Gary's Blog

Friday, September 14, 2012

Maui Good News!

Price of Maui Single-Family Homes up 27%

According to Realtor Association of Maui statistics, the median sales price for single-family homes in August rose to $520,000, compared to $410,000 last August. That's based on the sale of 75 homes last month, down slightly from the 81 homes sold in August 2011. Year-to-date, the average price of closed Maui home sales is up 7% over the same time frame last year.

The Median condo price last month was $342,450, representing a 29% jump over the $266,000 median price in August 2011. That's based on sales volume of 86 units in August. Year-to-date, condo prices averaged an 11% increase over the same time period last year.

Maui Private Construction Permits up 350%

After years of struggle from the Great Recession, Maui's construction industry is making a great comeback.

Compared to the first quarter of 2011, 2012 first quarter private construction permits are up 350%, due to a few major projects. Here are a few:

  • Courtyard by Marriott - Maui Airport, $16.5 million, 138 rooms hotel, opened in July.
  • 179-acre Maui Business Park Phase II, now under construction, zoned for light industrial use, also near Kahului Airport. Lot closings are anticipated for late this year.
  • Andaz Wailea Hotel (formerly the Renaissance Wailea Beach Resort) - 255 room boutique accommodation, part of the Hyatt family of hotels, scheduled to open in early 2013.
  • Maui Lani Village Center - Walgreens and Marmac Ace Hardware, Paradise Beverage, Ocean Time Warner, and a new Mormon Church, all under construction.
  • Kehalani Village center, where a new Longs Drugs store has been completed, and opens on October 8.
  • The master-planned Honua'ula project in Wailea received environmental approval in July. That development's plans call for 1,150 homes above the Wailea Resort, a golf course, club house, retail and commercial businesses.
  • Kaheawa Wind Farm has added 14 wind turbines to the 20 existing ones above Maalaea. Also, ground has broken for eight turbines on Ulupalakua Ranch land on the southeast flank of Haleakala.
  • The state's planned consolidated car rental facility at Kahului Airport.

Economic Statistics Indicate Growth

  • Factory orders rose 2.8% in July, the biggest overall advance in a year.
  • Retailers reported their best sales growth since March. August retail sales rose 6%, according to the trade group International Council of Shopping Centers.
  • Auto sales increased 20% from a year earlier to nearly 1.3 million in August, the strongest sales month since August 2009, which was the last month of the government's "Cash for Clunkers" rebate program.
  • Purchases, construction and prices of single family homes have been gradually but consistently increasing. Sales of previously occupied homes rose 2.3% in July from June. Over the past 12 months, sales have jumped more than 10%.
  • New-home sales have been strengthening too. Home construction is expected to add 0.2% to growth this year. That will make 2012 the first full calendar year in which housing has added to growth since 2005.
  • Home prices are rising nationwide. They increased 2.2% from April to May, the second straight increase after seven months of flat or declining prices. The median U.S. home price rose 9.4% in July, compared to a year earlier. That was the biggest annual gain in 6.5 years. Phoenix, for example, had a 14% price surge in the 12 months that ended in June. In Miami, they've risen 4.4%.
  • Builders applied for the largest number of building permits in nearly four years last month. Home builder confidence rose in August to a five-year high, according to the National Association of Home Builders/Wells Fargo sentiment index.
  • Fannie Mae posted a $2.2 billion gain in the April - June quarter, its second quarterly gain in net income since being taken over by the government during the 2008 financial crisis. The mortgage giant attributed the increase to improving home prices and fewer foreclosures.

Maui Hotel Occupancy Rate Rises

Maui Hotels were 74.4% full in July, up 2% over the same month last year. The island's average daily rate was up nearly 4% to $273.84, compared to July last year. In the revenue per available room, or RevPAR, a key metric that represents the average daily rental revenue earned per available room, saw a 7% increase to $203.74 in July. Visitor count was up 1.8% in July. Total vistor spending on the island was up by 15% to $314.4 million in July.

Statewide, hotel occupancy was at 81.9% for the month, up almost 6% over July 2011.

Oahu Real Estate Strong in August

The Honolulu Board of Realtors says the Oahu real estate market ended the summer with strong numbers. The median price of a single family home in August jumped 9% to $609,000, compared to the same month last year at $557,500. The median condo price was $320,000, nearly 7% over the $300,000 in August 2011. Sales were up 5% and 21% respectively as measured in number of units sold.

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