Whether you are looking into buying a luxury estate in Kapalua or have been eyeing out beachfront properties in Maui; it’s never a bad idea to keep your finger on the pulse when it comes to the real estate market on the island.
According to the latest report from the Realtors Association of Maui, May continued to be a good month for home and condo sales. According to the report, the market overall is showing improvement thanks to a lower unemployment rate and higher wages. And while Maui is unique and doesn’t always follow trends on the mainland, it looks like the market remained steady in May and sales are looking good! Median sales prices are up overall for both condos and single-family homes. According to the report, prices are up 2.2 percent for single-family houses and by 9.7 percent for condos.
In West Maui, single family residential homes and condo sales were healthy. In Kaanapali real estate, there were two houses sold at a median sales price of $2,559,500. Prices are up from last month where there were two homes sold at a median sales price of $1,550,000, but sales are still down compared to the same time the previous year where there were six homes sold altogether. As for condos in this area, there were 18 condos sold at a median sales price of $1,003,500 in May. There were 11 condos sold last month at a higher median sales price of $1,160,000.
As for Kapalua homes, there were two houses sold at a median sales price of $2,550,000 and three condos sold at a median sales price of $895,000.
In Lahaina, there were six homes sold for a median sales price of $763,500. That’s double from last month where three houses were sold at a median sales price of $2,525,000. And as for condos in Lahaina, there were six condos sold at a median sales price of $497,500. That price is down a bit from last month where six condos sold for a median sales price of $537,500.
In the Napili/Kahana/Honokowai area, there were five single-family residential properties sold at a median sales price of $1,099,000. Prices are up in this area overall. Last month there were four homes sold at a median sales price of $995,000, and there were only three sold during May 2018 at a median sales price of $900,000. Condo sales are remaining strong here too. There were 24 condos sold at a median sales price of $470,000. There were 18 sold last month at a median sales price of $434,000 and 25 sold in May of 2018 for a median sales price of $500,000.
That’s an overview of Maui’s real estate market. Keep checking back each month to keep up to date about the latest in real estate on the island. Contact us if you have any questions and have a great week!