Summer has arrived and with it comes a changing of the seasons. Change is rarely easy but is always necessary for all of us in order to make progress in this crazy little thing we call life. Hopefully, the change you’ve been seeking has you thinking about investing in your next piece of real estate on Maui. Maui is a great place to invest in whether you’re looking into purchasing a potential vacation rental investment property in Hawaii or a residential home that would be ideal to raise a family. That being said, the prices of homes are not getting any cheaper on the island and as the economy continues to improve and real estate market continues to tighten, it’s never been a better time to buy than now.
According to statistics from the Realtors Association of Maui, competition is getting thick. The latest findings for May show that compared to the market in 2017 during the month of May, mortgage rates are poised to rise and the overall demand remains strong. The latest finding for May that came out in June shows that listings are down but demand is still high. According to the report, new listings have decreased by almost 18 percent for single-family homes and 2.5 percent for condominium homes during the same time last year. Pending sales for homes on Maui during the same time have also decreased slightly, decreasing by almost 3 percent for single and condominium homes. Surprisingly enough, however, inventory showed a high decrease by almost 20 percent of single-family homes.
According to the report, prices have dropped slightly also for the median price of single-family homes in comparison to the same time last year but have remained steady for condominium homes. For sellers, the report shows that the number of days on the market has increased to around 16 percent for single-family homes and increased a little over 3 percent for condominium homes. While that statistic may sound disconcerting, the reason may be related to the drop in supply in inventory for single-family homes which has fallen by 22 percent. According to the experts, sales should be sustainable this summer so prices are expected to remain steady where they are.
We hope you consider purchasing your next piece of paradise here on the Valley Isle. Maui has so many amazing opportunities for home buyers to explore. If you’re interested in seeing what’s currently available on the market then please take a moment to check out our latest featured property listings for sale. We hope to hear from you soon and please contact us if you have any questions at all. Aloha.
According to recent statistics released by the Realtors Association of Maui, the median sales price increased by around 20 percent compared to last year for condominium homes on the island to about $515,000.
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Summer has arrived and with it comes a changing of the seasons. Change is rarely easy but is always necessary for all of us in order to make progress in this crazy little thing we call life. Hopefully, the change you’ve been seeking has you thinking about investing… Continue Reading
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