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As you know, Maui is a great place for your high end clients to invest in their second or even third vacation home.
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More Americans may be looking to get away as vacation home sales jumped last year.
Vacation home purchases made up 21% of all home sales last year at an estimated 1.13 million, the highest level since 2003 and a 57% increase from 2013, according to a report from the National Association of Realtors.
The stock market’s strong performance and gains in the labor market are creating more confidence among buyers, according to Lawrence Yun, NAR’s chief economist. “The top 10% of families are feeling much more financially confident.” The typical second-home buyer had a median household income of $94,380, 58% had two income earners and 48% financed less than 70% of the purchase price, according to NAR.
A beach location was the most popular among vacation buyers, and 54% of properties were single-family homes.
52 percent of Maui Home Buyers Were Not Local!
Maui County is the only county in the state in which less than half – 48 percent – of single-family home and condominium buyers were residents while the remaining 52 percent were from the Mainland or foreign countries, according to a study by the Research and Economic Analysis Division of the state Department of Business, Economic Development and Tourism.
Released last week, the study tracked home and condo sales data from Title Guaranty, a real estate title services company, from January 2008 to September 2015. In that period, there were 20,752 residential sales in Maui County. Of those, local buyers purchased 9,968, or 48 percent. Mainland buyers accounted for 9,310, or 44.9 percent, and foreign purchasers acquired 1,474, or 7.1 percent.
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