Traveling to Hawaii is certainly not as easy as it used to be, but in a recent survey conducted by  the Hawaii Tourism Authority it was found that out of the 495 visitors that were surveyed 85% said their trip was excellent, and 94% said their trip either met or exceeded expectations. This is great to see, as it means that the number of tourists making the journey to Hawaii in 2021 should continue to rise.

While tourism numbers are not nearly what they were in 2019, the Pre-travel Testing Program allows anyone traveling to Hawaii to bypass the 10-day mandatory quarantine, which would make any vacation immensely more enjoyable. Out of the visitors that were surveyed, 79% said that their pre-travel testing experience went smoothly, and the protocols were clear. The remaining 21% reported various issues with pre-travel testing including difficulty finding a trusted testing partner, and not receiving their results within the specified window.

We will continue to look forward to a rise in tourism numbers as the local economy recovers from the COVID-19 pandemic. To look at the full report, follow this link.In an interview with The Maui News, the Chief Economist with the Department of Business, Economic Development and Tourism Eugene Tian stated that nearly 30% of the homes that were purchased in the better part of 2020 were purchased by out-of-state residents. Of those buyers 27.4% were from the mainland, and 1.4% were international. While this number seems high, out-of-state residents usually purchase nearly 50% of the available real estate on Maui.

The data is still being assembled for the demographic breakdown of these out-of-state buyers, as it is unclear whether most of those purchases were made by investors, or those seeking to move their principal residence to Hawaii now that most employees and business owners can work from home.

The three aspects of the current real estate market that appear to show no signs of slowing are low inventory levels, low interest rates on new mortgages and a climbing median sales price for both condos and single family homes. In December, the Realtors Association of Maui recorded the lowest inventory ever since they began keeping records in 2010. New construction is still very active on Maui, with several affordable housing projects as well as luxury condominium complexes set to be completed  between now and 2022.

To read the full interview The Maui News did with Eugene Tian click here.
Due to the spike in COVID-19 cases on Maui, Governor Ige gave Mayor Michael Victorino the authority to amend the current emergency rules. The new rules go into effect today. Here are the highlights.

- Retail occupancy is now limited to 30% to allow more room for social distancing.

- Bars and restaurants are now required to close at 10pm or earlier. Drive-throughs, non-liquor related takeout and room service are all exempt from this new rule.

In addition to pre-travel testing requirements for both inter-island and transpacific travelers, they are also now required to download either the AlohaSafe Alert app or another Google-Apple Exposure Notification System app. Travelers can also enable their exposure notification setting on their phone.

Face coverings must now be worn while walking to and from the beach or pool. They can only be removed once you are stationary and socially distanced from the people around you.

-Even if the venue is outdoors, a mask must be worn at gyms, yoga studios, and wellness centers.

While these rules mentioned  above are slightly different from rules that were already in place, it’s important to keep yourself informed on the latest developments coming out of the Mayor’s office.
 Smith Team Real Estate - 2 Generations of Satisfied Customers - (808) 572-0866
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Issue 1037 January 17th, 2023


In this newsletter:
Market Update
Market Watch
Homes Over $1 Million
Homes Under $1 Million
Vacation Condo Over $1M
Vacation Condos Under $1M
Residential Condos 
Vacant Land 

Bank Owned 
Homes (1)
Condos (1)
New Properties 
Price Reductions  

Short Sales

New Properties

Price Reductions 

 Hawaiian Contemporary Executive Home

195 Heleuma Place
$6.95M (FS)

Update on Maui Real Estate Market


As you are aware from our previous Newsletters, sales were down sharply in December and also for the full year in 2022.  

While prices may have flattened, they have not gone down appreciably due to the lack of Inventory. We keep expecting owners to list their highly appreciated properties to take advantage of the market which has stopped going up, and in certain cases, has to be classified as being soft.

Here are some of the reasons why owners are not motivated to sell:

  1. They have locked in a low interest rate and if they sell in order to buy something else, they will be paying a much higher interest rate.
  2. Capital gains tax will eat up too much of their profit.
  3. For investment properties, the owners are still able to capitalize on a very tight long term rental market, and a strong vacation rental market.
  4. They can’t find a replacement property that makes it worthwhile to sell.

Looking at the Inventory 5 months ago, there were 266 homes and 218 condos actively listed for sale. As of a few minutes ago, there were 269 homes and 216 condos listed for sale.  

Until we see a substantial increase in the inventory, it is hard to see prices dropping; although, those Sellers who are looking to reach for the moon, are going to be sadly disappointed. Buyers are simply not paying up for properties.

If you would like to know what your home is realistically worth in today’s market, please call the professionals at The Smith Team. We will give you an honest evaluation….no pie in the sky.

If you are a Buyer and ready to pull the trigger, give us a call and we will help you negotiate a favorable price. Remember, trying to time the market is a fool’s errand. It is nearly impossible to buy at the bottom or sell at the top.  

One thing that we have found from our combined 70+ years of experience in selling real estate is that those who buy and hold have done extremely well regardless of whether or not they bought at the bottom.   

Have a great week!

Mahalo Nui Loa,

Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B) and 
Rachel Smith Kofron R(S)

The Smith Team

P.S. $4M to fund loans for new DHHL home construction and women-owned businesses. Click here for more information.
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Market Watch
269 (233)
105 (58)
1011 (604)
216 (106)
194 (112)
1457 (482)
137 (73)
 30 (10)
241 (68)
622 (412)
329 (180)
2709 (1154)
1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in the number of active listings from the previous week.


Homes Over $1M

 205 Ulana St 
205 Ulana Street
$1.495M (FS)
This property is situated on a gulch for maximum privacy surrounded by mature trees that create a tree-house feel with great natural light. The main house has been recently renovated with a granite kitchen, new cabinetry, flooring throughout and many custom upgrades. Large vaulted ceilings create a unique custom home feel.
8 Coconut Pl
8 Coconut Place

$1.85M (FS)
This home was built in 2018 and has been lovely cared for. This reverse floor plan (living, dining, kitchen, primary bedroom and office upstairs) includes vaulted ceilings upstairs and 9 foot ceilings downstairs. There is Koa laminate flooring throughout as well as tiled floors in the entry, kitchen, baths, and laundry room. 
535 Kupulau
535 Kupulau Drive

$2.995M (FS)
This architectural design is known as the "Longhouse". The main home consists of 2 bedroom and 2 baths on the upper level and 2 bedrooms with full bath on the lower level. Every bedroom with spectacular Maui coastline views. Watch the Humpback whales play while preparing your meal from your oversized custom kitchen. 
4871 LOWER
4871 Lower Honoapiilani Road

$8.5M (FS)
This 5,658 square foot residence on a 14,959 square foot lot was completely remodeled in 2001. Features 6 bedrooms, 7 baths, including an upper and lower master suite and private caretakers' quarter. An elevator accesses a fabulous media/game room located adjacent to the upper master suite. 

Homes Under $1M

 1753 Mill1753 Mill Street
$711K (FS)
Welcome home to your charming 1935 classic and centrally located diamond not too rough, this unique gem will require some TLC from the new owner/caretaker. High ceilings, lots of natural light, tons of storage with original built-ins. Enjoy the beautiful vibrant mural on the backside of home with garden beds, mature starfruit tree, lime trees, kalamansi and lilikoi. 
776 Kekona
776 Kekona Place
$899K (FS)
This property is located in the Kealaloa subdivision and consists of a 3 bedroom 2 bath main home plus a separate studio. Conveniently located up the street from the heart of Makawao town.
817 Mahealani
817 Mahealani Street
$949K (FS)
This single-level house in Piilani Villages it is obvious how meticulously maintained this home has been. Every inch of this 3 bedroom, 2 bathroom, 1,336 square feet of living space has been lovingly cared for by the Original/Only Owners. Recent upgrades include a newer roof, solar hot water system and double-paned/noise reducing vinyl windows. 

Vacation Condos Over $1M

Kapalua Golf Villas
Kapalua Golf Villas 21T1-2
$1.385M (FS)
Beautifully upgraded street-level unit in a prime location at the top of the Kapalua Golf Villas. Exceptional ocean and golf course views from the expansive lanai. New AC system, fresh paint, new carpet in the bedroom, new streaming TV, new hot water heater and new appliances. Two private entrances, with a lock-out feature between living area and bedroom suite.

Customer Listing Synopsis

Kapalua Bay Villas
Kapalua Bay Villas 17B3

$1.695M (FS)
This is a townhome style with great separation of space. This is a great floorplan and no steps to the front door and kitchen. There are 2 full bathrooms. A must see! Complete remodel makes this a desirable home and rental. Light and modern, crown molding, laminate wood flooring. Beautiful views all the way to Honolua Bay. 
 Wailea Ekolu 
Wailea Ekolu 1305

$1.888M (FS)
This is the condo you've been waiting for in the beautifully manicured. Fully furnished and turn key. Walk to the weekly Farmer's Market that's held in the new Wailea Village, where you'll also find the Wailea Golf Club, art galleries. With 2 ensuite bedrooms, the whole family can enjoy the stunning ocean views from the living and dining areas.
Montage Residences
Montage Residences 1502
$12.995M (FS)
This oceanfront penthouse occupies a prime location at Montage Kapalua Bay, offering breathtaking, unobstructed views of the sparkling, sapphire blue waters of the Pacific Ocean, and the islands of Lana'i and Moloka'i. Enjoy Kapalua’s best with picturesque year-round sunsets.

Vacation Condos Under $1M

Kalama Terrace
Kalama Terrace L-206

$625K (FS)
This unit is close to "The Cove", South Maui's favorite surf spot, multiple beaches including Charlie Young Beach, shopping, and dining establishments. This rare, pet-friendly, 1 bedroom, 1 bathroom was fully remodeled from top to bottom in 2019.  Enjoy your morning coffee with a garden view and partial ocean view on the large covered lanai.
Kihei Kai Nani
Kihei Kai Nani 129

$750K (FS)
This quiet condo offers the benefits of ground floor living with a private tropical garden view lanai. The layout has been thoughtfully designed so the kitchen, dining room, living room and lanai spaces flow together to create a unified harmonious space. Is a successful vacation rental property and is being sold furnished
Kamaole Sands
Kamaole Sands 8-207
$875K (FS)
This unit is blessed with a highly sought after deep and large lanai, South facing ocean & Upcountry view, valued by the present owners and guests as not all one bedroom units are afforded this amount of lanai space and excellent orientation, making it very desirable. Completely remodeled. 
Mahana 1012
$895K (FS)
This unit is a deluxe studio with astounding views of the Ocean and neighboring Hawaiian Islands. Is an extremely busy vacation rental location and future bookings should be honored. Perfectly placed near shops, restaurants and much more. Mahana features an onsite pool, spa, shuffleboard, tennis court and two barbeque stations.

Residential Condos Over $1M

Hokulani Golf Villas
Hokulani Golf Villas 149
$2.15M (FS)
This two-story residence with the main living flow on one level; great room, kitchen, master bedroom, den over 1700 sq.ft. of living space and a convenient 2 bedroom 1 bath with den upstairs for an additional 750 sq.ft. Terrific ocean/West Maui Mt views from the lanai in addition to morning Haleakala views. 
Kai Malu
Kai Malu 61-B
$2.7M (FS)
Prime location with its sweeping ocean and Haleakala views and elevated location. 3 bed and 2.5 bath, 2 car garage. A two-level fully furnished town home featuring upgrades fit for the most discerning buyer. You really must see this home to fully appreciate its many meticulously thought-out features, as well as its breathtaking views from almost every window. 

Residential Condos Under $1M

  Maui Lani Terraces
Maui Lani Terraces E-101

$385K (FS)
Super convenient and highly desirable location in the "E" building, as it is an end unit on the ground floor, making it easily accessible. Upgrades include new flooring, new countertops, new refrigerator and new hot water heater. It is in move-in condition. And the property is being sold fully furnished. 

Customer Listing Synopsis

Kihei Shores
Kihei Shores D-101
$599K (FS)
One of the best units in Kihei Shores. End unit, first floor, with no unit below it. Recently upgraded with new high end cabinets. New appliances. Located at the rear of the property, close to the pool, and with minimal traffic or noise.
Flats at Kamalani
Flats at Kamalani 403
$725K (FS)
This ground floor model is the largest of the Flats condos at 1,022 sq ft with 3 bedrooms and 2 bathrooms. It comes fully equipped with a gas range, on demand gas hot water heater, a gas dryer and a small fenced private yard. There a 4 in wall air conditioning units to keep you cool. New flooring of luxury Vinyl tile was installed 3 weeks ago throughout the entire condo along with new paint.
Cottages at Kulamalu
Cottage at Kulamalu 38
$899K (FS)
Kuinehe Place is a spacious 3 bedroom, 2.5 bath stand alone townhome located in the highly sought after Cottages at Kulamalu community. This charming, well maintained home features a private front yard and private backyard with tropical and low maintenance landscaping. The primary suite has gorgeous Haleakala mountain views which are just stunning. 

Vacant Land

0 Kahiapo Place

$400K (FS)
Beautiful lush level lot with spectacular mountain views, this private hidden gem is waiting for a forever family. The property is located on the makai side of Hana Hwy in Haiku, just past the Haiku Community Center in a quiet neighborhood. This area has a nice micro climate, not to wet for Haiku. When you are on the property you feel far removed, yet it's only a few minutes below Hana Highway.

The Smith Team
(808) 572-0866
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Coldwell Banker Island Properties
#B-35 3750 Wailea Alanui Drive
Wailea, Hawaii 96753

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