Keeping track of Maui real estate trends can be a big help in making an informed decision about an investment, whether you plan to live on your property full time, rent it out, or anything in between. Keeping track of fluctuations in sales and median prices can paint a pretty clear picture if you watch them over time. That’s why we’d like to share the findings in the April report from the Realtors Association of Maui.
Based on statistics gathered in April, RAM has revealed that both single-family home and condo sales soared compared to the same month last year. Prices increased as well, though not so dramatically.
Single family home sales jumped 13.8 percent in April. There were 99 homes sold, compared to 87, year-over-year. Even considering the fact that Maui’s market is relatively small in comparison to others, and therefore prone to large percentage swings, the increase is good news for those who purchased when prices were low, if they are thinking about selling. The total figure includes three sales on Molokai and one on Lanai. As for prices, the median selling price of a single-family home in Maui County was $680,000, which leapt 17 percent compared to $581,000 in April of last year.
The spike in condo sales was even more dramatic, with 125 units sold for a 19 percent increase compared to the 105 units that sold in April of 2015. The median price increase was more modest, up 8.5 percent to settle in at $445,000, compared to $410,000 in April of last year.
Remember, real estate prices are reported based on the median, which is just the middle of the range. That means there are plenty of interesting possibilities at various prices, and what you’re looking for might be available within your budget. To increase your chances of finding and purchasing the right Maui real estate for your needs, we hope you’ll put our expertise to work for you. If we work together, there’s no telling what kind of wonderful property you might find in your possession in the future.