Highlighted News Stories for May 2023.
Hawaii Tourism Continues Rebound in March 2023 with Visitor Arrivals and Spending on the Rise.
Tourism in Hawaii has continued to rebound in March 2023, with Maui, Oahu, Hawaii Island, and Kauai all seeing increases in visitor arrivals and spending compared to 2022 and 2019. Total visitor spending across the state reached $5.37 billion, up 26.8 percent from the first quarter of 2022 and 19.5 percent higher than the first quarter of 2019. Arrivals from Japan and Canada in March were also at their highest volumes since the beginning of the pandemic. Overall, the tourism statistics for March 2023 were consistent, with job counts in the hospitality sector increasing, hotel occupancy rates rising, and the transient accommodations tax increasing. Learn more about March 2023 tourism and spending.
Hawaii to Add Four Properties to Legacy Land Conservation Program in 2023.
The Board of Land and Natural Resources has approved $6.35 million in grant awards from the Land Conservation Fund to acquire four properties in Hawaii, including 515.75 acres in Molokai, 116.49 and 59.27 acres on Oahu, and a 3.45-acre parcel in Kauai. These acquisitions will be added to the 2023 Department of Land and Natural Resources Legacy Land Conservation Program and are expected to receive matching funds of around $9 million from county programs and private donations. The Legacy Land Conservation Program was established in 2005 to acquire lands of great resource value to the state. The LLCC prioritizes acquisitions based on specific criteria such as unique cultural or archaeological resources, habitats for endangered species, and productive agricultural lands. Find out more about the legacy properties.
State Senator announces nearly $80 million for Maui capital improvements in the state budget.
State Sen. Angus McKelvey has announced that nearly $80 million in capital improvement project funds have been allocated to District 6, which he represents. The funds include $45 million for teacher housing, $4 million for Lahaina Harbor pier repairs, $3.2 million for Mala Ramp upgrades, and over $1 million for flood mitigation efforts in South Maui. McKelvey said that teacher housing is essential to fully staffing schools in the area, and the funds will be used to convert existing hotel rooms into apartments. However, the monies are contingent on the county matching the state funding. The final version of the state budget bill is awaiting a final vote before being transmitted to Gov. Josh Green for consideration. Read more about the state budget.
Wailea Hotels Top Hawaii Revenue but Also See Low Occupancy Rates in March.
Wailea luxury hotels in Maui County brought in the highest revenue per available room and average daily rate in March 2023 but also saw some of the lowest occupancy rates in Hawaii. The report released by the Hawaii Tourism Authority reveals that while the revenue per available room and the average daily rate at Wailea hotels in March were the highest compared to the rest of the state, occupancy rates were at 61.7%, down 4.8 percentage points from the previous year and 28.9 percentage points compared to pre-pandemic 2019 levels. With the strength of the Wailea luxury hotels, Maui County led the state in the highest revenues per available room and average daily rate. Meanwhile, Oahu saw the highest occupancy rate among all counties.
Maui County single-family home prices rise to $1.2 million, while condo prices drop in March.
The median sales price for single-family homes in Maui County rose to $1.2 million in March after being below that mark for eight months, while the median sales price for condominiums dropped to $797,500. Earlier this year, the surge in homebuyer activity caused existing home sales to jump by 14.5 percent nationally. However, in Maui County, closed sales of single-family homes and condominiums were down compared to the previous year, but March’s totals were better than February’s. Kihei was where most single-family homes and condominiums were sold, with a median sales price of $1.07 million and $795,000, respectively. Learn more on March 2023 home prices.
Coastal invertebrates are surviving on plastic debris in open ocean.
Researchers from the University of Hawai’i at Manoa and the Smithsonian Environmental Research Center have found that a significant number of coastal marine invertebrates can survive and reproduce on floating plastic debris in the open ocean. The study, published in Nature Ecology and Evolution, found that coastal species were present on over 70% of the plastic debris examined in the eastern North Pacific Subtropical Gyre, and these communities of coastal species could persist in the open ocean, creating a new ecological paradigm. The researchers also noted that this could increase the risk of invasive species in previously protected marine ecosystems.
Note: Parts of this post were written using ChatGPT, with stories gathered from Maui News.
Lahaina 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 Lahaina and West Maui, take a look at the following market report.