A bit of news came down the pipeline recently, which should be especially relevant to those considering a Maui real estate investment. A report from CoreLogic revealed that Hawaii was among the top states in the nation for highest home price appreciation in April compared to the same month last year. Even more encouraging was the discovery that Hawaii was actually No. 1 when distressed properties were factored out.
Not only is the value of your Hawaii home more likely to increase than a home in most other states, but you have the added benefits of, well, a home in Hawaii. Whether you plan to live in it, rent it out, or use it at various times of the year, you’ll have stunning scenery, clean air, balmy weather, and countless ways to indulge yourself when you’re on the island. But perhaps you’re interested in the particulars of the report?
When distressed sales were excluded from the equation, Hawaii homes saw a 13 percent price appreciation, which was about 1.5 percent higher than California, the No. 2 state with 11.4 percent appreciation. The data came from CoreLogic’s April Home Price Index. In case you’re curious, Nevada came in third with 11.1 percent appreciation, followed by New York with 10.3 percent and Florida with 10.2 percent.
The national home price appreciation rate was 8.3 percent, excluding distressed sales, which tells you a lot about where Hawaii stands for real estate investment potential. It’s also no surprise that nearly half the real estate sales of April were made with cash.
If you need assistance with any step of the Maui real estate purchase process, you’ll find our contact information at the bottom of the page. We’d be happy to apply our expertise to your needs. Mahalo for reading this week!
mauiluxuryrealestateteam.com – By Robert J. Cartwright, Principal Broker
