Recent arrival statistics indicate that Maui tourism is on the rebound. This rebound is coupled with record breaking real estate market conditions.
WAILEA, HAWAII, UNITED STATES, April 20, 2021 /EINPresswire.com/ — After more than a year of uncertainty in the wake of a shutdown of tourism from the COVID-19 pandemic, visitors are finally arriving in Hawaii again! It appears Hawaii’s top industry is finally on the rebound after a period of pandemic-related uncertainty wreaked havoc on the tourism industry in Hawaii and around the globe. According to Hawaii’s Department of Business Economic Development and Tourism, statewide tourism numbers have bounced back to roughly 70% of their pre-pandemic numbers, but Maui seems to be experiencing a bigger boom than the rest of the state.
The DBEDT also indicates that Maui’s tourism numbers are exceeding the numbers for the same period (April 1-8) in both 2018 and 2019. In fact, DBEDT states that there is an average of 6,441 passengers arriving at Kahului Airport every day. That number is up 7.2% from 2019 and 14% from 2018. With this boost in tourism comes a shot of adrenaline into the arm of an economy that faced as much uncertainty as any other state economy over the course of the last year.
As is always the case when a state’s economy begins to show signs of improvement, there also seems to be an impact on real estate sales on Maui. The Realtors Association of Maui reports that there were 100 new listings in March of 2020, the same month that the United States declared a state of emergency. In what could be considered as a sign of things to come, there were 120 new single-family home listings added the Maui Association of Realtors MLS in March of 2021. The most promising statistic is the number of pending sales in March of 2021 compared to March of 2020. In March of 2020, there were only 61 accepted offers on properties. That number jumped up by an astounding 137.7% to 145 in March of 2021. The final sale price of homes for sale on Maui has increased by roughly $350,000 since this time last year. Finally, the time it took for Maui homes for sale to close dropped from 130 days to 117 between March of 2020 and March of 2021.
There has also been an impact on condos for sale on Maui. March of 2021 saw 229 condo sales close on Maui. That number is impressive enough on its own merit, but when you consider the fact that there were only 161 closed condo sales in March of 2020, that 42.2% increase seems even more promising for the future of real estate sales on Maui. Finally, there has been a steady increase in the average sale price of Maui condos for sale. March of 2020 saw an average sale price just north of $784,000 while that number has jumped to $978,643 in 2021. All signs point to a healthy real estate market in Hawaii.
Whether you’re looking to buy or sell property on Maui, Evan Harlow and Maui Elite Property provide unrivaled client services. With the most comprehensive online resource for searching for Maui real estate, you can find all of the information you desire directly on our website. Evan Harlow R(S) strives to “create victory” for his clients in every transaction. Throughout Harlow’s years of experience working in Maui real estate, he has helped countless clients navigate their way through the competitive Hawaii real estate market. Whether you’re a first-time homebuyer or a veteran of real estate transactions, Harlow’s personalized customer service and world-class negotiation skills can be a great asset for you.
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