“Maui; The House of the Rising Sun…and High Demand Real Estate!”

November 12, 2021

Now that visions of witches and goblins have faded into the rear-view mirror—only to be replaced by turkeys and yams—it’s time for many of you to hunker-down for the season known as “Holiday”. It’s a little different for us on Maui, but most of you reading this Newsletter are enjoying all the fall colors and noticeably cooler nights. Which then raises the age-old question, “…should I sell my home now or wait until spring?”
Just such an article came across my desk a couple of weeks ago with what I think is some advice worth considering. For the article in its entirety click here; or if you prefer I have listed some of the highlights for your convenience:
Let me start by saying these suggestions may be more relevant in your area where seasons change—not necessarily for here on Maui. I’ll get more Maui specific further on.
Less Competition
Simply put, with fewer homes coming to market in the winter months you will have a much more captive audience of those who want or need to buy right away. Wait until spring, and your home could get lost in the shuffle.
Serious Buyers are Out There
Again, regardless of the season, there are buyers out there. The fall and winter months are often a great time for a prospective buyer to get a better feel for a neighborhood to see if it matches their expectations and preferences. Are there decorations out for the different holidays? Are there lots of colorful lights and a sense of community?
Choose a Realtor Who Comes Prepared
Your Realtor should be able to help you prepare your home for showings in the winter. Just the right amount of “staging” for the holidays, coupled with the fragrant scent of cinnamon and apple cider wafting from the kitchen can go a long way to attracting a buyer.
Quicker, Easier Transactions
Especially when times like these have caused the shortages of a pandemic to cross paths with an unusually active Real Estate market, a timely escrow period to a successful closing should be attainable. Title companies, lenders, home inspectors, appraisers and the like won’t be nearly as swamped and more readily available to get the sale of your home closed and you on your way!
Whether the weather is hot, or whether the weather is cold…oh, wait a minute…the weather is never cold here. In fact, like other parts of the country, we are experiencing a fairly significant drought, but nighttime temps have finally dropped into the 60’s, which for us means break out the sweaters and the light blankets!
What has not cooled down, though, is our Real Estate market. Almost since day one of the pandemic in late February of 2020, the same predictable effect of supply and demand (i.e, low supply and high demand) continues to dictate our RE market. One stunner in October’s statistics reveals the supply of all inventories across the board—homes, condos, vacant land—is down a whopping 66.6% since March of 2020.
If you’ve been following the statistics for the last several months, you may recall that median home prices in May exceeded the $1,000,000 mark here on Maui for the first time ever. September was the first time we saw the median dip back below $1,000,000, and now again in October down to $932,500—still a 25.2% increase year over year since last October. The average sale price of $1,247,041 for the month and $1,717,365 for the year suggests little resistance to higher priced homes.
Buyers–don’t misinterpret that number to indicate prices are starting to go down, though. They are not. The inventory has been reduced by -48.6% just over the past few months and the majority of closed sales are still at or over full asking price.
I typically like to review articles I use for my Newsletter to edit or down-size and rarely just do a copy and paste. I realize, though, how many dizzying changes we’ve all seen on what it takes to get in and out of our beautiful state—how to behave once you get here–and even to move from island to island for those of us who live here. How many people can gather—indoors, outdoors; covid tests; quarantines; dining in vs. dining out vs. takeout; masks mandatory in, out, or voluntary; vaccines no vaccines; even I have lost track. So if you’re planning a visit this winter season, here’s the word right from the Governor’s mouth:

Governor David Ige signed an executive order today to address statewide limits on outdoor activity at high risk businesses, as well as indoor capacity at restaurants, bars, social establishments, and gyms.
“As a reminder, indoor activities at restaurants, bars, and social establishments must continue to require patrons: remain seated with their party; maintain six feet of distancing between groups; do not mingle; and wear masks at all times, except when actively eating or drinking,” said Gov. Ige.
Effective Nov. 12, two changes will take effect:
Outdoor activity at restaurants, bars, and social establishments will no longer be subject to these restrictions.
Regarding capacity for indoor high risk activities such as restaurants, bars, and social establishments, indoor capacity is set at 50%, unless the county implements a policy requiring vaccination or a negative COVID-19 test result within 48 hours, in which case, there will be no capacity limits. This does include gyms, as well as bars, restaurants, and social establishments.
The full text of the executive order is available for viewing at the bottom of this post.
“We are following the CDC guidance regarding safe practices in indoor settings, and as part of that guidance, the CDC is recommending for those activities where masks are not being worn, that six feet of distancing continues to be a critical element in maintaining or slowing the spread of COVID-19, and so we continue to follow the CDC guidance in that regard,” said Gov. Ige.
He noted that masking is still required except when actively eating or drinking.
I will add that many restaurants on Maui are requiring proof of vaccination cards and ID’s for indoor dining.
Wishing you a Happy Thanksgiving holiday filled with friends, family, joy, good health, peace, tranquility, patience, understanding, and more. And if this is the season for you to make the dream of owning Maui Real Estate come true, allow me to be your guide and advocate.
Michael Blaz
Michael Blaz
Maui Realty Associates
(808) 283-9093 cell
(808) 879-5510 fax

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