Despite a year full of ups, downs, and uncertainty, it looks like the island of Maui will be heading into the fall season full steam ahead when it comes to real estate transactions. Especially right now with the stock markets doing well and the overall mortgage rates very low!
According to the latest Maui real estate statistics from the Maui Realtors Association, the overall temperature on the island is one of optimism despite limited inventory. On the island as a whole, new residential listings decreased by 4.4 percent for single-family homes but increased by 97 percent for condos!
Pending sales on the island also saw an increase to 26% for residential houses but decreased by 20% for condominium homes. Inventory decreased by around 25% for single-family homes but increased to 53% for condos. The median sales price increased to almost 20% for condos but dropped slightly for houses. Experts are saying the market will continue to do well in the coming months, so whether you are looking to buy or sell, we are sure to have what you’re looking for.
- Kaanapali properties saw three houses for sale sold at a high median sales price of $2,400,000. Condo sales in this area, on the other hand, experienced a slight drop, with only nine sold at a median sales price of $840,000.
- Kapalua real estate sales also saw a jump with four luxury home listings sold at a median sales price of $2,262,500, and for condominiums, there were four units sold at a median sales price of $1,865,000.
- Lahaina saw a total number of sales of seven single-home residences at a median sales price of $1,300,000 with eight condos sold and in Napili/Honokowai/Kahana there were three houses sold for $1,200,000 and four condos sold. Prices in all areas remain strong and sales remain steady.
That is a look at the real estate market on Maui during August 2020. If you have been eyeing the MLS search and are interested in making a Hawaii real estate investment, we are here to help guide you through the process. Perhaps it is a beach house or some other type of oceanfront property for sale? Whatever it is, simply contact us today and our expert Maui realtors can help you find your piece of paradise!