Maui Real Estate March 2019 Update and News

The February Maui Real Estate Statistics is out via Real Estate Association of Maui:

It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry.

It is still too early to say how the entire year will play out, but economic fundamentals remain positive. New Listings increased 7.1 percent for Single Family homes but decreased 21.3 percent for Condominium homes. Pending Sales increased 10.3 percent for Single Family homes but decreased 24.0 percent for Condominium homes. Inventory decreased 14.2 percent for Single Family homes and 21.8 percent for Condominium homes. Median Sales Price increased 15.4 percent to $790,000 for Single Family homes and 11.8 percent to $524,500 for Condominium homes. Days on Market increased 28.4 percent for Single Family homes but decreased 8.4 percent for Condominium homes.

Months Supply of Inventory decreased 9.8 percent for Single Family homes and 20.4 percent for Condominium homes. The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and those pending sales were up in year-over-year comparisons.

It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.

For the complete Maui Real Estate Statistics with Graphs, for February 2019, click here.

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Photo via Maui News

Maui Real Estate News: 70 Waikapu affordable housing units offered
Waiale Elua applications due by March 29

Waiale Elua, a 100 percent workforce housing project with 70 units for sale in Waikapu, is accepting applications from eligible Maui residents through March 29.

A lottery will be held at the end of April, with the exact date pending, according to project manager Heidi Bigelow.

The one- and two-story homes are three and four bedrooms, each with two-car garages, with living areas ranging from 1,041 square feet to 1,469 square feet. Lot sizes range from 4,000 to 5,000 square feet, Bigelow said.

The subdivision also includes a community park.

Continue reading at  Maui News

For the Waiale Elua official website, go to www.waialehome.com

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For another real estate related news, here is a quote from Chief Economist, Matthew Gardner regarding Mortgage activities today:

Mortgage rates dropped convincingly today, bringing them to new long-term lows. (FYI – the average lender hasn’t offered anything lower for more than a year.)

The improvement came following solid data releases that included lower than expected inflation, solid demand from a US 10-yr Treasury auction, and some hope for a compromise regarding BREXIT.

Speaking of Economist Matthew Gardner, an Economic Summit is happening on April 26, 2019 at Andaz Maui at Wailea Resort.  More information coming soon. This is just a sneak peak:

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