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Maui Real Estate Sales and Prices Rise in August

There are still some good buying opportunities on Maui, but prices are climbing fast.
September 20, 2013

Maui Real Estate Sales and Prices Rise in August

South Maui HomeThe latest report from the Realtors Association of Maui has revealed that all categories in the Maui real estate market grew in August. A slow and steady increase is the best sign of reliability, so it's important not to take the odd spike too seriously in a small market like ours. That being said, all gains are good news.

According to the report, there was a 23 percent jump in the median sales price of condos, compared to the same month last year. The median was $420,000 with 113 sales as opposed to a median of $342,450 with 98 sales in August of 2012. One of the likely reasons why the price increased faster than the rate of sales is that inventory is shrinking and sellers have returned to the point where multiple offers are common.

As for single-family homes, August saw 79 sales on Maui and two on Lanai. There were 77 sales in August of last year. Despite the small gain, it's good to see that sales are steady and strong. The median price for a single-family home was $585,000, which was 15 percent higher than the $509,000 median in August 2012.

As in the case of condo prices, home prices are also on the rise thanks to shrinking inventory and multiple offers. The bank owned and short sale properties that flooded the market during the Great Recession are just about nonexistent now. In fact, inventory has dropped by 12-17 percent in the past 12 months. That's a major change with obvious consequences to home prices.

If you're in the market for a South Maui home or condo, we'd be happy to assist you with your search. We recommend that you get pre-approved for a loan so you know how much you can afford, and that you take advantage of interest rates before they climb too steeply. There are a lot of well-priced homes and condos on the market that are great buys if you know how to find them. We'd be happy to assist you in doing so. You can find our contact at the bottom of the page! Mahalo and happy hunting!

RealEstateMauiHawaii.com - By Mark Harbison

Blogs for September 2013

8th Annual Maui Ukulele Festival

Posted on September 27, 2013
8th Annual Maui Ukulele Festival

Sometimes it's a good idea to take a break from our busy, productive lives for an enjoyable evening out. Even living in South Maui, things can get hectic, and work can be taxing, but there's a reason we choose to live our lives on this stunning… Continue Reading

Maui Real Estate Sales and Prices Rise in August

Posted on September 20, 2013
Maui Real Estate Sales and Prices Rise in August

The latest report from the Realtors Association of Maui has revealed that all categories in the Maui real estate market grew in August. A slow and steady increase is the best sign of reliability, so it's important not to take the odd… Continue Reading

Maui Wind Energy Improvements Lower Electric Bills

Posted on September 13, 2013
Maui Wind Energy Improvements Lower Electric Bills

For those of you who are in the market for a beautiful South Maui property but are concerned about energy costs, you'll be pleased to hear a recent bit of news from Maui Electric Co. (MECO). Thanks to improvements of their generator control systems… Continue Reading

New Qualified Residential Mortgage Standards

Posted on September 06, 2013
New Qualified Residential Mortgage Standards

Federal regulators recently dropped a proposal that would have encouraged mortgage lenders to require a 20 percent down payment from home buyers.

This was a significant decision for the real estate market, as it would have made it more difficult for first-time home buyers and those without… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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