The Maui real estate statistics for the month of May have been reported by the Realtors Association of Maui, revealing that median home and condo prices were up as a result of low inventory. It's the kind of market that existing owners have every reason to be happy about, while savvy buyers are still able to make a good investment, whether they plan to live here full time or use their property as a part-time or full-time rental.
According to the report, single-family homes on Maui settled into a median price of $700,000, which was up 12.4 percent compared to $622,500 in May of last year. At the same time, RAM reported that inventory was down by 12.1 percent year-over-year to 528 last month.
Condos reached a median price of $479,000, which was up 13.5 percent from $422,000 in May of last year. Inventory was noted to have dropped to 679 units, which was 21.5 percent lower than last year. It was interesting to see that the growing median and falling inventory trend applied to both homes and condos.
Another interesting tidbit from the report was the fact that the number of days on the market (DOM) for single family homes were down to 132 days, which was a 20.5 percent drop compared to May of last year. For condos, the DOM were down to 147 days, which was 6 percent shorter than in May of 2016.
As RAM Chief Staff Executive Terry Tolman pointed out in the report, the economy is in better shape than it was ten years ago, with more jobs, lower unemployment, and more worker confidence in wages and potential wage increases. These factors are all influential when it comes to real estate investments. Despite the low inventory, Tolman notes that there's still plenty of optimism for a healthy summer season in terms of selling and buying Maui real estate.
Seeing as we always recommend looking at long-term trends rather than the relatively volatile single-month reports, it's worth noting that year-to-date prices were up 10 percent for homes at $685,000 and 12.4 percent for condos at $480,000. That's the kind of steady growth that keeps a market healthy.
If you're here to search for Maui real estate, chances are, you love the island, and the ocean that surrounds it. Very few people choose to buy a home on Maui if they don't love the beaches or the ocean views. For many residents, it's their favorite thing. If you're one of them, or thinking about becoming one of them, you might enjoy participating in the upcoming 'Strings n Finz' Conservation and Education Benefit at Lumeria Maui.
As ocean lovers are coming to understand, good stewardship is a vital part of keeping our waters clean, healthy, and rich with biodiversity. Here in Hawaii, the impact of our efforts is especially clear to those who snorkel, surf, explore and fish in our waters. While many of these folks are residents, more are vacationers, and that's why educating the public about ocean health is so important.
The upcoming 'Stringz n Finz' benefit will raise funds for The Sea Shepherd Conservation Society, which not only educates the public, but which also takes direct action to investigate, document and intervene when illegal activities are taking place in the ocean. It happens more often than you might think. The ultimate goal of Sea Shepherd is to safeguard the biodiversity of the ocean's delicately balanced ecosystems to help ensure their preservation for future generations.
The benefit at Lumeria will celebrate ocean conservation with an exciting lineup of musical acts including Keller Williams, Peter Rowan, and The Larry Keel Experience along with local bands The YumYum Beast and Kanekoa. Guests will also be regaled with gripping stories, including some from Captain Paul Watson, Founder of The Sea Shepherd Conservation Society and the 2017 honoree and keynote speaker of the event.
If you love the ocean and you're passionate about its health, this is a great opportunity to network or just have fun with like-minded individuals for a day of education, music and action. Participating organizations also include Whale Trust Maui, The Hawaii Wildlife Fund, Love the Sea, and The Surfrider Foundation, all of which have valuable information to share.
To celebrate and support the efforts of these vital non-profits, you can get yourself some eclectic apparel that will be available for sale, along with food and beverages from local booths. The benefit will be held on June 17th, and only 150 tickets will be sold total at $95 each, so get yours soon. This is an age 21 and over event, and it will take place on Lumeria's tented lawn regardless of weather. To learn more, you can call (808) 579-8877 or visit the Stringz n Finz event page. Enjoy!
One of the joys of buying a home on Maui is making it your own, inside and out. The folks that buy Maui real estate tend to be in love with the natural beauty of the island, which leads to interesting outdoor enhancements and creativity among Maui homes. What would your outdoor slice of paradise look like, and how would you go about creating it? There's an upcoming event that could be the perfect opportunity for you to make some exciting choices.
The Maui Garden EXPO 2017 is coming up on Saturday, June 17th at the Maui Mall. You may remember it as the MALP Lawn and Garden Fair, which was its former title. MALP is the Maui Association of Landscape Professionals. Lucky for us, they're going to be doing things a little differently this year, with a focus on homeowners and horticulture businesses.
The MALP website is the number one searched site for Maui landscaping needs. It's the place homeowners go to find landscaping professionals, not to mention advice on their gardening and landscaping endeavors. Even their blog is full of tips regarding invasive species, pesticide use, and events around the island that have to do with gardening and landscaping. It's a good place to start if you're looking for advice as a homeowner trying to create a beautiful outdoor space in one of the many unique microclimates of Maui.
This year, the event will feature educational talks that will be held at the center stage of Maui Mall. These will be about a half-hour each and will take place throughout the day. They will also have more suppliers, nurseries and non-profit organizations participating, so you'll have plenty of opportunities to learn new things and maybe find some plants that are compatible with your outdoor environment.
The event will be held on Saturday, June 17th, starting at 10am and will conclude at 3pm, so make sure to swing by if you're interested. Remember, a lot of these professionals can tell you which species grow best in your area. For example, homes in South Maui feature dry, warm and sunny weather patterns, while Upcountry Maui is cooler with more frequent shade, and Haiku gets a lot more rain. Speaking of which, if you're undecided as to where you'd like to buy a Maui home, you'll find our contact information at the bottom of the page. We would be happy to assist you with your choice and your purchase! Mahalo!
Maui Home and Condo Prices Up in May on Lower Inventory
The Maui real estate statistics for the month of May have been reported by the Realtors Association of Maui, revealing that median home and condo prices were up as a result of low inventory. It's the kind of… Continue Reading
If you're here to search for Maui real estate, chances are, you love the island, and the ocean that surrounds it. Very few people choose to buy a home on Maui if they don't love the beaches or the ocean… Continue Reading
Maui Garden EXPO 2017 a Homeowner's Delight
One of the joys of buying a home on Maui is making it your own, inside and out. The folks that buy Maui real estate tend to be in love with the natural beauty of the island, which leads to interesting outdoor… Continue Reading