The Realtors Association of Maui has released their statistics report for Maui real estate, including the prices and sales of homes, condos, and land in March. When it comes to real estate investments, timing can substantially influence your outcome. That’s why these statistics are worth keeping an eye on. In a nutshell, Maui home sales were up, while condo sales dipped and land sales remained steady.
The report revealed that 98 Maui homes sold in March, which was up 14 percent from the 86 homes sold in the same month last year, and also up from the 69 homes that sold in February. The median price of a single-family home on Maui was $610,750 in March, compared to $632,625 in March of last year.
As for condominiums, there were 104 units sold in March, which was exactly the same number sold in February, but was a 15 percent decline from the 123 units that sold in March of last year. The median price was $494,000, up from $440,000 year-over-year.
Land sales saw 17 lots sold in March, which was just one sale higher than the 16 lots sold in March of 2015, but down from the 20 February sales. The median price of a land sale was $439,000, down from $451,000 year-over-year.
Year-to-date statistics paint a clearer, steadier picture of real estate trends because the market can see a lot of odd fluctuations from month to month. The report revealed a 9 percent increase to 240 homes sold in the first three months of the year, compared to the same three months last year. Median prices showed a 2 percent increase at $609,500. Year-to-date condo sales were down 3 percent to 291 units sold, while the median price was down 3 percent to $425,000. Although land statistics aren’t very reliable because of how few sales comprise the total, we’ll share them for your convenience anyway. There were 42 lots sold, which was up 2 percent, and the median price was down 6 percent to $492,000.
We hope this information has provided you with a clear picture of Maui’s current real estate trends, and that it helps you with your decisions. If you need assistance or have any questions, you’ll find our contact information at the bottom of the page. Mahalo!