If you’ve been following the Maui real estate market trends via the Realtors Association of Maui reports, you may remember that in March, home prices in Maui County were the highest they’d been since September of 2006. The median price of a single-family home was $756,000. In April, prices normalized to $671,000, which is just a 0.9 percent decrease from the same month last year. Because home prices fluctuate depending on time of year, it’s best to compare them to the same month in prior years. In this case, home prices are steady.
Condo prices, on the other hand, saw a 10 percent increase in the median price from $444,500 in April of last year to $490,563 last month. It’s a respectable increase that will be appreciated by those who purchased a condo in Maui County at the right time. As always, keep in mind that in a small market like ours, a few highly priced sales can swing the numbers substantially. That’s why year-to-date trends are the ones that you really want to keep an eye on.
With that in mind, the median price of a single-family home in Maui County was up 11 percent to $685,000 for the first four months of the year, compared to the same period last year. At the same time, the number of sales fell by 4 percent to 329. The change in the number of sales could easily be connected to the increase in prices. Meanwhile, condo sales increased by 10 percent to 458, and the median price was up 9 percent to $480,625.
Back to the month of April, the final tally for homes sold came up at 97, which was just three fewer than in April of 2016. Condo sales totaled 116, which was down 7.9 percent from 126 in April of last year. Again, the year-to-date statistics give a more complete picture of these trends, which are showing relatively minor fluctuations for our market.
West Maui April Stats Monthly Sales Volume
| April 2017 | April 2016 | |||||
|---|---|---|---|---|---|---|
| Area | Units | Volume | Median | Units | Volume | Median |
| Kaanapali Homes | 1 | $2,750,000 | $2,750,000 | 2 | $3,800,000 | $1,900,000 |
| Kapalua Homes | 0 | $0 | $0 | 1 | $2,350,000 | $2,350,000 |
| Lahaina Homes | 4 | $6,129,000 | $948,500 | 8 | $14,814,000 | $1,444,000 |
| Kaanapali Condos | 10 | $11,353,500 | $778,750 | 20 | $28,623,309 | $1,200,000 |
| Kapalua Condos | 8 | $11,764,800 | $870,000 | 6 | $9,520,000 | $1,050,000 |
| Lahaina Condos | 5 | $3,295,000 | $490,000 | 7 | $3,515,645 | $470,000 |
If you’re interested in searching Maui real estate for sale, you’ll find that there are many interesting listings on the market. Sometimes, searching for the right real estate can be overwhelming, however, so if you need our assistance, don’t hesitate to reach out to us. You’ll find our contact information at the bottom of the page. Mahalo!
