Gary's Blog

Tuesday, March 5, 2013

Maui Real Estate Prices UP 38%!

Maui Real Estate Prices Continue to Climb
The median sale price of a single-family home on Maui in January rose 38% year over year to $550,000, while condo median sale price declined about 12% to $292,000, the Realtors Association of Maui reported.

The average sales price in January on the 63 homes sold, (up from 50 homes sold in January 2012), was $712,066, up 32% year over year.  Total volume sold was $44.9 million, up 66% from January 2012.

Condo sales fell to 60 units from 91 sales last January, the average sale price was $411,202, down 5% with a total volume sold of $24.7 million, down 37%.

In the last year, 32.7% of residential sales and 20.1% of condo sales were REO or short sales.  Today, if you take a look at the column to the right, you will see REO and Short Sale inventory is dramatically reduced.  

Good News from Larry Ellison
Larry Ellison, the new owner of most of Lanai, seems to ensure the survival of the interisland airline Island Air.

Ellison's purchase of the airline, coupled with Hawaiian Airlines' announcement of Ohana by Hawaiian, will offer both residents and visitors more choices and competition on interisland routes.
Maui County's Visitor Count and Hotel Occupancy Continue to Rise

Maui's hotel occupancy rate rose 2.4% to 72.6% for 2012, and the average daily rate for rooms 9increased 4.5% to $257.95, according to a new report by Smith Travel Research and Hospitality Advisors.

Visitor arrivals to Maui rose 5.9%, which helped occupancy in Wailea increase by 7.3% over 2011 to 77.4%

Oahu led all islands with occupancy of 84.7% for 2012, up 4% from 2011 and just off the record of 85.3% in 2005.

Maui Occupancy #3 in World

Maui ranked third in occupancy and two other hotel revnue categories for 2012 in a survey of global island/sun destinations by Hospitality Advisors LLC.

Maui was 3rd at 72.6% occupancy, behind Oahu and Puerto Rico.

Maui finished 3rd in average daily rates ($257.95), behind Maldives ($606.22) and French Polynesia ($329.38).

For revenue per available room, or RevPAR, Maui was the best in the state at $187.27, up 8%.  That put Maui at #3 behind Maldives ($392.95) and French Polynesia ($202.79).

U.S. home prices rose last year by most in 6.5 years
U.S. home prices rose last year by the most in 6.5 years in December, spurred by a low supply of available homes and rising demand.  Plus, sales of new homes jumped nearly 16% in January to their highest level in 4.5 years.

Home prices rose 8.3% in December compared to a year earlier, according to a report from CoreLogic, a real estate data provider.  That is the biggest annual gain since May 2006.  Prices rose last year in 46 of 50 states.

The states with the biggest price gains were Arizona, Nevada, Idaho, California, and Hawaii.  The four states where prices fell were Delaware, Illinois, New Jersy and Pennsylvania.



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