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.
The latest findings that compare the real estate market on Maui each month over a year-to-year period say this is a sign of a healthy housing market that is expected to stay strong throughout the summer of 2018.
And while the cost of condominium homes seem to have improved this summer, the sales and overall cost of single-family homes both experienced a decrease compared to the same time last year. According to the recent report, pending sales for single-family homes decreased by around 18 percent and the median sales price decreased by around 1.7 percent to $727,500.
New listings for both of the single-family home and condominium markets decreased during June 2018 compared to June 2017, with single family homes dropping by 28 percent and condominium homes decreasing by 32 percent. Real estate property inventory also saw a drop, with an 18.3 percent decrease for single family homes and a 24 percent decrease for condominium homes. However, the latest report also states that there should be an increase in housing supply by the end of summer as new housing developments are underway. Stay tuned for more.
The report also found that the overall days on the market for single-family homes decreased by 4.7 percent compared to last year and increased by 10 percent for condominium homes. A months supply of inventory decreased by nearly 16 percent for single-family homes and by 33.3 percent for condominium homes.
South Maui Real Estate Stats
A year to date view on our area of expertise. Note that any of the fluctuations could have to do with property inventory (mentioned above) as well as other factors, so always feel free to contact us with any questions!
Kihei Real Estate
The number of Kihei’s single-family home sales has seen a -9% decrease while the average sale price increased by +5.3% for last year. Condos for sale in Kihei saw an increase of unit sales of +14.2% or 40 more condo sales. While the average sales price for a Kihei condo decreased from last year by -1.1%.
Maalaea Real Estate
One home sold in Maalaea this year where none sold the previous year which makes sense since residential home inventory is very low. As for how many condominiums sold, that was up by +28.6% or six more condos than last year. The average sales price also increased by +11.6%.
Maui Meadows Real Estate
Residential homes sold in Maui Meadows saw an increase of +33.3% or four more houses while the average sales price decreased by -4.5%. Maui Meadows is a residential area and does not have an inventory of condos.
Wailea & Makena Real Estate
Houses sold in the Wailea and Makena areas of South Maui saw a decrease of -11.8% or 2 fewer homes sold. The average sales prices saw an even bigger decrease of -24.8% or a $1.2 million dollar average price difference. Condo sales, however, have had a strong year. Sold units are up by +56.1% or 46 more condos sold with an average sale price decrease of -7%.
That’s the latest in real estate news on Maui. If you’re interested in keeping up to date about all the latest happenings in real estate in Hawaii then make sure to continue to read our blog. We are always watching the housing market and keep a healthy supply of listings available for you to view from the comfort of your home right here on our website. Check out our new listings today and please contact us with any questions you may have regarding your next island home investment. Here at Real Estate Maui Hawaii, we pride ourselves in being able to deliver our clients incredible options to choose from and do our best to provide excellent customer service. Read more about our wonderful team under the “about us” section in the menu bar listed above. Mahalo, and we hope to hear from you soon.