While Maui condo sales and prices were up last month, home sales and prices nudged down, according to the latest report from the Realtor’s Association of Maui (RAM). If you’re keeping an eye on the market trends to help you decide when to buy Maui real estate, these reports are going to be your best source of information in terms of the big picture, especially thanks to the reliable year-to-date section.
According to the report, the median price of a condo rose no less than 14.4 percent to $433,750 in September, up from $379,000 in the same month last year. The number of condos sold was up a whopping 25.3 percent to 124 units sold, up from 99 units sold in September of 2016.
As for single-family homes, the median price dipped by just 2.3 percent to settle in at $650,000, which was down from $665,000 in the same month last year. Similarly, sales fell by just 2.4 percent to 81 homes sold, down from 83 homes sold in September of 2016.
If you’re only considering September statistics, it will look like Maui home sales and prices have plateaued, while condo sales and prices are still rising. However, this is just one month out of the year in a small market where just a few sales can swing the percentages widely. That’s why it’s important to keep an eye on year-to-date statistics, which offer a more complete and reliable picture of the market.
In the first nine months of the year, the median price of a single-family Maui home rose 10.2 percent to $700,000 compared to the $635,000 median that we saw during the same period last year. That’s quite a departure from September’s data. Sales rose 2.6 percent to 826 homes sold, up from 805 homes sold in the first nine months of 2016.
Meanwhile, the median price of a Maui condo in the first nine months of the year was up 7.7 percent to $449,500, compared to $417,250 in the first nine months of 2016. Sales rose 6.9 percent to 1,048 units sold, up from 980 units sold in the same period last year.
So, looking at the big picture, sales and prices for both homes and condos continue to rise in the Maui real estate market. It’s great news for those who have already purchased real estate and want to see those values climb over their years of ownership. If you’re interested in getting into the market with a Maui real estate purchase of your own, feel free to reach out to us for assistance, or to answer any questions that you might have. We look forward to putting our expertise to work for you. You’ll find our contact information at the bottom of the page. Mahalo!