“Goddess Pele and the Flying Heart” Photo by JBR Life Photography. Used with permission.
I am so glad it is summer and we are all are having Summer Fun! Here on the Hawaii Islands where the sun seems never to leave the sky, we’ve been having extra heat from Our Volcano Goddess Pele on the Big Island. So far 671 homes turned into flames and ashes. Even though we thought to see a decrease in tourism on the Big Island, the numbers that I found registered with the State show that we had a slight -1.6% in May when the first eruption started to shake the grounds. Big Island’s tourism YTD shows 9.8% increase, more than Maui at 7.0% or Oahu at 6.4%.
Focusing more on Maui, Priceline reported that bookings for Wailea on Maui are on the rise, growing 56% in a year. The resort destination is located along Maui’s south shoreline and is home to hotel properties that include the Grand Wailea – A Waldorf Astoria Resort, the Fairmont Kea Lani, the Four Seasons Resort Maui at Wailea, the Andaz Maui at Wailea Resort, Hotel Wailea and a number of other resort and hotel properties. (Source: Maui Now)
Now for Real Estate News, below is an excerpt from Realtors Association of Maui report for May 2018
Maui Real Estate listing at Hokulani Golf Villas
Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly. New Listings decreased 17.9 percent for Single Family homes and 2.5 percent for Condominium homes. Pending Sales decreased 2.9 percent for Single Family homes and 3.1 percent for Condominium homes. Inventory decreased 19.5 percent for Single Family homes and 20.3 percent for Condominium homes. Median Sales Price decreased 0.7 percent to $695,000 for Single Family homes but remained flat for Condominium homes. Days on Market increased 15.9 percent for Single Family homes and 3.4 percent for Condominium homes. Months Supply of Inventory decreased 22.2 percent for Single Family homes and 29.5 percent for Condominium homes. Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.