If you’re keeping a finger on the pulse of the Maui real estate market, the monthly reports from the Realtors Association of Maui (RAM) are the best resource. They provide a wealth of data on Maui home, condos and land listing sales for the given month, plus year-to-date statistics. The latest report revealed that both Maui home and condo sales soared in October, 2017, as median prices rose.
To be specific, Maui home sales increased by over 35 percent to 111 homes sold, compared to the same month last year, which saw 82 homes sold. Median prices were at $667,350, which was 5.5 percent higher than the $632,500 of October 2016. As we always remind our readers, the percentages can swing widely based on a relatively small number of sales in a small market like ours, but that being said, October’s growth trends were pretty remarkable.
According to the report, condo sales shot up by 38.1 percent to 134 sales, compared to 97 sales in the same month last year. The median price of a Maui condo was up 12.9 percent to $519,500 from $460,000 in October of 2016. Often times, we’ll see a spike in home sales, or a spike in condo sales, but rarely both in one month, much less to such a dramatic extent.
As always, the year-to-date information provides the clearest picture of Maui’s real estate trends. For the first ten months of this year, the median price of a single-family Maui home was $695,000, up 9.4 percent from $635,000 for the same period last year. The median price of a condo was $450,000, up 7.1 percent from $420,000 during the same period last year.
In the first ten months of the year, home sales rose 5.6 percent to 937, up from 887 sales during the same period last year. Meanwhile, condo sales reached 1,184, up 9.9 percent from 1,077 units sold during the same period last year.
Considering the reliability of year-to-date trends, this data says a lot about the value of a Maui real estate investment. If you’re contemplating one of your own, you’ll find our contact information at the bottom of the page. We would be happy to help you through every step of this rewarding process! Mahalo!