On the fence about buying a Maui home this year? Hesitation wasn’t the theme from buyers last month. According to the latest report from the Realtors Association of Maui (RAM), median prices for both homes and condos remained steady, and while condo sales rose, home sales soared. The following numbers are impressive, but not unprecedented, considering Maui’s status as one of the top five vacation destinations in the nation, according to analysts. Investors of both commercial and residential real estate are responding with zeal.
The report from RAM revealed that 95 single-family Maui homes sold in February, which was a startling 50.8 percent more sales than the same month in 2017, when 63 homes were sold. Although percentages can swing widely in a small market like ours, an increase this dramatic is rare. Throughout all this activity, the median price of single-family homes sold last month was $685,000, nudging up just 1.8 percent from $672,575 in February of last year.
As for condominiums, sales were up 9.8 percent to 122 units sold, compared to 112 units sold in the same month last year. Although not as dramatic as the increase in home sales, this is also a very respectable increase. Steady and smaller gains like this one are much more common, and also more reliable indicators of what to expect in future months. The median price of a Maui condo was $472,500, up 1.6 percent from $465,000 in the same month last year.
Considering the healthy number of sales for both homes and condos, modest median price increases are ideal for those who are thinking about making an investment. Prices aren’t shooting through the roof, but increasing slowly and steadily, which continues to provide ideal conditions for investors who are betting that Maui real estate prices will continue to climb over time.
For more information, you can find the RAM report at www.ramaui.com. If you’re in the market and you need assistance with your purchase, or you’re looking for help finding the right Maui property for your needs and desires, feel free to reach out to us. We’ll be happy to help you through every step of the rewarding process of buying Maui real estate. Mahalo!