Welcome back! The Maui Luxury Real Estate Team hopes that you and your ‘ohana enjoyed a spectacular holiday season, and that you were able to attend a few of the live events we reported on last month as well.
The new year is here, and there’s oodles of news to get to—so let’s get right back in the swing of things, courtesy of the Maui Luxury Real Estate Team, the best darn group of realtors on all of Maui!
December Facts and Figures
The books are now officially closed for 2022, which means we’ve got a few points to cover around the official statistics from the REALTORS® Association of Maui for last month. Single-family homes welcomed yet another million-dollar median over the holidays, checking in at $1.08 million in December (a 0.6% increase from December 2021). The median sales price for condominiums also enjoyed a 10.5% increase year-over-year to end the year strong, coming in at $773,500.
2022 saw many changes come to the Maui Nui marketplace—and nationwide—including the continued escalation of mortgage rates and a continuing lack of inventory, which stems all the way back from the national housing crisis of 2008. Good news is on the horizon, however: local inventory is slowly beginning to build back up again
Whale Season Is Officially Here
Gather your beach supplies, because whale season is upon us! Typically beginning in December each year, this magical time of the year often runs through the spring and allows kama’aina and our visitors alike to enjoy the pure majesty of these wonderful creatures as they come to frolic in the waters around Maui Nui.
Our ocean guests can usually be spotted and enjoyed right from the comfort of your favorite beach as they breach the water, and you can also sign up for a bevy of quality whale watching tours to bring you right up close to the action. Here are just a few of our favorite touring companies for you to hitch a ride with and enjoy a magical time out on the ocean as the whales play around you:
Ultimate Whale Watch and Snorkel
1031 Exchange: Is It Right for You?
Are you an investor looking to maximize your returns as you add new properties under your purview? Then a 1031 exchange might be just the trick!
In a nutshell, a 1031 exchange allows for homebuyers to sell a property in exchange for another property, and to defer any capital gains tax from the proceeds from the initial sale. This is incredibly helpful for investors to increase their investment portfolios without paying the gains tax straightaway, keeping more of your money invested and in your asset.
It’s advisable to consult with a quality CPA to make sure you’re on the up-and-up with all the rules and regulations of 1031 exchanges, along with a top-flight realty professional—and, as luck would have it, the Maui Luxury Real Estate Team is chock full of dedicated, creative, and knowledgeable professionals who are here to help you maximize your returns and identify the best investment properties in all of Maui! Give us a call today and let’s get rolling on finding the perfect property for your purposes today.
PS: Looking for the perfect way to celebrate the first month of 2023? Then don’t miss out on Maui’s 21st annual “Art of Aloha” event, to be held on Sunday, January 29th from 11 AM to 3PM at Lahaina Galleries inside the Shops at Wailea. To learn more visit their website and check out this video below as well!