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Median Maui Real Estate Prices Down in January

Both home and condo median prices were down in January, while home sales were up.
February 13, 2015

Median Maui Real Estate Prices Down in January

If you've been considering a South Maui real estate purchase, but you're unsure about the timing, you will probably be interested to know that the median price of Maui homes sold in January fell by 17 percent. Of course this is largely due to fewer luxury homes being sold that month, but there are more details to be aware of.

According to the latest statistics from the Realtors Association of Maui (RAM), the median price of a single-fam ily Maui home fell from 695K in January of 2014 to $577K last month. The trend wasn't just in home sales. Median condo prices also fell by 14 percent, from 441K to $378K year-over-year in January. Seeing as demand influences prices, you should keep your eyes open for new opportunities.

Influencing the statistics are the Wailea/Makena sales here in South Maui, where there were only two single-family home sales at a median of $1.2 million, compared to January of 2014 when there were six sales at a median of $2.3 million. Meanwhile, over in Central Maui, 23 single-family homes sold with a median of $507,500, while there were 14 sales in January of 2014, with a median of $405,698. These are pretty good examples of demand for cheaper homes, and also for the availability of such homes. Condos have followed a similar pattern.

Interestingly, the number of single-family home sales in Maui County was up 15 percent from 65 to 75, year-over-year. Meanwhile, condo sales fell 12 percent from 94 to 83.

The conclusion is to be diligent in your search for the right property, then get pre-approved for a home loan and be prepared to make a reasonable offer. If living on Maui is worth as much to you as it is to so many others, you will be glad of the choice you made. If you need assistance, you'll find our contact information at the bottom of the page. Mahalo for reading this week, and have a wonderful Valentine's Day!

Blogs for February 2015

Fairmont Kea Lani Completes $70 Million Renovation

Posted on February 27, 2015
Fairmont Kea Lani Completes $70-Million Renovation

The Fairmont Kea Lani is poised on a beautiful 22-acre oceanfront Wailea property, its exotic architecture and vivid white coloration like a beacon to the eyes of whoever passes by. The hotel just completed its three-year, $70-million renovation. Now, all of the 413 one-bedroom suites… Continue Reading

Hawaii Residents Confident About Economy

Posted on February 20, 2015
Hawaii Residents Confident About Economy

A report from People's Pulse revealed that Hawaii residents are generally confident about the current economic conditions of the state, as well as the direction it's going. The organization has been tracking confidence since 1999.

What have the numbers looked like over the ups and downs of… Continue Reading

Median Maui Real Estate Prices Down in January

Posted on February 13, 2015
Median Maui Real Estate Prices Down in January

If you've been considering a South Maui real estate purchase, but you're unsure about the timing, you will probably be interested to know that the median price of Maui homes sold in January fell by 17 percent. Of course this is largely due… Continue Reading

Hawaii Job Market and Commercial Real Estate Up

Posted on February 06, 2015
Hawaii Job Market and Commercial Real Estate Up

Prospective Maui home buyers who are concerned with the economic health of the island should be happy to hear that Hawaii's unemployment rate dropped to 4 percent in December, compared to 4.7 percent in the same month in 2013. The rate is seasonally… 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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