When it comes to investing in luxury real estate in Maui, there are many factors to consider. You might be wondering when the best time to buy might be, or how much you might have to pay if the real estate market drops or increases. If these questions are lingering in your head, contact us and our luxury Maui realtors will help guide you through the real estate process!
But for now, let us fill you in on Maui real estate market trends from April 2019. During April, Maui saw an overall decrease in new listings of about 8.7 percent for single-family residential houses but an increase of 14.4 percent for condominiums. Pending sales increased by around 24 percent for single-family residential homes but decreased by 4.8 percent for condos. Inventory for both single-family houses and condos saw a decrease with inventory lowering by 11.8 percent for single family homes and 16.1 percent for condo homes. And while there may be less inventory, median sales prices increased by 12 percent to $819,500 for single family homes and decreased 13.1 percent to $440,000 for condominium.
Experts say most of the country experienced fewer sales so far due to disruptive weather. Coupled with low affordability, higher prices, and lower inventory, slower sales continued across most real estate markets. However, experts anticipate more sales for well-priced houses in great locations, such as Maui, will create more competition.
In West Maui, there were two houses sold in Kaanapali real estate for a total of $3,100,000 at a median sales price of $1,550,000. During March this year, there was only one home sold for a total of $1,150,000. And during April 2018 there were three homes sold for a total of $6,255,202 at a median sales price of $1,360,000. In Kapalua real estate, there was one home sold for a total of $3,270,000. During March 2019, there were two homes sold for a total of $4,400,000 at a median sales price of $2,200,000. During April 2018, there was one house sold for a total of $2,250,000.
In Lahaina, there were three houses sold for a total of $8,144,000 at a median sales price of $2,525,000. Sales are down in Lahaina compared to March, where there were seven single-family homes sold for a total of $10,218,000 at a median sales price of $875,000. During April of last year, there were five units sold for a total $4,272,500 at a median sales price of $761,500.
As for condos in West Maui, there were 11 Kaanapali condos sold at a total of $15,015,000 at a median sales price of $1,160,000. During March of this year, there were nine condos sold for a total of $11,698,750 at a median sales price of $930,000. During April 2018, there were 17 condos sold for a total of $21,721,500 at a median sales price of $775,000.
In Kapalua condo real estate sales, there were two condos sold for $5,800,000 at a median sales price of $2,900,000. In March, there were seven condos sold for $10,470,000 at a median sales price of $900,000. In April 2018, there were seven units sold for a total of $6,928,888 at a median sales price of $960,000. In Lahaina, there were six units sold for $2,873,666 at a median sales price of $537,000. In March, there were seven units sold for $4,687,800 at a median sales price of $690,000. During April 2018, there were six units sold for $4,109,400 at a median sales price of $556,000.
That sums up the latest in real estate statistics in Maui, Hawaii. Keep checking back each month to stay up to date. We hope to hear from you soon and aloha!
