The Realtors Association of Maui has recently released February’s Maui real estate statistics, which help realtors and potential buyers get a sense of market trends. These can help you make the most of your Maui real estate investment, whether you’re looking for a permanent home, a second home, or a place for use as a rental.
The report revealed that Maui home sales and prices increased last month. There were 69 homes sold, which was up a whopping 15 percent compared to the 60 homes sold in February of last year. Yes, the numbers are small, as we have a small market, and that’s why the percentages tend to swing dramatically. That being said, it was still a significant sale increase. The median price of a Maui home was $595,000, which was up 6.5 percent compared to the $558,625 of February last year.
As for condominiums, sales were up but there was a decline in the median price. Maui saw 102 condo sales, which was a 7.3 percent increase compared to the 95 units sold in February of last year. This again is a significant increase for our market. However, the median price of a condo was down to $444,450 compared to the $475,000 median of February 2015. That’s a 6.4 percent drop.
Overall, the statistics have been encouraging, and to keep up with demand, there are several large scale housing projects in the works at various locations all over the island, not to mention several big commercial real estate and business purchases.
If you’re searching for expert assistance in navigating these market conditions for the best outcome, you’ll find our contact information at the bottom of the page. We would be happy to help you find the right investment, whatever your needs and preferences. Mahalo!