Maui Economy Seeing Great Year
This year, the Maui economy has been experiencing a great year which is in part due to the increased number of visitors. According to the Hawai’i Tourism Authority, Maui is positioned to surpass 2016’s visitor numbers where it saw 2.6 million. Based on first 9 months data of 2017, the visitor numbers are showing a 3.2% over the same period from last year.
For some exact numbers, through January to September of this year, 2.1 million visitors arrived by air; compared to the 2 million that arrived by air in the first 9 months of 2016. An increased number of visitors also correlates with a rise in visitor spending, 2017 visitor spending is set to break 2016’s recording spending of $4.5 billion. 2017 visitor spending through September totaled $3.5 million, a 3.8% increase from the same period in 2016.
Picture courtesy of our great friend Dominick Marino
As expected, Honolulu’s $5.7 billion in visitor spending is the highest in the state, so Maui ranks as #2 in terms of visitor spending numbers. The Big Island and Kauai come in 3rd and 4th respectively, with $1.8 and $1.4 billion in spending. Although, of the major islands, Maui experienced the smallest increase in year over year spending.
Even though Maui has seen great numbers in visitor spending, arrival by air numbers have not been as impressive as the spending figures. Maui’s 3.9% increase in arrivals by air lagged behind the rest of the state’s arrival numbers: Oahu experienced a 4.2% increase, Kauai saw a 7.3% rise, and the Big Island lead all increase in arrivals with a double digit gain of 13.5%. In terms of hard figures, Maui arrivals were about 50% of Oahu’s 4.3 million, and around double Kauai’s 1 million and the Big Island’s 1.2 million.
Maui’s North Shore, picture courtesy of our great friend Dominick Marino
Maui’s biggest growth in visitor sources has been cruise ship arrivals. Over the first 9 months of 2017, Maui saw 170,100 visitors arrive via cruise ship which is an 18.2% increase from the same period in 2016. The increase in visitors correlates with a rise in arrivals from Maui’s major sources of visitors: U.S. west coast up 3% to 1 million; U.S. east coast up 6.4% to 578,900; Canada up 5.8% to 182,500; and Japan up 3% to 43,600.
Wailea Condo Market Update: January to November 2017
- Number of Wailea condos sold: 120
- Average sold price: $1,694,826
- Highest priced unit sold: $8.6 million
- Lowest priced unit sold: $550,000
- Number of units in escrow: 25
We first brought this unit to market in the beginning of June for a list price of just under $3.2 million, which is right about at the peak of the Ho’olei market. The top row units are valued so highly for their elevated and panoramic view corridors. When it was listed on the market, Ho’olei Villa 52-2 was easily the best unit for sale in complex with it being the only Maile floor plan available. The villa was originally sold in 2008 as an original developer offering, so this is the first time it will be transferred to a new owner.
Sold as the highest priced unit 2017 for $3,160,000
We are proud to have represented the buyers on this gorgeous corner villa with sweeping views of the Grand Wailea. Because this is a corner unit, it has more privacy than some of the inner units (2, 3, 4, 5). After about 6 months on the market, our buyers were ready to make on offer on the unit and ended up closing for more than $150k off original list price for $3,133,500.
- Number of Wailea condos for sale: 90
- Average asking price: $2,030,492
- Highest priced condo for sale: $9 million
- Lowest priced unit for sale: $559,000
Contact a Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com