The new year is upon us and as we look forward to 2020 and all the blessings it will bring, it’s also a good time to reflect on the past year. And in December in terms of real estate on Maui, whether you are looking for luxury real estate in West Maui or luxury oceanfront properties, the market is looking good and competitive, making it a great time to buy as prices are slated to increase over the next few months.
According to the latest statistics, throughout the island new listings increased slightly for single family homes but decreased for condos for sale. It appears as if a lack of new inventory is going to be a challenge moving forward, so prices are increasing as a result. If you are interested in listing your home, contact us and let’s take advantage of this time on Maui!
As for the West Maui real estate market, prices for both single homes and condo sales are increasing in certain areas as a result. We have broken the market statistics down for you to help with your real estate search.
Kapalua Real Estate
â— 6 Kapalua condos sold for a median sales price of $1,155,000. That’s up from three the month before at a median sales price of $1,075,000. There were also three sold December 2018 at a median sales price of $1,500,000.
â— No sales of Kapalua homes in December 2019, 1 sold in November and it seems like this area remains steady compared to the previous year where zero homes sold.
Kaanapali Real Estate
â— Home sales were up in Kaanapali real estate compared to November.
â— Kaanapali condos, however, saw a substantial drop in the number of sales with only 9 sold compared to 27 in November.
Lahaina Real Estate
â— Condo and single-family home prices increased as well as the total number of sales.
Napili/Kahana/Honokowai Real Estate
â— Home and condo prices increased along with sales where the median sales price increased by $400,000.
According to the report, low mortgage rates are helping to approve the affordability concerns regarding rising home prices. Mortgage rates for the end of the year closed at three-quarters of a percent lower than compared to a year ago.
That’s a quick peek at what is going on in the West Maui real estate market. If you are interested in seeing what homes are for sale here before prices increase in the Spring, then please give us a call so we can show you some of the top inventory on the island. We look forward to helping you find your place in paradise!