November 2019 YTD and Tenancies in Hawai‘iJanuary 3, 2020, 12:22 PM HST · Updated January 3, 1:44 PM Reta Chin-Chiarella AVP, Strategic Business Development Fidelity National Title & Escrow · 1 Comment
November 2019 YTD
Median prices for homes, condo and land all increased vs. 2018 with median home prices at $743,000 (up 4%), condo at $515,000 (up 3%) and land at $500,000 (up 5%). While the number of recordings fell for all property types vs. 2018, West Maui District is the sole district where home, condo and land recordings increased (up 5%, up 9% and up 16%, respectively).
On Maui in real estate, we are in the start of high season, where investors, visitors and second homeowners arrive back to our island. Low inventory continues to be a factor in this market and well-priced listings go pending very quickly. Also with low inventory, we are finding multiple offers on those listings that hit the market.
Tenancies in Hawaii
When purchasing real estate in the State of Hawaiʻi, title refers to the document that lists the legal owner of that property. There are different types of ways to own real estate and here are the common ways to hold title in Hawaiʻi: joint tenancy, tenancy in common, tenants by entirety and tenant in severalty. It is always in the best interest of principals to speak to an attorney prior to deciding how to hold title in their real estate.
**This information is presented for informational purposes only. It is not our intention to to provide any legal, financial or business advice. For specific information, please consult a qualified advisor.