Hawaii Real Estate

Occupancy rates for all of Hawaii hotels stood at 67% down only 1% from this week last year.  This is a remarkable feat considering that Japanese arrivals have been down 17 to 25% since the earthquake and subsequent tsunami.  Even better news is that room rates actually rose from this time last year.  Oahu occupancy rate stood at 70.8% down 1.5% from last year and this is good news considering the vast majority of Japanese visitors stay in Waikiki.  Maui and Kauai were on average saw a 1% point increase in occupancy rates from last year.

The average room rate for the entire state was $199.48 up a huge 18.9%.  This number was driven largely by a 33% increase in rates on Maui which has much higher room rates than Oahu.  Oahu saw average room rates of $166.77 which was up 13.3% over this week last year.  This is just more proof of Hawaii’s economic recovery.

To learn more about the Hawaii real estate market contact Malia L. Meenderman, R, Bonnebaker LLC.

Visitor arrivals to Hawaii were up 4.2% in March and unexpectedly great number considering Japanese visitor arrivals from Japan declined 17.9%.  The industry was getting ready for a phenomenal March when the Japanese earthquake and subsequent tsunami occurred on March 11th.   Visitor arrivals from Canada were up over 34% many were escaping wintry weather to come to Waikiki.

Many hotels and travel agencies have increased advertising in Asia since the Japanese disaster and seeing surprising results for bookings.

If you would like to learn more about Hawaii real estate contact Malia L. Meenderman, R, our principal broker.

Once again, Hawaii has seen the state’s unemployment rate fall by .1% to 6.3%.  In September there were approximately 40,200 out of work.  This rate is well below the national average of 9.6%.