The Realtors Association of Maui recently released their monthly report on the Maui real estate market for the month of July. As always, this report provides vital information on market trends, which can guide your decision-making process, whether you want to buy or sell a Maui property.
July statistics revealed a slight increase in the median price of a single-family Maui home to $599,000. That was up 1.5 percent from $590,000 in the same month last year. Meanwhile, the number of sales fell to 92, which was a 28.7 percent drop from the 129 units sold in July of last year.
Condos on the other hand saw a 10.3 percent increase in their median price, settling at $440,000, compared with $399,000 in July 2015. Sales soared by 26.4 percent, almost the same margin that home sales fell. The final count was 110 units sold, compared with 87, year-over-year.
Although a 20+ percent change in the number of homes and condos sold may seem dramatic, remember that ours is a small market, so a handful of sales, or lack thereof, can cause large percentage swings. For that reason, it's just as likely that we'll see the numbers moving in the opposite direction in the next month. That's why keeping track of year-to-date statistics is a good idea. It gives you a much more stable set of trends to follow. On that note, read on.
Current YTD statistics include data from seven out of twelve months, so we'll have to wait until the end of the year report is in before we get the full story of how 2016 played out. So far, we have 0% change in the number of single family homes sold, and a median price increase of 4 percent to $625,000, compared to the first seven months last year. Condos saw an increase of 8% for the number of units sold, and a 4 percent increase in the median price of a condo, at $430,000.
Hopefully this information has given you a sense of the Maui real estate landscape at this point in time. For more specific advice and any assistance you might need, you can find our contact information at the bottom of the page. Mahalo!
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