Maui Luxury Real Estate LLC ~ The Hansen Ohana. ~ Maui Update

Aloha All, 

We have all been watching the Stock Market and interest rates jump around and heard many discussions of what to expect. This being an election year makes things even a little more unreliable. Happily, we can report that Maui is working towards rebuilding and all the support we have received from many sources has been very helpful. Looking to the latest end of month data, March 2024, U.S. existing-home sales saw a notable improvement, rising 9.5% to a seasonally adjusted annual rate of 4.38 million units, surpassing economists’ expectations. This surge, reported by the National Association of REALTORS® (NAR), marked the largest monthly gain in a year, reflecting strong buyer demand heading into the spring selling season despite fluctuating mortgage rates and elevated sales prices. Check out our popular well informed website for all the details. https://www.mauirealestate.net

Key highlights:

• New listings rose significantly, with Single Family homes up by 19.8% and Condominium homes by 46.5%.
• Pending sales, however, decreased by 4.3% for Single Family homes and 1.1% for Condominium homes.
• Inventory levels remained flat for Single Family homes but increased sharply by 105.5% for Condominium properties.
• Median sales prices surged, with Single Family homes up by 9.5% to $1,303,692 and Condominium homes by 62.9% to $1,300,000.
• Days on Market increased for Single Family homes but decreased notably for Condominium homes.
• Months Supply of Inventory increased for both Single Family and Condominium homes, with a particularly steep rise for the latter.

The recent spike in home sales can be attributed to a drop in mortgage rates in December and a broader increase in housing supply across the nation. NAR reported a 5.9% month-over-month and 10.3% year-over-year growth in total inventory, resulting in a 2.9 months’ supply at the current sales pace. Despite this increase in inventory, buyer demand remains strong, contributing to a 5.7% year-over-year rise in the median existing-home sales price to $384,500, marking the eighth consecutive month of annual price increases.

This past year has been very challenging. Between the economic issues and the traumatic fires things have been challenging. As we clearly know, the endeavor to rebuild Lahaina Town and the other fire-affected areas will extend over many years and demand substantial dedication and assistance. Maui’s community has been banding together to help each other. It truly shows our “aloha” spirit. Please keep in mind and share with others that Maui still possesses untouched regions where its tropical splendor thrives. Remember, MAUI IS OPEN FOR VISITORS AND BUSINESS. While these are challenging times, the enduring spirit of Aloha on Maui remains vibrant. For more details check our local information.  https://www.mauirealestate.net/real_estate_stats.html

Many clients have asked us to offer long term property management. We listened and now offer Aloha Rental Management. Feel free to email us at dad@MauiRealEstate.NET or call us at 808-280-1650.

Confused about the Real Estate Industry Lawsuits and potential new regulations the news media has reported? Much of what you have heard is not accurate. If you would like to understand what it all means, call us and we will do our best to make sense of it all.

We are featuring some fabulous new listings:

Launiupoko Legacy property.  https://www.mauirealestate.net/mls-401396.html

Wailea Beach Villas condo/home.  https://www.mauirealestate.net/mls-401641.html

Hokulani Golf Villas home.  https://www.mauirealestate.net/mls-401089.htmlKeep informed with our blog where local information and statistics are posted:

https://blog.mauirealestate.net/

Enjoy our informative radio program: https://www.youtube.com/channel/UChcOyThjgwJgO5fV72YQVtg

If you would like a copy of our newsletter to share let us know at dad@mauirealestate.net.

Bob Hansen PB R(B) 808-283-9456 RB-17532

Clint Hansen BIC R(B) 808-280-2764 RB-21616

Donna D. Hansen R(S) 808-280-1650 RS-49765

MAUI LUXURY REAL ESTATE LLC

The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years