If you’re investigating the Maui real estate market for potentially lucrative investments, the monthly report from the Realtors Association of Maui (RAM) is a great place to start. The year is almost out, and that means the data on 2017 is almost complete now that we have November’s report. It revealed an increase in home sales and prices last month, but a decrease in condo sales and prices, compared to the same month last year.
According to the report, the median price of a single-family home was up 8.5 percent to $689,000, compared to $635,000 in November of last year. Sales fell by 21 percent to 71, down from 91 sales, year-over-year. The median price of a condo in November was $400,000, up 4.6 percent compared to $382,500 in the same month last year. There were 126 sales, which was a 12.5 percent increase from 112 sales in November of last year.
Another trend to consider is inventory, which continues to decline. In November, there were 504 homes for sale, which was 10.3 percent less than the 562 homes for sale in the same month of 2016. By comparison, there were around 1,000 homes for sale in November of 2010. There were 627 condos for sale last month, which was 29.6 percent down from 891 in November of last year. Again, by comparison, there were over 1,500 condos for sale in November of 2010.
As for the year-to-date statistics for 2017, single-family home sales reached 1,010, which was up 3.3 percent from 978 sales in the same period of 2016. Median prices were $695,000, up 9.4 percent from $635,000 in the same period last year. Meanwhile, condo sales reached 1,311, up 10.3 percent from 1,189 in the same period last year. Median prices were $447,000, up 7.7 percent from $415,000 in the same period last year.
Whether you’re in need of expert assistance with your Maui real estate search or you know what you’re looking for like a Kaanapali home for sale, call us today! In the meantime, you can learn more about our expert Maui realtors at Sakamoto Properties. Mahalo!