Maui home and condo prices rose in February, compared to the same month last year, according to a recent report by the Realtors Association of Maui (RAM). Sales remained steady. According to Terry Tolman, Executive Director of RAM, due to the current exchange rates, Canadian buyers may be motivated to sell as the dollar continues to strengthen.
With 63 homes sold in February, sales were relatively steady, in comparison to the 69 sold in the same month last year. Meanwhile, the median price of a single-family home increased by a dramatic 13 percent to $672,575, up from $595,000 in February of last year.
As for condominiums, sales increased to 113 units, up from 104 units in the same month last year. According to the report, the market saw a similar uptick last year between January and February. The median price settled at $465,000, up a healthy 7 percent from $431,950, year-over-year. Median prices were substantially higher in January, however, at $525,000. This was the highest median price that Maui condos achieved since February of 2009.
As we always like to remind our readers, Maui's is a small market. Big fluctuations happen when your statistics include a relatively small sample. That means the median condo price change between January and February could easily be the result of just a few luxury sales that swung the numbers. That's why long-term trends create the most reliable guide.
If you're in the market for Maui real estate, it's worth keeping in mind that inventory has increased, due to the high season, which tends to begin in December before tapering off in April. On that note, if you're looking for a large collection of options, South Maui real estate consistently boasts the most robust collection of condominiums to choose from. Best of all, there are miles and miles of stunning white sand beach nearby. The Kihei and Wailea/Makena areas hug the coast, and the gentle slope of the land helps to provide properties with stunning ocean views.
If you need our assistance, we would be happy to help you find just the right property to meet your unique needs and preferences. When it comes to buying a home, condo, or land, it can be very helpful to work with someone who knows the market inside and out, especially if you haven't purchased property in Hawaii before, because there are some differences. If you would like our assistance, you can find our contact information by clicking here. Mahalo!
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