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Real Estate Maui Hawaii Blog

 

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Real Estate Maui Hawaii Blog
Mark and Lisa bring you the latest on the Hawaii real estate market, events, fundraising benefits, news, sports, new island developments, tips to help you buy or sell a home and more. Subscribe to receive updates on our weekly blog today!
Home Builder's Confidence on the Rise
High demand and increasing financial stabiltiy unite for high home building confidence.
July 25, 2014

Home Builder's Confidence on the Rise

Real Estate PurchaseThis week, we're happy to report that we've had good news on the home front, literally. July was a great month for home builder's confidence thanks to the job growth of June, which translated to a 53 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index. Evidently, it's the first time that number has passed 50 since January, and that number represents the halfway point for good versus poor sales conditions in single-family homes.

The real driver behind home builder confidence is demand, as we know all about here in Hawaii. Oahu in particular is dealing with a difficult housing shortage, which has been driving prices up. Maui isn't in quite the same situation, but our market inventory is still very low. The combination of job growth and high demand for homes act as a major stimulus for new real estate developments.

Economists are pointing to a stronger sense of confidence among those who are considering a real estate purchase, now that job security has improved so substantially. More jobs and better income translate to a higher number of individuals who are willing to take out a mortgage to own their own property.

The aforementioned index involved a lot of increases. Expectations for future sales increased six points to 64, current sales increased four points to 57, and traffic of potential buyers went up three points to 39. Those are all three of the areas that the index covers, and all improved, which is great to hear.

According to the report, home building confidence was highest in the West and South, with the Midwest following after. The Northeast was behind. As for how Hawaii fits into the national performance, new home development has plenty of demand to fuel it, as long as the permitting process allows it.

We hope you've found this informative and helpful to you in your Maui real estate search. If you need assistance, you'll find our contact information at the bottom of the page. Mahalo!

RealEstateMauiHawaii.com - By Mark Harbison

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Maui Home Prices Drop in June
Home prices were down year-over-year, while condo prices were up.
July 18, 2014

Maui Home Prices Drop in June

Maui HomeThe numbers are in for Maui's June real estate statistics, and median home prices dropped, while median condo prices spiked. As we always remind our readers, in a small market like ours, it's easy for a few little changes to sway the statistics because they comprise a larger percentage of the whole than larger markets. This means it's especially important to look at long-term real estate trends in our market. That being said, the monthly reports can still yield interesting results.

Single-family Maui home prices fell by 12 percent year-over-year in June, but condo prices rose by 11 percent, according to the Realtors Association of Maui.

The median single-family home price was $535,000, compared to $599,000 in the same month last year. As for the influence of sales, there wasn't much of a change. There were 91 sales, compared to 93.

As for condos, the median price was $444,500 compared with $400,000 in the same month last year. Oddly enough, sales fell 25 percent from 125 units sold in June 2013 to 94 units sold last month.

Another interesting development is the fact that inventory nudged up a bit, despite the current low inventory trend. High overall prices are likely the cause, as owners become sellers to make a profit on their Maui real estate investment. As always, South Maui real estate comprised a big percentage of the island's condo and home sales. This area of the island is our specialty, so if you're in the market and looking for assistance, you'll find our contact information at the bottom of the page. Mahalo!

RealEstateMauiHawaii.com - By Mark Harbison

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Maui Memorial Medical Center Expansion
The future will bring more specialized medicine and better service for the Maui community.
July 11, 2014

Maui Memorial Medical Center Expansion

Move to MauiWhen you're deciding whether or not to move to Maui, or any other island, you will probably find yourself asking a lot of questions about what is on the island. Newcomers are concerned with everything from schools and churches to restaurants and museums. Then there's health care. This is especially important for those planning to buy Maui real estate for their retirement. If health care is one of your chief concerns, then you may be interested to know that Maui Memorial Medical Center is getting a $21 million loan from the U.S. Department of Agriculture to help refinance their debt for the big changes they're making.

The hospital is adding a cardiovascular program, a new outpatient clinic with a medical office building, and a new imaging building next to the emergency department. Yes, all this effort requires financing, naturally, but what's important to us is the expansion of services and the improvement of care that they will be able to offer Maui residents. The money is going to good use.

According to the center's CEO Wesley Lo, the outpatient clinic is an especially important part of their expansion of services to the community. They plan to hire physicians to fill specialist positions or replace specialists who are retiring or moving off-island.

If you're wondering why the Department of Agriculture is providing the loan, they have a Rural Development Community Facilities Program that provides funds for construction, expansion, equipment purchases, and the improvement of health care facilities catering to public bodies (along with non-profits and federally recognized tribes.)

Maui Memorial isn't the only facility to be getting funds. The Molokai Health Center and Bay Clinic on the Big Island will be getting funds as well. Lo stated that their expansion is providing the opportunity for physicians to give better care and access to medical services on Maui, and that's important when you consider the fact that the population is growing.

We hope this kind of solid infrastructure will give you a reason to feel confident and secure in your choice to buy Maui real estate or simply move to the island and experience our unique and wonderful lifestyle. If you need assistance with your real estate search or purchase, you'll find our contact information at the bottom of the page. Mahalo!

RealEstateMauiHawaii.com - By Mark Harbison

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