The data for the Maui real estate market in 2017 is finally complete, and we get to look at the big picture for the year to get a better idea of what we can expect from 2018. According to the report released by the Realtors Association of Maui, home prices increased by 8.8 percent in 2017, compared to 2016. This kind of steady increase in prices is just what buyers look for when they want a reliable investment. If you’re in the market for Maui real estate, you may be interested in the other findings of the report as well.
The median price of a single-family Maui home was $695,000 in 2017, compared to $639,000 in 2016. As for sales, a total of 1,099 single-family homes sold last year, which was an increase of 2.1 percent compared to 1,076 sold in 2016. All in all, it was a good year for a Maui home purchase, with 2018 also looking good based on conservative predictions by analysts.
Meanwhile, condos saw increases in both categories as well. The median price of a Maui condo was $445,000 in 2017, up by 7.2 percent from $415,000 in 2016. Sales were up 10.8 percent to 1,451 units sold in 2017, compared to 1,310 in 2016. So, overall, condo sales and prices saw higher increases than homes did in 2017.
If you’re interested in the data from the month of December, home sales and prices dipped, while condo sales and prices rose. The report revealed that the median price of a single-family home was $695,500 in December, down 0.8 percent from $701,000 in December 2016. There were 88 homes sold, which was 10.2 percent down from the 98 sold in December of 2016.
On the other hand, the median price of a Maui condo was $445,000, up 7.2 percent from $415,000 in December 2016. The number of sales reached 138 units, which was a 14 percent increase compared to 121 sales in December of 2016.
Again, monthly data shouldn’t be considered as significant as long-term data collected over the course of the year. If you’d like to look at the report for 2017 in more detail, you can find it at www.ramaui.com, along with past reports. In the meantime, if you need assistance with your Maui real estate search, you’ll find our contact information at the bottom of the page We would be happy to put our expertise in Maui luxury real estate to work for you. Mahalo!