headline. The market is hot with buyers who are prepared to act quickly to get the property they want.

However, our real estate eco-system, which includes escrow officers, lenders, inspectors, appraisers and all of the real estate services needed to buy and sell real estate from the time a property goes under contract to getting it actually closed is built fro about 450 - 500 in the pipeline at any time. The highest number of pendings I've seen in recent years is 522 in February of 2018.

In early April, pending sales topped 900. That's just about double what the system is built to handle. And those allied service professionals like loan officers, loan underwriters and property inspectors aren't just people that can be hired off the street. Each one of those specialties takes years of training before they are qualified to provide service.

The results are delays in closing. Banks are telling us they need 75 days to fund a condo-tel loan. It is taking weeks to get an appraiser. Property inspection reports are delayed and lenders are telling us they are underwriting as fast as they can. The escrow officers, loan officers, and Realtors are caught in the middle. 

We saw the number of pendings decline in April for homes, condos and land. Could this be the turning point in this hot market or just the calm before the next storm?

Inventory:

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

There is a myth circulating. They myth, as it's being told, is that there is no inventory. There is nothing to buy.

That is absolutely false. If there was nothing to buy, why are we seeing record sales? 

One of my Ninja mentors said it best, "there is inventory on the market, it's just not staying on the market very long."

The combination of rising sales, declining pendings and declining inventory may be another sign of this sizzling market slowing. But if it is slowing, it's slowing very gradually.

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.

If the market is gradually slowing, increasing prices could also be having an impact. The average price for a home on Maui came in just under $2,000,000 in April. The median price was just shy of $1,000,000. Just over 31% of those sales were cash. The median cash sale was $1.6M with the high sale topping out at $2.4 million.

Condos are also on an upward price run. The average condo price is in the mid-$900's and the median is just below $700K. Cash accounted for 41% of condo sales.

Days on Market: (avg-sold listings)

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

Days on market for homes at just 108 days also appears to be a record low indicating that homes are going under contract quickly. Cash purchases can close more quickly as there is no need to wait for appraisals and loans.

The number of days on market for condos is about the only thing in this market that looks normal to me. The 162 number is a nice, normal, boring number. I can't wait to see what happens next month.

_____________________________________________

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), 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.  

May 3, 2021

Daily Dose of Vitamin Sea ~ May 3, 2021

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

Aloha!

It's been a while since we've taken our daily dose of "Vitamin Sea"! Things have been buzzing on Maui, we thought we'd have a little respite after Spring Break, but it appears that is not the case! 

If you're planning to travel here, there is a new travel program rolling out tomorrow (May the 4th be with you), of a secondary COVID test upon arrival to the Kahului airport (trans-Pacific flights). Click here for more information. However, it does look like if you are fully vaccinated (with proof), you can bypass that test, though you will still be required to have proof of the pre-travel test. 

Let us know if we can help you with anything, or if you just want to chat!
 
 
"To walk in nature is to witness a thousand miracles."
~ Marie Davis
 
Stay safe and well!
Click here for the latest updates from Maui
Posted in Community, Maui Fun
April 23, 2021

Daily Dose of Vitamin Sea ~ April 23, 2021

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

Yesterday was Earth Day and we are pretty much convinced that there is no other place on earth we would rather live (and we also know that isn't really what Earth Day is about).

Maui usually (pre-COVID) will have a variety of beach clean-ups throughout the island over the course of the month, unfortunately there aren't as many this year. There are still a few and if you're on island and interested in helping, click here for more information about a Honolua Bay cleanup this Saturday, April 24 (you would be amazed at the things you find!). 

As always, we hope you have a great weekend and would love to hear from you!
 
 
"The earth has music for those who listen."
~ William Shakespeare
 
Stay safe and well!
Click here for the latest updates from Maui
 
Posted in Community, Maui Fun
April 19, 2021

Daily Dose of Vitamin Sea ~ April 19, 2021

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

Sunrise or sunset, it is all pretty spectacular here on Maui. It's not often that we're up for sunrise, but it is well worth it when we are and sunsets are pretty hard to miss!

In case you missed the Maui Real Estate Advisor, click here for the update. We'll let you know a little bit about what's going on on Maui, and what the real estate market is doing. 

We hope you have a great week and we're always here for any questions or concerns!
 
 
 
Stay safe and well!
Click here for the latest updates from Maui
Posted in Community, Maui Fun
April 16, 2021

Maui Real Estate Advisor ~ April 2021 Real Estate Statistics

Wow, what a month! March started off with some guests arriving on Maui at a slow, steadily increasing rate, and then - BOOM! It suddenly felt like 2019 again, and as it turns out, a report today says there were actually more arrivals on Maui in the final week this month that in 2019. It was noticeable by the number of people on Front Street, the people on the beaches, and the challenge of getting into a restaurant or even getting a reservation. Most of the restaurants are open, and the available reservation times were either very early or very late. There are some restaurants that are closed now, but we are hoping they will be opening soon under different ownership.

Our granddaughter came to visit, and she loves Honu. When we tried to get a reservation, the times were either 2:30 or 8:00pm. And since she likes Art Night on Friday's in Lahaina, we checked out the action on the street. There were lines out the doors of the popular eating and drinking establishments. Most notably among them was Down the Hatch.

And traffic? That was back too. However, even as heavy as it was, it could have been heavier. You see, they ran out of rental cars at our spiffy new rental car complex at the airport with its fancy trolley car (shortest trolley ride ever!). That was great for the taxis and Uber drivers, but even they have been in short supply.

And what happens next for all you off island guests? Well, there are 2 stores of interest. One is that even though you are supposed to have a negative COVID test to come to Maui, some don't. So the Mayor is proposing a program requiring that, upon arrival, you will have to get in line and get a "rapid COVID" test at the airport. The other story is that the Governor is proposing implementation of a vaccine passport program. Is there a potential clash of programs on the horizon? Stay tuned.

So, how's Maui real estate doing in the midst of all this visitor activity? Let me tell you.

Sales

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

We are constantly amazed at the pace of sales for homes and condos in light of the inventory situation which continues to be a challenge. The number of sales for homes and condos has continued to increase at the same time that prices have increased, and the number of escrows is soaring to a level never seen before.

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.

The number of escrows on Maui has put a strain on all the title and escrow companies, lenders, and other service providers needed to get sales closed. The level of activity is unprecedented and has created a backlog with buyers and sellers frustrated, in many cases with delayed closings.

Inventory:

Inventory tells us how many units are available for sale in each category, not including properties already in escrow. While new listings continue to come to market, the new listings cannot keep pace with the continued demand for homes and condos. At the current pace, we have less than 2 months of active inventory. We continue to see multiple offers on properties on the first days of listing in many cases.

Existing home seller and new construction activity are below levels necessary to bring the market back into balance, and the buyer demand in coming months is expected to continue. While homebuilders are working to increase their activity, backlogged supply chain issues have increased construction costs significantly.

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 low priced sales.

On a year-to-date basis, average home prices have increased 54.2%, while median home prices have increased 23.6%. Year-to-date condo prices have increased 22.9% on average with a median increase of 7.9%. Average home prices for the last four months have hovered well above $1.5 million, while median home prices have ranged from $865,000 to $989,500. Average condo prices have ranged from the low $800 thousands to almost $1 million, while median condo prices have ranged from a little over $550K to $645K in March.

Days on Market

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

Average days on market for homes sold has fallen from the 160's in early 2020 to 117. The last time the days on market for homes was this low was in the spring of 2019.

While the days on market increased a bit for condos sold, it's probably a function of increased demand and confidence in COVID restrictions being lifted, resulting in properties being sold that had been listed since before COVID, in addition to delays due to backlog in escrows. The majority of condo sales in March were short term rental properties in West and South Maui.

Thanks for reading, see you next month and feel free to pass this along to any friends looking for real estate information on Maui.

______________________________________

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), 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.