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 1021 September 27th, 2022


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 (2)
Condos (2)
New Properties 
Price Reductions  

Short Sales

New Properties

Price Reductions 

  North Shore Beautiful Home

34 Nonohe Place 
$4.295M (FS)

What Does A Housing Correction Mean?


A recent Money article by Pete Grieve helps answer this question and is well worth reading in its entirety to better understand how Fed interest rate hikes, mortgage interest rate hikes, and the real estate market relate. Here are a few important takeaways from the article.

  • The real estate market in general has been cooling down for months.
  • In a typical housing down cycle marked by rising mortgage rates, the pace of home sales decline first, prices then drop, and inventory improves.
  • Prices typically don’t fall immediately when mortgage rates rise although buyers are immediately affected. There’s often a lag.
  • Prices on Maui may not drop as far as they do for real estate elsewhere because of limited inventory and high desirability.
  • The term “correction” doesn’t have a numerical meaning in the context of real estate, like it does in the stock market.
  • It’s important to distinguish between a market “correction” and a “crash”.
  • According to Grieve, “Some housing economists are talking about the possibility of a single-digit percentage decline in home prices in the next year, while the more bearish forecasts are in the ballpark of a 10% to 20% decline.”

A cooling market with rising interest rates impacts sellers and buyers differently- especially for those who must urgently sell or buy a home. 


For Sellers

  • Sellers may often list their properties at prices based on similar transactions in their area that are often several months old.
  • It’s advisable to lower your price sooner rather than later to avoid chasing the market down.

For Buyers 

  • Historically it makes sense to not wait as rates may continue to rise and current rates are still low by historical standards.
  • Shop around for the best mortgage interest rates currently available.
  • Interest rates may continue to rise or drop, a variable interest rate might make sense and allow you to refinance later but it’s prudent to stay within your budget.

The Maui market shows signs of cooling but with historically low inventory it may take a while for lower prices to be actualized across all sectors of our market. While the single-family median home price dropped below $1 Million for the first time in four months, the median condo price continues to break records. With the busy winter season just around the corner, it’s less likely we’ll see the same degree of price reductions anticipated in other mainland markets.


Whether a seller or a buyer, the Smith Team has experience navigating these shifting markets and are here to answer any of your questions.


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. Maui’s food truck scene has grown to rival similar trends found on the mainland. Visitors can check out a collection of options as they leave the airport before stopping at Costco. Click here to learn more.
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Market Watch
244 (205)
147 (83)
1157 (654)
164 (78)
231 (130)
1778 (551)
127 (60)
 30 (7)
255 (86)
535 (343)
408 (220)
2590 (1291)
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

15301 Haleakala
15301 Haleakala Highway

$1.749M (FS)
This charming plantation style home that has been lovingly updated and immaculately maintained. Upstairs you have 3 bedrooms and 2 bathrooms, split AC/heater, new LVP flooring, wood burning fireplace in the bright living room that offers beautiful sunset views. 
3226 Mapu Drive
$2.399M (FS)
This 4 bedroom 3 bathroom home has Travertine & Bamboo flooring throughout with granite counter tops, stainless steel appliances in the kitchen, 6 burner Gas Range and front loader washer and dryer. Enjoy ocean views on both levels and create memories with private entertainment & hypnotizing sunsets on the upstairs deck.
121 Awaiku St
121 Awaiku Street
$2.595M (FS)
Plenty of lot space to create your dream home. This beautiful 4 bedroom, 3 bath (listed with county as 2/2) home has amazing views, lots of privacy and is ready for new owners. Winter whale watching is fabulous from your lanai. 

89 Hokai
89 Hokai Place
$2.995M (FS)
This exceptionally crafted, fully custom home is a mere 1000 feet from world-famous Keawakapu Beach, one of the finest sandy beaches in all of Hawaii. Designed with entertaining in mind, this island-style farmhouse has an open floor plan with a seamless indoor-outdoor flow into the 450 sf of covered lanai space. 


Homes Under $1M

610 Kailana
610 Kailana Street
$725K (FS)
Enjoy the lifestyle of Maui Hawaii. Centrally located so you are close to work, school, shopping and entertainment. This plantation era home speaks of age, wisdom, a place in history and acceptance. The home is on post and pier. There is extra room in the nohana, storage and work areas, we have off street parking.
973 Akaaka St
973 Akaaka Street

$749K (FS)
This clean, plantation-style 2 bed 2 bath home sits on a corner lot with two separate driveways. Recent upgrades include a new homeowner-owned PV system for all electrical and over sized hot water heater. The converted garage is a cute studio rental with full bath. 
 1867 Makahala 
1867 Makahala Place

$865K (FS)
Brand new construction of single level 3 & 4 bedroom homes. Designed with a thoughtful open concept and spacious room sizes, these homes are the opportunity you've been looking for. Construction is scheduled to be completed in early 2023.

Vacation Condos Over $1M

Kihei Surfside 412
$1.25M (FS)
This oceanfront 1 bedroom, 1.5 bathroom condo has been tastefully remodeled from top to bottom and comes fully furnished with inventory. If you have an extra guest for the night, there is a pullout couch in the living room. The kitchen features granite countertops, onyx tile backsplash, stainless steel appliances, recessed lighting and solid wood cabinetry. 

Customer Listing Synopsis

Kapalua Bay Villas
Kapalua Bay Villas 17-G4
$1.5M (FS)
Enjoy the exceptional Northern exposure, with dreamy ocean vistas from the kitchen and Living room. The floors are tiled throughout, and most the fine furnishings are included. This ground floor unit has a very modest little slice of lawn in front of the lanais, which adds to the privacy, and intimate feel of this prime location. 
Wailea Ekahi
Wailea Ekahi 20-G
$1.799M (FS)
This top-floor unit has stunning ocean views from the living room, kitchen and master bedroom and expansive lanai. The high vaulted ceilings give the effect of more space and allow more natural light to fill the rooms. Conveniently located a stone's throw from world-renown white sand and steps away from a Bocce Ball court and pool make this location very desirable.

Vacation Condos Under $1M

Kanai A Nalu
Kanai A Nalu 115

$590K (LH)
This beautiful 2 bedroom, 2 bathroom remodeled vacation rental with a tropical feel can sleep 6, the master bedroom has an en suite bathroom. This ground-floor unit features tile flooring throughout, island-style furniture, and a stunning kitchen with granite counters.
 Kihei Kai Nani 
Kihei Kai Nani 101

$799.9K (FS)
Very clean and well maintained. Nicely updated with tile through out. Beautiful Ocean Views with very close proximity to Kamaole 2 beach and walking distance to dozens of South Maui's finest eateries. This unit can sleep 6 with 1 king and 2 queen size beds. 
Sugar Beach Resort 103

$835K (FS)
Maui one bedroom, one bathroom. Sugar Beach Resort is home to many return visitors from around the globe, and is centrally located to a day spa, restaurants, and snorkeling. The maintenance fee includes electricity, water, sewer, garbage collection, basic cable, pool care, landscaping, and exterior insurance.

Customer Listing Synopsis

Video/Virtual Tour

Pacific Shores
Pacific Shores A-105

$849K (FS)
This remodeled condo has creative interior design appeal. Fine details were added, such as custom ceilings and hand painted Italian cut glass in the bathrooms. New furniture was purchased in 2022. Location is so important and this unit is across from three beautiful beaches, close to restaurants, and just a short hop over to Wailea for more world-class beaching, golf, shopping and dining.
Maui Parkshore
Maui Parkshores 204

$875K (FS)
This unit faces south and doesn't get the direct afternoon sun all day long. Relaxing on the lanai and watching Maui's "hustle & bustle" might just become one of your favorite pastimes. Sunsets are a favorite. 

Residential Condos Over $1M

Hokulani Golf Villas
Hokulani Golf Villas 73
$2.15M (FS)
This property is without doubt the most exquisitely designed home that Hokulani has had to offer. Every detail, floor to counter tops to cabinets flow in a beautiful cohesive pattern of soft color palettes. The home comes turnkey, fully furnished and no expense were spared.

Na Hale O Makena
Na Hale O Makena E-201
$2.7M (FS)
Units are very spacious and open with Ocean views from the living area, Lanai and Master suite. Has all the amenities you would expect like granite counters, top of the line appliances, travertine flooring and more. Being sold furnished. 

Residential Condos Under $1M

  Harbor Lights
Harbor Lights C-315
$235K (FS)
This 2 bedroom 1.5 bath unit in Kahului. Close to Queen Kaahumanu Shopping Center, University of Hawaii  Maui campus, and parks.

Customer Listing Synopsis


Kihei Villages
Kihei Villages 59-203
$530K (FS)
This unit has one deeded parking space conveniently located close to the front door and bonus ample visitor parking spaces very close by. Kihei Villages has everything going for it and pet friendly, 24-hour security provided by the association.
Villas at Kehalani
Villas at Kehalani 2501
$999K (FS)
This two-story spacious townhome features an attached two car garage, large covered lanai, central air conditioning, granite countertops, African Teak cabinets and stainless steel appliances. Thoughtful floor plan with living, dining, kitchen and a powder room on the first floor, two en-suite spacious bedrooms and laundry upstairs and tons of storage throughout.


Vacant Land

814 Honoapiilani Highway Lot B
$899K (FS)
This CPR'd unit is designated for the 1,000sf cottage impressive views of the West Maui Mountains, Lana'i and the Pacific Ocean. This 4.8 acre CPR unit is bordered to the south by the Olowalu Stream. Conveniently located close to Lahaina Town but outside the traffic and congestion of town. 

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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