As you’re already no doubt well aware, faithful readers, the numbers here on Maui have been breathtaking to behold: a median sales price for single-family homes eclipsing one million dollars for three months’ running – not to mention an ever-dwindling number of properties available on the market and cash buyers lining up to make multiple bids on their dream home in paradise!
In this way, Hawaii is at the vanguard of the real estate marketplace worldwide, and not just for the pristine beauty which surrounds it – the ongoing combination of low mortgage rates, low inventory, and a rebounding economic outlook continue to bode well for such historic highs to continue well into 2021.
Believe it or not, the rest of the country isn’t far behind!
On the national scale, sales prices were up 17.2% in June as compared to one year ago, according to a recent report from CoreLogic via Realtor.com. That’s an absolutely colossal jump when it comes to the national numbers – by way of comparison, this was the highest year-over-year gain since 1979!
Furthermore, Hawaii certainly isn’t the only state where prices continue to soar: Idaho (34.2%), Arizona (26.1%), and Montana (24.3%) all displaying some eye-popping jumps in year-over-year growth as well, which is also notable because a few of these states probably aren’t what one would think to be associated with roaring housing markets. It makes sense, though – with so many folks making the switch to working from home (and some set to do so long after the pandemic has concluded), there are countless families looking to re-establish themselves in a new and beautiful place, freed from the necessity of proximity to their local office via teleworking opportunities.
The recently released numbers from the 2020 Census are also quite interesting, as they highlight several beginning trends that may have an outsized impact on the local and national real estate markets as well. According to the numbers, the three largest cities in the U.S. by population – New York City, Los Angeles, and Chicago – all experienced a much slower rate of growth than has been customary for such metropolitan locales over the past 50 years.
In some respects, this also reflects a larger trend towards a redefinition as to what working families have been valuing with regard to their overall work-life balance – and how the pandemic has freed them to explore how living in closer proximity to natural beauty has become increasingly important in the modern age.
Needless to say, when it comes to spectacular natural beauty, the Valley Isle simply can’t be beat. The numbers will always rise and fall, but one thing is certain – those who are fortunate enough to call this magical place home will always be grateful for it.
If you’re looking to sell your home and receive a life-changing sum in return – or if you’d like some help in finding your way to some fun in the sun – then give the GM Maui Team a jingle today. Aloha!