Attention Maui condominium homeowners! Now may be a great time to sell as prices are increasing on the island for condominium units across the board.
According to the latest statistics from the Realtors Association of Maui, the sale of condominium homes on Maui increased during the month of June compared to the same time last year.
According to the recent report, pending sales for single-family homes decreased by around 18 percent while sales for condominium homes increased by a little more than 8 percent. This is good news for condo owners looking to sell this summer as the market is poised to be an interesting one. The release states that prices are expected to increase as a result in the overall increase to the federal funds rate. And while the median sales price did decrease for single-family homes, it increased by nearly 20 percent for condominium homes, with the median sales price increasing to $515,000.
Also mentioned in the latest findings is that new listings for both of these markets decreased during June 2018 compared to June 2017, with single family homes dropping by 28 percent and condominium homes dropping by 32 percent in Maui. Inventory decreased as well, with an 18.3 percent decrease for single-family homes and a 24 percent decrease for condominium homes.
Other findings include the overall days on the market decreased by 4.7 percent for single-family homes but increased by nearly 10 percent for condominium homes. A months supply of inventory decreased by nearly 16 percent for single-family homes and 33.3 percent for condominium homes.
Prices are likely to continue to rise and it looks as if there will be an increase in housing supply as construction is slated for this summer.
That’s an overall look at the latest real estate statistics for Maui during the month of June.
A quick look at the sold residential real estate in Kapalua, two homes sold with a dollar volume of over 6 million which is down from May, but up from June. As for sold residential real estate in Kaanapali, 2 homes sold for a dollar volume of over 3 million which is way down from May’s six homes and a dollar volume of over 9.5 million.
If you’re interested in learning more about what real estate options are available on Maui then please take a moment to look through our website. We have a wide selection of real estate options to choose from under our new listings section and please contact us today with any questions you may have about real estate on Maui. We are always looking for ways to reach out and help newcomers to the islands find their way into their dream home so don’t hesitate and give us a call today. Aloha!