Maui Real Estate Market Report December 2017 and 2017 Year End
From Realtors Association of Maui Report (See full report below): “The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers
may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.
New Listings in Maui County increased 19.1 percent for Single Family homes but decreased 9.8 percent for Condominium homes. Pending Sales increased 43.3 percent for Single Family homes and 40.7 percent for Condominium homes. Inventory decreased 6.4 percent for Single Family homes and 27.2 percent for Condominium homes. Median Sales Price decreased 0.8 percent to $695,500 for Single Family homes but increased 7.1 percent to $440,000 for Condominium homes. Days on Market decreased 8.1 percent for Single Family homes but
increased 30.8 percent for Condominium homes. Months Supply of Inventory decreased 15.4 percent for Single Family homes and 36.3 percent for Condominium homes.
Unemployment rates have remained low throughout 2017 (the unemployment rate in 2018 is projected to be 2.9 percent, 0.2 of a percentage point below the previous forecast according to Hawaii Department of Business, Economic Development & Tourism ) , and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation. “
From Department of Business, Economic Development & Tourism: “Hawaii’s economy is expected to continue positive growth for 2017 and 2018. This outlook is based on the most recent developments in the national and global economies, the performance of Hawaii’s tourism industry, labor market conditions, and the growth of personal income and tax revenues.”
Wishing you a Happy New Year and hope 2018 is a wonderful year full of health, vitality, prosperity, growth, new friendships, and deepening the existing ones.
All the best,
Here is a quick video I took hiking Haleakala Crater this past holiday with my children (click on link below) and a Picture I took as well.