Extra Maui County houses had been bought by out-of-state consumers final 12 months than in recent times, in keeping with new state knowledge.
Mainland and worldwide residents bought 1,124 houses in Maui County final 12 months, in contrast with 689 models in 2020 and 760 models in 2019, a latest fourth quarter report from the state Division of Enterprise, Financial Improvement and Tourism confirmed.
Whereas housing value is impacted by provide, demand and mortgage charges, Eugene Tian, state DBEDT chief economist, acknowledged that out-of-state consumers drove up demand and elevated the housing value.
“Out-of-state consumers drove the demand up and thus elevated the housing value,” he instructed Maui Now by way of e mail. “We don’t know the way a lot of the value enhance was as a result of out-of-state consumers, it wants subtle evaluation by separating all of the influencing elements.”
A College of Hawaiʻi Financial Analysis Group financial forecast in late December famous the surge in housing prices all through the state.
“An inflow of Mainland consumers has fueled value will increase,” the report stated, including that the variety of offshore purchases will nonetheless fall in need of 2010 ranges for the 12 months as a complete.
Tian stated Mainland purchases in Maui County noticed an total decline for a few years. However they began to extend in 2021.
International purchases have continued to say no, with the vast majority of Maui buys from Canadians, he added.
State DBEDT knowledge from the fourth quarter exhibits that Hawai’i resident consumers bought 1,975 Maui County houses final 12 months, 1,629 in 2020 and 1760 in 2019.
A complete of three,099 models, together with condos and single-family houses, was bought final 12 months in Maui County, with out-of-state consumers representing about 36 p.c of the gross sales.
The rise final 12 months in out-of-state purchases have just a few contributing elements, in keeping with Tian.
“Following are the contributing elements: (1) The sooner financial restoration on the Mainland. US unemployment charge has been coming right down to the traditional degree in 2021; (2) the rise in earnings and asset worth particularly the acquire from the inventory market in 2021; (3) the comparatively inexpensive costs in Hawaii,” Tian instructed Maui Now by way of e mail. “Over 50% of the house offered to the Mainland consumers had been from the Huge Island the place housing costs are the bottom amongst all of the counties in Hawaii.”
Maui County for the primary time surpassed the $1 million threshold for single-family dwelling median sale value in Could. It remained over that mark for six months of final 12 months, and went on to set a brand new historic excessive of $1.16 million in January.
Stock additionally plummeted to report lows final 12 months. The few models that went available on the market offered shortly for at or above asking value.
Statewide final 12 months there have been 25,970 houses offered, the best since at the very least 2008 when the house sale statistics had been collected, in keeping with the state DBEDT first quarter 2022 Statistical and Financial Report launched final week.
This represents a 40% enhance from 2020 and a 29% enhance from 2019.
Of the houses offered in 2021, 46.4% or 12,048 had been single-family houses and 53.6% or 13,922 had been apartment models.
Statewide the typical sale value for single-family houses final 12 months was $1,053,819, representing a 32.3% enhance from 2019 and a 26.3% enhance from 2020. The typical sale value for apartment houses was $672,793, a rise of 18.6% from 2019 and 13.3% from 2020, the state report stated.
