Aloha from Maui-Island Update September-2021

The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of Materials.
Quick Market Facts-Maui
+40.2% Change in number of Closed Sales
+9.9% Change in Median Sales Price
-65% Change in number of homes for sale

Featured Listing of the Month

1 Bay Dive #2604, Lahaina, HII
Montage Residence at Kapalua Bay
Bedrooms: 3 | Bathrooms: 3.5 | Living Area 2,789 sf | Floor Level: 6
$5,995,000.00

Click here for a tour

Magical Kapalua Bay

Montage Residences Kapalua Bay #2604 is truly one-of-a-kind opportunity to experience oceanfront living on Maui’s treasured Kapalua shoreline with direct access to sandy, crescent Kapalua Bay, once voted as The Best Beach in America by Conde Naste. The corner-unit’s stunning, panoramic views are framed by the neighboring islands of Molokai and Lanai wrapping around to Honolua Bay with the magical Maui sunsets in between. This amenity- intensive complex includes preferred access to two world-class championship golf courses, award-winning Spa Montage, The Kapalua Tennis Garden, The Beach Club, miles of hiking trails and an array of ocean activities. The combination of unparalleled location, an expansive 3-bedroom floor plan with brand-new furniture, and the service you would expect from a Montage-managed property, makes for the ultimate hassle-free resort lifestyle.

Magical Kapalua Bay

Cohana is Hawaii’s Vacation Home Co-Ownership specialist. This innovative investment model prioritizes both experience and profitability, providing property owners with years of enjoyment and an exit strategy focused on returns. Stay tuned for more on unlocking your dream vacation home with Cohana.

Market Update August 2021

New Listings remained flat for Single Family homes but decreased 48.0 percent for Condominium properties. Pending Sales increased 15.0 percent for Single Family homes and 31.5 percent for Condominiums. Inventory decreased 45.1 percent for Single Family homes and 82.7 percent for Condominiums.
Median Sales Price increased 30.2 percent to $1,040,000 for Single Family homes but decreased 2.0 percent to $650,000 for Condominiums. Days on Market decreased 11.6 percent for Single Family homes and 44.4 percent for Condominiums. Months Supply of Inventory decreased 59.1 percent for Single Family homes and 90.8 percent for Condominiums.

For a comprehensive market update select the Monthly Market Statistics link below.

Pihea Trail in Waimea – Kauai

If you happen to be on the Island of Kauai in the near future I highly recommend this day hike near Waimea Canyon

2021 Goal #999 – Learn how to Draw!

“Falling Leaf”

If you are in the market to sell your Maui home, it will be my pleasure to provide you with a complimentary marketanalysis of your property. Please allow me to use my 25- year West Maui experience, powered by the Keller Williams’ impressive worldwide network, to youradvantage. I look forward to hearing from you. I hope all is well. Stay healthy!