The Realtors Association of Maui recently released September’s statistics in their monthly report. The data can be very helpful for the savvy investor who uses real estate trends to make informed decisions. If you’re interested in these numbers, read on.
According to the report, the same number of Maui homes were sold in September as were sold in August. That was 96, a slight increase from the 95 homes sold in September of last year. Because of seasonal trends, you can learn more by looking at a given month from one year to the next. September saw a small uptick in home sales, but slow and steady growth is more reliable than wild percentage swings. Speaking of which, bear in mind that Maui’s real estate market is relatively small, so percentage changes tend to be more extreme than in larger markets.
The price trends of Maui homes tend to be of even more interest to investors. With that in mind, the median price of a single-family home was $573,300 in September. That was an increase of 4 percent compared to August, and 1 percent compared to September of last year when the median price was $570,000. As with the number of Maui homes sold, we had a small gain.
As for the Maui condominium market, the number of units sold came out to 108, which was up 9 percent from August’s 99 units sold, and up an impressive 35 percent compared to September of 2014 when only 80 units were sold. Again, be careful not to overestimate the significance of this dramatic percentage gain, given the small total number of units in the equation. That being said, it was a nice increase.
The median price of a Maui condo was $399,500 in September, which was 13 percent more than August’s $355,000 median price and 14 percent less than September’s median price of $462,500 last year. The complete picture includes a lot of condos sold at cheaper prices than in the same month last year. These are the kinds of opportunities that savvy Maui real estate investors look for.
If you’d like to analyze the data further on your own, visit www.ramaui.com. You’ll find a link to the .pdf of the report at the top of the home page. However, if you’d like some expert assistance with your search for Maui real estate, you’ll find our contact information at the bottom of the page. Mahalo!