April 2019 YTD Maui Residential Stats & What is Escrow?
In the escrow/title industry on Maui, May is usually when we feel the market pause, as the winter months on Maui are considered “high season.” Historically, high season on Maui (December to April) is a time when second home owners, investors and tourists travel to our island to get away from the winter months. Unlike parts of the mainland where real estate slows down due to the bitter cold weather, the market in Hawaiʻi is at its most active. The cold really drives more and more investors and residents to our island because of the incomparable Maui lifestyle.
Presently, according to Paul Brewbaker from TZ Economics, we are approaching the tenth year of this economic expansion cycle which began in June 2019. The last expansive period lasted six years and the longest on lasted approximately 10 years. Here at Fidelity, we track the Maui statistics and the first four months of 2019 are in the books.
While home, condo and land sales are all down, April 2019 YTD vs April 2019 YTD, the median sales prices for each type of property is up, $750,000, $516,000 and $495,000, respectively. Prices of properties may be a result of why number of sales are down across the island. West Maui District is the only district on the island where home, condo and land sales are actually up from last year.
(For a comprehensive statistics report, please click HERE)
What is Escrow?
Fidelity National Title & Escrow is the third party company that works with buyers, sellers and principals for the purchase, sale and/or refinancing of real estate properties. One of the most asked questions that we receive is, what is escrow?
Escrow is an impartial party that handles the closing of a real estate transaction. For resale transactions, Escrow acts as an intermediary between the buyer and the seller to ensure that all instructions as pertaining to a transaction are satisfied in a fair and legal manner and title is conveyed, from seller to buyer, free and clear of encumbrances. For refinance transactions, Escrow serves as the central depository for funds and documents, working with the lender and principal in ensuring lender’s requirements are fulfilled.
An escrow is created when money and/or documents are deposited by two or more persons with a third party which are to be delivered upon the happening of certain conditions. The third party is known as the escrow agent or escrow holder. The authority given to an escrow holder is strictly limited by instructions provided by the parties involved.
*All information deemed reliable but not guaranteed, and should not be relied upon without independent verification. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any misprints, typographical errors, or misinformation and shall be held totally harmless. Listing(s) information is provided by the REALTORS Association of Maui Inc (C) and is for consumer’s personal, non-commercial use. Information on this site was last updated (insert publication date). This is not intended as legal or tax advice, and readers are urged to consult with the appropriate professionals to determine the accuracy of information.
Reta Chin-Chiarella, AVP of Strategic Business Development with Fidelity National Title & Escrow is a contributing writer to Maui Now. Reta’s experience in the Maui escrow/title/real estate industry dates back to 1990. She was named “Affiliate of the Year” by the Realtors Association in 2000 and has also received multiple sales awards. Fidelity National Title is recognized as the leader in the industry, ranked 302 in the Fortune 500 list. Fidelity is the highest rated and largest title insurance company nationwide, underwriting one of three policies. Her office is located at the Shops at Wailea, at 3750 Wailea Alanui, Suite 22EW in Wailea.
Offices of Fidelity National Title & Escrow are available in: Kahului (808) 893-0556; Lahaina (808) 661-4960; Upcountry (808) 573-0110; and Wailea (808) 891-2404.