Gary's Blog

Tuesday, October 30, 2012

GM Maui News and Pick of the Day

Wailea Ekolu #1505
Arguably the best-located unit with the most beautiful ocean views in Wailea Ekolu, on the golf course. This 2 bedroom home has been beautifully remodeled all the way to the studs. Detailed from top to bottom, including porcelain tile floors through the whole unit, to the smooth plaster ceiling with recessed low-voltage lighting, granite counter tops, furniture-grade cherry cabinets in the kitchen and both baths, and custom cherry wood built-in entertainment center in the living room. Also included is a loaded 2003 Toyota Camry with only 75k miles.

  Click Here for Customer Listing Synopsis

Maui Again Named "Best U.S. Island"
Maui has been named the "Best U.S. Island" for the 19th time by Conde Nast Traveler's annual readers' poll.  Maui's score of 92.1 was ahead of second-place Kauai's 89.3.  Oahu was #4 at 87, Lanai and the Big Island tied for 6th.  3rd place went to Kiawah, S.C., GA, and 5th place went to St. Simons, GA.

In the "Top 25 Resorts" category, Maui scored 11 properties; four of which were in the top five!  Wailea Beach Villas was #5, and three other top five winners were the Four Seasons in Lanai (both the Manele Bay and Koele Lodge resorts) and Four Seasons at Wailea.

Hawaii Jobless Rate Near 4-Year Low
Hawaii's unemployment rate fell to a seasonally adjusted 5.7% last month, the lowest rate since 12/08.  That's down 0.4% from just one month earlier.  Hawaii added jobs in education, health services, and tourism.  Maui's jobless rate, the 2nd lowest in the state, is 5.9%, down from 6.4% the previous month, and 7.6% one year ago.  Oahu is enjoying a low 5.1% unemployment rate.

Maui Tourism Industry sees Double-Digit Increases

Maui Island saw a 10% increase in visitor arrivals last month, representing more than a 14% boost over the same month a year earlier.  Per-person daily spending was up nearly 6%.  Year to date, total visitor spending on Maui is up 20.5% to $2.5 billion, compared to the same time frame last year.

Occupancy in Maui hotels was at a 75% rate last month, a 3.9% improvement from the year prior.  Average daily room rates of nearly $408 in Wailea brought in a daily average of $263.35 for the County, the highest in the state, and a nearly 4% growth compared to a year earlier.  Occupancy in Wailea was a strong 80.1%, up from 73.3% a year ago.  Statewide, hotel occupancy rose 4% to 81.3%, as Oahu rates lifted the state's total. 

Pent-up demand, easing of visa restrictions, and post-earthquake recovery in Japan arrivals led to a remarkable 2012 summer season, which set a new summer season record of $880.5 million in room revenue for the summer months of June through August.

Housing Statistics Encouraging Nation-Wide

Here are some of the statistics printed since our last newsletter:
  • Maui County Home prices continued to climb.  The median price for a single-family home went up 6% to $437,500, compared to $412,000 a year ago.  That marks the 4th straight month of year-over-year increases.  Year-to-date, median home sale prices are up 7% over last year, to $460,000, while volume is up 1%. 
  • Maui Condo prices, although with fewer sales, saw a median price increase of 1%, to $339,563.   The median condo price year to date is up 9% to $350,000.
  • U.S. Home sales (previously occupied homes) rose 5.7% in September from August, and are up 27.1% in the past year.  That's the highest level since April 2010, when sales were aided by a federal home-buying tax credit.
  • Builders broke ground on 15% more homes and apartments in September from August, the best rate of single-family home construction since July 2008.  Applications for new building permits are also up to the highest level since July 2008, a good sign for future construction.  Housing starts are not 82.5% above the annual rate of 478,000 in
    April 2009, the recession low. 
  • New home sales are up, builder confidence is at its highest level in more than six years, and increases in home prices appear sustainable.  A measure of builders' outlook for sales in the next six months rose to 51 in September, up from 43 in August.  Any reading above 50 indicates positive sentiment about the housing market. 
  • With 2.47 million homes available for sale, it would take just over six months to exhaust that supply at the current sales pace.  That's the typical pace in a healthy market.   
  • The median amount of time that a home spent on the market last month was 70 days, compared to a year ago, the median time frame was 92 days.
  • The median home price last year was $187,400, 9.5% higher than one year ago. 

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