Gary's Blog

Monday, November 11, 2013

Maui #1 Island in the World, AGAIN!

Maui is Again Voted Best Isle in the World! 
Readers of Conde Nast Traveler again have voted Maui the top island in the United States and the world, according to the magazine's website,

Maui's scenery received a rating of 98.1.  The island's atmosphere was rated 95.8.  Its beaches were 95.6, activities 95.2, "friendliness" 92.6, lodging 92.1, and restaurants 88.9.

Readers "rave about this 'veritable paradise', calling it a 'combination of tropical ambiance and American comforts.

Low Inventory Driving Up Home & Condo Prices 
As of Wednesday, there were 618 single-family homes (SFRs) and 733 condos on the market in Maui County (Maui, Lanai and Molokai).  For homes, that's 2.6% less than what was for sale a year earlier, and for condos, it's 12.5% less than a year ago.
While the number of home listings has been dropping, median prices have been rising.
For the first 10 months of 2013, the number of single family homes sold increased 8% to 829, while the median price went up 15% to $532,500.  For condos, the number of sales in the first 10 months rose 11% to 1,120, while the median price increased 7% to $375,000.
Looking at sales by region, 45.2% of all the homes sold in Maui County were in Central Maui or Kihei.  Central Maui home sales increased 17% to 247, while prices increased there 13% to $415,260.  Kihei home sales remained constant for the first 10 months of the year, at 128 sales, but median home sale prices in Kihei were up 19% to $450,750.  The average condo sale in Kihei saw a 24% increase in median price, to $315,000.
In the luxury resort area of Wailea-Makena, the number of home sales increased 24% to 26, and the median price for the first ten months of '13 jumped 97% to $2.46 million.  The highest median price for condos sold in Maui County was in Wailea-Makena, where units went for $999,375, a 35% increase, and sales volume was up 17% to 98 units. 

This is Maui's 20th year as the best island in the United States, and it's the 19th year for Maui to be named by Conde Nast as best island in the world.  

Hotels Set August Record

Hotels in Hawaii set another all-time single-month record in August, bringing in $339 million in revenue to cap off the best summer ever for the state's tourism industry.

The August revenue was $3 million better than July- a record at the time.  It was also a 9.1% increase compared to August of last year.

Total summer revenue was up 8.5% vs. summer 2012.

Statewide, September had a slight decrease in visitor spending, down 4.85% from September, 2012.  Still, the year-to-date figure through September was up 4.1%.  On Maui, year-to-date spending rose 5.2%.

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