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Maui Home and Condo Prices Up in May on Lower Inventory

Sellers are in a good position in Maui County, while savvy buyers continue to find good investments.
June 16, 2017

Maui Home and Condo Prices Up in May on Lower Inventory

The Maui real estate statistics for the month of May have been reported by the Realtors Association of Maui, revealing that median home and condo prices were up as a result of low inventory. It's the kind of market that existing owners have every reason to be happy about, while savvy buyers are still able to make a good investment, whether they plan to live here full time or use their property as a part-time or full-time rental.

According to the report, single-family homes on Maui settled into a median price of $700,000, which was up 12.4 percent compared to $622,500 in May of last year. At the same time, RAM reported that inventory was down by 12.1 percent year-over-year to 528 last month.

Condos reached a median price of $479,000, which was up 13.5 percent from $422,000 in May of last year. Inventory was noted to have dropped to 679 units, which was 21.5 percent lower than last year. It was interesting to see that the growing median and falling inventory trend applied to both homes and condos.

Another interesting tidbit from the report was the fact that the number of days on the market (DOM) for single family homes were down to 132 days, which was a 20.5 percent drop compared to May of last year. For condos, the DOM were down to 147 days, which was 6 percent shorter than in May of 2016.

As RAM Chief Staff Executive Terry Tolman pointed out in the report, the economy is in better shape than it was ten years ago, with more jobs, lower unemployment, and more worker confidence in wages and potential wage increases. These factors are all influential when it comes to real estate investments. Despite the low inventory, Tolman notes that there's still plenty of optimism for a healthy summer season in terms of selling and buying Maui real estate.

Seeing as we always recommend looking at long-term trends rather than the relatively volatile single-month reports, it's worth noting that year-to-date prices were up 10 percent for homes at $685,000 and 12.4 percent for condos at $480,000. That's the kind of steady growth that keeps a market healthy.

Blogs for June 2017

Hawaii Residents Use Their Vacation Time

Posted on June 30, 2017


Hawaii Residents Use Their Vacation Time

Folks who live and work in Hawaii are among the least likely to leave their vacation time unused, according to Project: Time Off. Their report had interesting timing, considering that we encouraged our readers to take a break and enjoy an afternoon… Continue Reading

The 26th Annual Ki Hoalu Guitar Festival

Posted on June 23, 2017

The 26th Annual Kī Hō`alu Guitar Festival

Looking for a break from your busy Maui workweek? Even here, we can get swept up in the demands of our jobs and start forgetting the opportunities for enjoyment that surround us. While visitors from all over the world flock to Maui… Continue Reading

Maui Home and Condo Prices Up in May on Lower Inventory

Posted on June 16, 2017

Maui Home and Condo Prices Up in May on Lower Inventory

The Maui real estate statistics for the month of May have been reported by the Realtors Association of Maui, revealing that median home and condo prices were up as a result of low inventory. It's the kind of… Continue Reading

Ocean Conservation and Education Benefit at Lumeria Maui

Posted on June 09, 2017


Ocean Conservation and Education Benefit at Lumeria Maui

If you're here to search for Maui real estate, chances are, you love the island, and the ocean that surrounds it. Very few people choose to buy a home on Maui if they don't love the beaches or the ocean… Continue Reading

Maui Garden EXPO 2017 a Homeowner's Delight

Posted on June 02, 2017

Maui Garden EXPO 2017 a Homeowner's Delight

One of the joys of buying a home on Maui is making it your own, inside and out. The folks that buy Maui real estate tend to be in love with the natural beauty of the island, which leads to interesting outdoor… 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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