The numbers are in from the Realtors Association of Maui for the month of August. Their reports help paint a clear picture of the Maui real estate market whether you’re buying or selling. Following the trends revealed by this monthly report can help you decide the best time to make a move.
Median price changes are one of the important categories. For example, the median price of a single family home was $550,000 in August, as opposed to $570,000 in the same month last year. Median condominium prices were down to $355,000 in August, compared to $410,000 in the same month last year.
Despite the decline in median home prices in August, prices have gone over $600,000 three times this year, while prices only reached that level once last year. That tells us a story of overall growth.
As for the number of sales in August, we saw a tremendous increase with 96 single-family homes sold, compared to 68 in the same month last year. Condominium sales totaled 99 units, as opposed to the 94 units sold in August of last year.
Median condominium prices were down to $355,000 in August, compared to $410,000 in the same month last year. There were 99 units sold, as opposed to the 94 units sold in August of last year.
The report revealed that the number of single-family home sales tallied up at 720 year to date, versus 626 in the same period last year, which is a 15 percent increase. The year to date median price of a Maui home increased by 4 percent from $570,000 to $590,000, year-over-year. Sales volume was up 14 percent from $576,394,900 to $657,747,643.
As for year to date condo sales, we saw a 3 percent decline from 835 to 807 year-over-year. Year to date sales prices were down 2 percent from $414,750 to $407,500 compared to the same period last year. Sales volume was also down 5 percent from $547,909,311 to $520,434,623.
If you need assistance navigating this information, and the Maui real estate market as a whole, you’ll find our contact information at the bottom of the page. We also answer questions on our Sakamoto Properties Maui Video Blog page, so be sure to check it out.