Trying to get a feel for the price of Maui real estate? Whether you’re in the market for a single-family home, a condo, or vacant land, keep in mind that island-wide medians and average prices are general. Those prices vary a great deal when you look at the many different areas on the island that are their own category in Maui real estate. Each month, the Realtors Association of Maui (RAM) releases its latest compilation of data on the prices, the number of sales and the sales volume.
We sometimes post updates on the island-wide trends, but the RAM report breaks down all of this data by area. It’s a lot of information to load into one blog, so we want to recommend that you take a look at our Maui real estate stats page. This gives you three handy tables that are always current. One is for single family homes, one is for condos and one is for land. The tables tell you the average price and median price of all the major areas on Maui that have real estate. That means you have access to salient details without having to thread through the much larger RAM reports yourself.
While some of the averages can easily be skewed one way or another by a single luxury sale, the medians paint a much clearer picture, finding the middle of the spectrum of prices on real estate that has sold in that area. For that reason, we recommend looking at the median for the most accurate information.
Another aspect of the tables that we’d like to note is the fact that the data is always year-to-date (YTD), meaning it includes RAM’s compilation of all the months in the year that have passed so far. We get this data as an automatic update, so you’ll know about it as soon as RAM releases its monthly report. The current set includes January through May of 2017. The reason we have YTD tables rather than tables for each passing month is that long-term trends are much more reliable.
Here in Maui County, a small number of sales can sway the numbers drastically in either direction, up or down, but finding medians in a given area over a period of several months is going to be a more accurate representation of the actual trends, so you won’t get thrown off by a huge percentage increase or decrease in a given month.
Last but not least, what makes these charts especially handy is that you can check to see a simple set of data that will show you how the median price of land in Haiku compares to, say, Makawao. Or you could be debating between Kihei and Lahaina condos, or perhaps Wailea versus Kaanapali homes for sale. Knowing how much real estate you can afford is one of the first important steps you take in getting into the market. Once you’ve got an idea of that, you can look at these tables to see which parts of the island are most likely to include property that fits your budget. Once you’ve done that, you can get into a deeper comparison by exploring the listings.
If you’re interested in seeing the tables, visit our Maui real estate stats page, and if you want to check in regularly in the future, you may wish to bookmark it. If you need our assistance with your Maui real estate search and purchases, you’ll find our contact information at the bottom of the page. We can help you hone in on properties that meet your criteria. Mahalo!