Highlighted News Stories for Mid-March 2023.
Hawaii’s housing sales drop to levels not seen since the Great Recession as prices remain high.
The median sales price for homes and condos in Maui County, Hawaii, remains high. Still, sales have fallen to levels not seen since the Great Recession over a decade ago, according to the Realtors Association of Maui. While the median price for homes fell slightly in February by 2.1% from February 2022, condos increased by 24.3% over the same period. The decline in mortgage rates earlier this year enticed some buyers, but they have since pulled back again as rates have ticked up. Inventory in Maui County increased last month, but economists are warning of a housing shortage in the long term. Read more about the market changes.
Hawaii’s Tourism Industry Shows Signs of Recovery in January 2023, Except for Maui.
Maui was the only Neighbor Island county that did not see an increase in visitors in January. Maui had 228,743 visitors, a 24.8% increase from January 2022 but a 2% decrease from January 2019. Visitor spending increased to $625.2 million. A 47.3% increase from the same time last year and a 31.8% increase from January 2019. Oahu saw the most visitors in January among all the islands, with 435,833 visitors. Visitor spending was up all around, though. The state’s economic recovery is driven primarily by increased spending among visitors from the U.S. West and U.S. East, followed by the steady recovery of crucial international visitor markets. Learn more about Maui’s tourism recovery.
Bicyclist critically injured after collision with a vehicle on Honoapiilani Highway.
A 67-year-old male bicyclist in Kihei, Hawaii, was critically injured after being hit by a Nissan Maxima sedan on Honoapiilani Highway. The driver of the car attempted to avoid the collision but was unsuccessful. The cyclist was wearing a helmet at the time of the incident. He was transported to Maui Memorial Medical Center in critical condition. The driver and passenger of the Nissan were not injured. The cause of the accident is still under investigation, and it is unknown whether speed, drugs, or alcohol played a role. Learn more about the incident.
Maui County to Mail 2023 Real Property Assessment Notices to Owners.
Maui County is set to mail real property assessment notices to all property owners on or before March 15, 2023. The notices will contain information about the taxable value of land, any improvements, allowed exemptions, and the classification assigned to the property. Property owners are encouraged to carefully review the notices and contact the Real Property Assessment Division Office for any questions or concerns. If owners disagree with the assessment, an appeal can be filed with the Board of Review by April 10. The notice is not a tax bill, and the first installment of the 2023-24 fiscal year tax bill will be mailed on or before July 20. Learn more about the notices.
Maui and Kauai businesses struggle to find workers despite improving job market.
Maui and Kauai counties are experiencing a labor shortage as they recover from the economic impact of the pandemic. This mainly affects lower-wage and tourism-dependent sectors, which need more workers. Although the unemployment rate across the state is below 3.5 percent, some industries still feel the pandemic’s effects on their workforce. Tourism-related industries have seen the most significant wage gains. Hourly wages for nonfarm jobs rose by an average of 16 percent for accommodations and food industry jobs. However, the report warns of longer-term challenges, such as housing cost and availability, the aging population, and adjustment to climate change. Learn more about the recovery.
Note: Parts of this post were written using ChatGPT, with stories gathered from Maui News.
Wailea and Makena Maui Market Update.
We offer many educational resources so that you can stay up-to-date with Maui Real Estate. If you are considering buying or selling in Wailea or Makena, take a look at the following market report.