We are almost through the first quarter of 2024 and over 7 months out from the devastating Lahaina wildfire. We continue to appreciate the support from you and all of the volunteers not for profit organizations.

We also appreciated the help of government entities. Although sometimes it really feels like "they" are disorganized, have some people in place who just don't know how to think or just don't care, we need to remember it's only their day job.

Three examples are: right of entry, home owner exemption for those who didn't meet the filing deadline and forwarding mail. For more of the story, listen to the YouTube link!

What's open in Lahaina - every time something reopens in Lahaina or something from Lahaina opens somewhere else, it's cause for celebration.

Some of our favorite are back in action! We are overjoyed to see Aloha Mixed Plate open. We've missed it for years. It was initially closed when the parent company, Na Hoaloha ʻEkolu, relocated Star Noodle to the old Mixed Plate location. We loved Star Noodle as well, but AMP is Lahaina comfort food.

The same parent company reopened the Old Lahaina Luau as well. If you're looking for one of the best luaus on Maui, this one should definitely be on your short list. 

Additionally, the Cannery Mall, home of Safeway, Longs Drugs, Jersey Mike's and many other retailers, has reopened and is featuring what they are calling their Month of Giving.

Lots of businesses are open and we need your business. Our unemployment rate is 5.8% which is actually down from 6.2% the previous month. A year ago the rate was just 2.9%.

And what about real estate? Let's look at the numbers.

 

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.

As reported earlier in the month, condo sales were up slightly in January and February and it appears that the number of sales will be up again here in March.

The big surprise in condo sales for March will be the median selling price. It will be WAAAY up. What is that you might be asking yourself. You're going to have to tune in next month for the rest of the story. 

 

INVENTORY:

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

I will say that even with the price bump, our rising condo inventory means buyers have more choices and sellers have less leverage. This could be the best time to buy a condo since even way before the COVID price spike.

 

SELLING PRICE: average and median sold price

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 of very low priced sales.

As reported, home sales have been slow but steady, and we're not seeing a further slowdown which is kind of good. 

In West Maui, where we obviously need a lot more homes, there are 71 homes for sale. The lowest priced home is $1.4M. The median price for a home on Maui is $4.5M and the average price of a West Maui home for sale is $6.25M.

There is some construction happening in West Maui and on other parts of the island which is encouraging. Debris is being removed from Lahaina at a better place than predicted, so that's good. We still need infrastructure: electricity, water, sewer - one step at a time.

Watch for more updates, and if you have any questions about real estate or anything that's happening on Maui, we're an email, phone call or text away, and we love hearing from you.

From Maui, this is Lahaina Lee saying Aloooo HA!

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The team at AGM continues to help Maui's keiki with their basic day-to-day needs and hope to give out some partial scholarships for summer programs.

You can help by making a tax-deductible contribution at GoFundMe - Keiki Fire Relief Fund or click on the QR code below.

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.

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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),  Keri Nicholson R(B), Anthony Freda R(S), Courtney Stice, R(S), Kathy Becklin, R(B), Heather Zidell, R(S), Magdalena Odonnell R(S), Sarah Twitchell 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 2023 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.