Following trends in the Maui real estate market can help you make informed decisions about both buying and selling. The Realtors Association of Maui collects this data in monthly reports while also providing year-to-date statistics so you can get a sense of the bigger picture and longer term trends. These reports include home, condo and land listings by area, with their number of sales, median prices, average prices and sales volume.
If you’d like to find out more about the specific data you can follow this link to the Maui September 2016 Statistics. In the meantime, the highlights show a slight decrease in sales and median prices for both homes and condos last month. Although homes saw a drop in prices compared to August, prices were up compared to September of last year. Let’s dig into the specifics.
Home sales tallied in at 82 homes, down from 97 sales in the same month last year, which is a 15 percent decline. Condo sales were down to 98 units sold, compared with 110 in September of 2015, an 11 percent drop. If those percentages seem big, just remember that ours is a small market, so just a few sales can make the numbers swing quite a bit.
As for September’s median sales prices, single-family homes were down to $667,500 compared to last month’s $672,063 but up 16 percent from $573,300 in the same month last year. Condos were down to $337,000 from $420,000 in August, and also down from $399,500 in September of last year. That’s a 5.6 percent decrease, year-over-year and a 10 percent decrease compared to August.
When it comes to investing, these price dips can represent a good opportunity, especially considering the long term trend of sales and price increases that the Maui market has seen. For example, in the first nine months of the year, our county has had 979 condo sales, which is up from the 911 sales that we had by the same time last year. Year-to-date median prices are at $417,000, compared to $407,500 by this same point last year. As for year-to-date home sales, those have dipped from 819 last year to 804 this year, but with a median price of $635,000, up from $585,000 during the same period last year. The dip in sales could easily be linked to this 9 percent increase in prices.
If you need assistance with your Maui real estate investment, we will be happy to put our expertise to work for you. Our contact information can be found at the bottom of the page if you need us, and in the meantime, we hope this data has been helpful to you. Mahalo!