Breaking News Alerts

We'd like to send you alerts when breaking news happens. Hide this Message

Press "Allow" to Activate

×
  • News Topics
    • Maui News
    • Maui Business
    • Maui Discussion
    • Maui Coronavirus Updates
    • Maui Arts & Entertainment
    • Maui Food and Dining
    • Crime Statistics
    • Maui Sports
    • Letters to the Editor
    • Maui Real Estate
  • Weather & Surf
    • Maui Weather Forecast
    • Maui Surf Report
  • Maui Lifestyle
    • Maui Job Listings
    • Food and Dining
    • Arts & Entertainment
    • Real Estate
    • Obituaries
    • Events Calendar
    • What’s Open
  • Latest Maui Videos
    • Albion SC Hawaiʻi youth and collegiate soccer camp on Maui
      Free training for high-demand jobs available at UH Community Colleges
  • Special Sections
    • Medical Minute
    • IMUA Discovery Garden

 
 
 
 
Maui Now
Aloha, !
My Profile | Logout
Aloha, Guest!
Login | Register
    Maui Now
  • Sections
  • Maui News
  • Business
  • Weather
  • Real Estate
  • Jobs
  • Obituaries
  • Video
  • COVID-19
  • Letters to the Editor
  • News Topics
    • Maui News
    • Maui Business
    • Maui Discussion
    • Maui Coronavirus Updates
    • Maui Arts & Entertainment
    • Maui Food and Dining
    • Crime Statistics
    • Maui Sports
    • Letters to the Editor
    • Maui Real Estate
  • Weather & Surf
    • Maui Weather Forecast
    • Maui Surf Report
  • Maui Lifestyle
    • Maui Job Listings
    • Food and Dining
    • Arts & Entertainment
    • Real Estate
    • Obituaries
    • Events Calendar
    • What’s Open
  • Latest Maui Videos
    • Albion SC Hawaiʻi youth and collegiate soccer camp on Maui
      Free training for high-demand jobs available at UH Community Colleges
  • Special Sections
    • Medical Minute
    • IMUA Discovery Garden

Real Estate

Real Estate Maui Now is
brought to you in part by

More Maui homes bought by offshore buyers last year than in recent times

By Kehaulani Cerizo
March 6, 2022, 6:30 AM HST
* Updated March 9, 8:42 AM
Listen to this Article
3 minutes
Loading Audio... Article will play after ad...
Playing in :00
A
A
A

A Pukalani home is listed for sale at $1.349 million on Friday. PC: Kehaulani Cerizo

More Maui County homes were purchased by out-of-state buyers last year than in recent years, according to new state data. 

Mainland and international residents purchased 1,124 homes in Maui County last year, compared with 689 units in 2020 and 760 units in 2019, a recent fourth quarter report from the state Department of Business, Economic Development and Tourism showed. 

While housing price is impacted by supply, demand and mortgage rates, Eugene Tian, state DBEDT chief economist, acknowledged that out-of-state buyers drove up demand and increased the housing price. 

“Out-of-state buyers drove the demand up and thus increased the housing price,” he told Maui Now via email. “We don’t know how much of the price increase was due to the out-of-state buyers, it needs sophisticated analysis by separating all the influencing factors.” 

A University of Hawaiʻi Economic Research Organization economic forecast in late December noted the surge in housing costs throughout the state.  

ARTICLE CONTINUES BELOW AD

“An influx of Mainland buyers has fueled price increases,” the report said, adding that the number of offshore purchases will still fall short of 2010 levels for the year as a whole. 

ARTICLE CONTINUES BELOW AD

Tian said Mainland purchases in Maui County saw an overall decline for many years. But they started to increase in 2021.  

Foreign purchases have continued to decline, with the majority of Maui buys from Canadians, he added. 

State DBEDT data from the fourth quarter shows that Hawai’i resident buyers purchased 1,975 Maui County homes last year, 1,629 in 2020 and 1760 in 2019. 

ARTICLE CONTINUES BELOW AD

A total of 3,099 units, including condos and single-family homes, was purchased last year in Maui County, with out-of-state buyers representing about 36 percent of the sales. 

The increase last year in out-of-state purchases have a few contributing factors, according to Tian. 

“Following are the contributing factors: (1) The faster economic recovery on the Mainland. US unemployment rate has been coming down to the normal level in 2021; (2) the increase in income and asset value especially the gain from the stock market in 2021; (3) the relatively affordable prices in Hawaii,” Tian told Maui Now via email. “Over 50% of the home sold to the Mainland buyers were from the Big Island where housing prices are the lowest among all the counties in Hawaii.” 

Maui County for the first time surpassed the $1 million threshold for single-family home median sale price in May. It remained over that mark for six months of last year, and went on to set a new historic high of $1.16 million in January.  

Inventory also plummeted to record lows last year. The few units that went on the market sold quickly for at or above asking price. 

Statewide last year there were 25,970 homes sold, the highest since at least 2008 when the home sale statistics were collected, according to the state DBEDT first quarter 2022 Statistical and Economic Report released last week. 

This represents a 40% increase from 2020 and a 29% increase from 2019.  

Of the homes sold in 2021, 46.4% or 12,048 were single-family homes and 53.6% or 13,922 were condo units. 

Statewide the average sale price for single-family homes last year was $1,053,819, representing a 32.3% increase from 2019 and a 26.3% increase from 2020. The average sale price for condo homes was $672,793, an increase of 18.6% from 2019 and 13.3% from 2020, the state report said. 

Kehaulani Cerizo
Kehaulani Cerizo was born and raised on Maui and worked for nearly 15 years as a news reporter, copy editor and features editor at daily newspapers. She earned awards at The Maui News in Wailuku and at Today’s Local News in San Diego.
Read Full Bio
Maui Jobs View All Jobs Chevron Forward

Fairmont Kea Lani, Maui
Guest Relations Manager
South Maui · 3 days ago

lululemon
Educator
West Maui · 2 weeks ago
Andaz Maui at Wailea Resort & Spa
Assistant Director of Engineering/Facilities $2,000 Sign On Bonus
South Maui · 2 weeks ago
BMW of Maui
Car Wash / Detail
Central Maui · 3 weeks ago

Subscribe to our Newsletter

Stay in-the-know with daily or weekly
headlines delivered straight to your inbox.
Cancel
Mahalo for Subscribing
×

Related Articles

  • Maui visitors in February more than double from same month last yearMaui visitors in February more than double from same… March 31, 2022
  • Study: Hawaiians Three Times More Likely To Have Diabetes Than Caucasians Study: Hawaiians Three Times More Likely To Have… September 22, 2019
  • Maui visitors in January more than double year over year, report saysMaui visitors in January more than double year over… March 3, 2022
  • More than half of Maui homes sold at or above list price, with 33% cash dealsMore than half of Maui homes sold at or above list… January 13, 2022
  • Maui Now Seeks Reader Input for Survey: Rising Out-of-state Maui Home Buyers, Electric Bills, Gas Prices, Cap on Transient AccommodationsMaui Now Seeks Reader Input for Survey: Rising… March 17, 2022
  • Applications Available for Maui First-Time Home Buyers ProgramApplications Available for Maui First-Time Home… July 29, 2019
Make the most of your Maui vacation with these top-rated activities: Maui Top 20: Maui Visitor & Tourism Information

Comments

This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments
Trending Now
1Maui Police Launch Tint And Tires Campaign On May 16 2Breaking Trio With Criminal History Arrested In Connection With 6 Maui Brush Fires 3Yeti Films Profiles Maui Waterwoman Outdoor Individuals Enduring Extremes 4300 Participate In Maui Rally For Abortion Rights 5Maui Now Survey Respondents Divided On Easing Regulations To Create More Housing Majority Think County Can Do More To Address Over Tourism 6Piʻilani Highway Closure And Speed Limit Reduction For Roundabout Construction
Back to Top
  • Maui News
  • Maui Business
  • Weather
  • Entertainment
  • Maui Surf
  • Maui Sports
  • COVID-19 Updates
  • Crime Statistics
  • Letters to the Editor
  • Maui Activities
  • Maui Discussion
  • Food and Dining
  • Real Estate
  • Events
  • What’s Open
  • Maui Jobs
  • About Maui Now
  • Contact Information
  • About Our Ads
  • App
  • Newsletter
  • Terms of Service

Copyright © 2022 Pacific Media Group. All Rights Reserved.
Privacy Policy | About Our Ads