It seems like we were celebrating the new year just yesterday, but we’re already halfway through February! That means we get to take a look at the data for the Maui real estate market, courtesy of the wonderful folks at the Realtors Association of Maui (RAM) who compile this information each and every month so the rest of us can learn from it. These reports are an invaluable tool for residential Maui real estate investors who like to have a sense of the direction of the market. If you’re thinking about buying Maui real estate, the latest report should prove interesting.
When it came to Maui home sales, this year got off on the right foot with a 10.7 percent increase to 72 homes sold, up from 65 sold in January of 2017. The median price of a single-family home reached $673,000, which was a 2.7 percent increase, compared to the same month last year.
Condos did not disappoint, with a 25 percent increase in the number of sales, for a total of 120 units sold. Compare that to 96 condos sold in January of 2017. As for the median price of a condo, that figure was $505,125, down 6 percent from $537,500 in the same month last year.
In a market as small as ours, minor fluctuations in median prices aren’t necessarily significant on a month-to-month basis. For example, a few big luxury sales can nudge up that median in any given month, while the lack of those sales can skew the numbers down. When it comes to the number of sales, however, double digit gains tell you a lot, because each and every sale represents people who are buying into the Maui real estate market.
If you have any questions, or need any assistance with your Maui real estate investment, you’ll find our contact information at the bottom of the page. We would be happy to help you through every step of the rewarding process of buying a home, condo or vacant land here on Maui. We also answer questions on our video blog, so take a look at the Ask Us section and you might find that your question has been previously answered! If not, feel free to ask and we may add another video blog entry to answer your new question. Mahalo!
