The much anticipated Maui real estate statistics for the first month of this year were recently released by the Realtors Association of Maui. Their trends showed a 9 percent increase in median home prices compared to January of last year, despite a slight decrease in sales. By slight, we mean that 73 units sold this past January, while 75 sold in January of 2015. The difference of two units is not one that anybody would find significant, aside from the fact that it revealed flat sales year-over-year.
As for single family Maui home prices, the median was $630,000 last month, which is up 9 percent from $577,000 in January of the year before. The fact that Maui homes are being sold at a higher median price is an indicator of an economy with buyers who are able to spend more than last year’s buyers, which is an interesting kernel of information.
Maui condominium sales slipped from 83 units in January of last year to 82 units last month. Similar to the home trend, although sales were flat, prices were on the rise. The median price of a Maui condo was $397,000 last month, which was up 5 percent compared to the $378,000 median of January 2015.
Land sales were down to 5 units sold from 11 year-over-year, while median prices were up 21 percent from $700,000 to $850,000. That’s a pretty impressive percent increase, but it’s important to take it with a grain of salt because land sales are so few in number.
If you need our expert advice as you enter the Maui real estate market in search of the right home and/or investment, you’ll find our contact information at the bottom of the page. We look forward to putting our many years of experience and success to work for you. Mahalo!