The numbers are in for the Maui real estate market trends in March, which may be of interest to you if you want to get a sense of the direction of the market for your investment. Whether you're thinking about buying a Kapalua home as a full-time residence, or perhaps a beachfront Kaanapali condo for part-time use and part-time rental investment, the following data from the Realtors Association of Maui can help you get a feel for current market conditions.
According to the latest report, single-family Maui homes saw a 10.1 percent dip in prices for a median of $680,000 in March, compared to $756,000 in the same month last year. The number of sales dipped by 4.8 percent to 100 homes sold, compared to 105 in March of 2017. As you can see, ours is a small market, so the percentages can seem significant, even when they're based on a difference of just five sales.
As for Maui condos, median prices rose sharply by 15.4 percent to settle in at $450,000, compared to $390,000 in March of last year. The number of sales tallied up to 127 units, a 4.5 percent dip from 133 units sold in the same month last year.
As always, we like to recommend keeping track of long-term trends in the market to get an accurate picture of the direction it's going. Seeing as it's only March, we have a long way to go before we get to see how 2018 unfolds. Analysts continue to anticipate growth this year, after last year's 8.8 percent increase in Maui home prices and 7.1 percent increase in Maui condo prices. For the first three months this year, prices have remained relatively flat, but sales have been on the rise.
Despite the slight decrease in March Sales, some folks are still reeling from the near 50 percent increase that we saw in February based on 95 sales, up from 63 sales in the same month last year. You can learn more about this report and past reports at www.ramaui.com.
If you're ready to start looking at listings, or you have any questions, feel free to contact us and we will be delighted to assist you. In the meantime, if you have something specific in mind, you might enjoy our Maui property search tool, where you can refine your results with many different types of criteria that matter to you. Mahalo!
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