Maui Real Estate Newsletter

“The Beat Goes On; Maui Homes Selling…Inventory Fading!”

Mar 15, 2021

It seems like the only thing that can slow our market down is the total lack of viable inventory. Looking at trends and statistics around the country, pundits are now speaking of slight slow-downs in “Pending” sales. Also getting some mention is the slight increase in mortgage interest rates which are just inching over the 3% mark, though still at historic lows and lower than in February 2020. Most agree that the small increase will not be a factor that will negatively influence home sales.
As always, Hawaii in general, and Maui in particular, travels to the beat of a different drummer as the rest of the nation. Although trends do seem to eventually “catch up”, a 6-month to one-year lag is not atypical. At this time, there is nothing that suggests any imminent slow-down here on Maui.
February statistics are in click here and as always, median prices can fluctuate to some extremes due to the relatively small sample size of sales on the island. Last month’s record high median for single-family homes of $980,000 has come down to earth a bit to $895,000—a second-to-record high!
The more telling, and rather stunning statistic, though, is comparing last February’s pre-pandemic inventory of homes For Sale (517) to this February’s (214), a drop of 58.6%. Monthly supply of inventory (the amount of months it would take to sell the entire existing inventory without any new listings) stood at 5.4 months last February and 2.2 months this February. That is by far the lowest MSI I have seen in the 18 years I’ve been selling real estate here.
For the past year I have diligently shared our month-to-month Covid-19 statistics, but it seems like it’s time to turn the page a bit. Please, by no means am I suggesting that the continuing loss of life and new cases don’t still deserve our attention, but frankly, I have a headache. It’s that foggy brain headache I get just about every day under the weight of depressing statistics and radical change in lifestyle. With the attention the current administration is giving the pandemic, numbers coming down, vaccinations going into arms, I for one would rather focus on that light at the end of the tunnel than the turmoil we have all lived through.
A brief overview, though, shows that Maui’s new case numbers still fluctuate from 10-20 per day, with very few requiring hospitalization. There has been talk of a variant from Southern California making its way onshore, but it does not seem to have gained any momentum.
If you are planning a visit, a negative pre-test 72 hours before your arrival and proof of where you will be staying is still required. Most restaurants are open for indoor and outdoor dining with social distancing between tables and limited occupancy still the rule. Maui has a mask mandate that is enforced that requires all persons over 5 yrs. old to wear a mask when in public, unless you are exercising—jogging, fast walking, bike riding, etc. Yes, that means even when you’re strolling down Front Street in Lahaina going in and out of the art galleries. Groups of five people are still the maximum unless it’s all family members.
Come visit, be safe!
Once again, the State legislature is considering the merits (or not) of recreational marijuana for Hawaii. Passing such a bill would make Hawaii the 16th state in the union to do so. About three years ago approval was reached to open dispensaries for medical marijuana around the state; there are 2 or 3 on Maui. FYI–for inquiring minds—there is no biological difference between recreational and medical marijuana; it’s merely a question of accessibility. Medical marijuana still requires the blessings of a medical professional and is intended for medical therapies only. One is not allowed to have fun with it…
Hawaii State Senators approved a measure last week that would make recreational use legal for adults over 21. While the matter has been raised during prior sessions, this is the first time it has passed a full vote of the floor of the Senate. As in the past, though, it is expected to be DOA (dead on arrival) in the House of Representatives. A key House chairman has indicated he may not even bring it to the floor for a vote.
So, sorry recreational pot smokers; it’s still BYOM in Hawaii!
  Things are selling so quickly that the last two newsletters’ Featured Properties were in escrow by the time the letters hit your email box. This impeccably remodeled and updated Villa at Wailea Point, the Grand Dame of luxury condominium living in Wailea, was just listed and is awaiting your offer!

One of the Point’s more spacious B Plan units, featuring 3 bedrooms and 3 baths enclosed in 2,397 sq. ft., you will enjoy all the amenities, conveniences, and security of condo living with the comfort of a home. The corner-mitered Fleetwood retracting doors bring the outside in, enhancing the ocean and Haleakala views and the unmistakable scents of the blue Pacific Ocean. The unit is being sold with exceptionally tasteful furnishings (artwork excluded).
Please enjoy the video. $3,195,000!!!
The last couple of days we have experienced some of the heaviest rains we have had on Maui since the 100 year downpour of 2007. I know you’ve all had your share of rough weather this winter, but unfortunately, the Pineapple Express is likely to bring a little more your way in the next few days.
Nonetheless, Maui continues to offer nearly idyllic weather, incomparable sunsets, beaches forever, and year-round golf, tennis, ocean sports, hiking, etc., etc. It’s called lifestyle. Let me help you achieve that dream of being part of it all. And remember, if your family includes a beloved pet (aren’t they all?) I can help make the transition a bit easier for you. Pet or not, I will donate $500 to the Maui Humane Society in your name when I hand you the keys to your new home.
Remember, malama pono (do what’s right) and I hope to see you on Maui soon!

Michael Blaz

Michael Blaz
Broker/Owner
Maui Realty Associates
(808) 283-9093 cell
(808) 879-5510 fax

 

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