Have you ever dreamed of living on the beautiful paradise island of Maui? Do you picture yourself living in an oceanfront property and waking up to direct views of the ocean? If this is you, then investing in South Maui real estate is right for you!
South Maui covers the areas of Wailea, Kihei, and Makena. Wailea is a luxurious resort community home to some of the best golf courses on the island, with world-class beaches and excellent restaurants. Kihei is home to beautiful condo complexes within walking distance to the beach, while Makena is the least populated area but with some of the most luxurious real estate properties in the world.
Before you invest in the South Maui real estate market, it’s a good idea to learn the numbers. So here’s what you need to know on South Maui real estate trends for June 2021.
Single Family Monthly Sales
The number of single-family homes sold in Kihei is 11, which is the same as last year. However, the median sales price increased to $950,000 from $730,000.
Meanwhile, the Wailea and Makena areas have seen a slight increase in the sales of single-family properties. Last year saw a sale of only three properties. However, this year, five properties have been sold.
Kihei dominates the number of condominium properties sold in the entire South Maui area, with 74 Kihei condo units sold from the median sales price of $555,000, which is a significant increase compared to last year, which only has 19 units sold.
Similarly, the condominium properties in the affluent areas of Wailea and Makena have also seen a significant increase in sales this year compared to that of last year, with 27 units sold this year and only three last year.
Other Statistics To Remember
Here are some more things to keep in mind before investing in a real estate property in South Maui.
- The new property listings for single-family homes in South Maui remained the same; however, the sales for condominium properties decreased to 18.5%.
- Pending sales of single-family homes have increased to 5.1% and 110.2% for condominium properties.
- The median sales price for single-family homes is now at $1,117,500, which is an increase of 44.5%. As for condominium homes, the median sales price is at $635,000, an increase of 26.2%.
- The number of days for properties to stay in the market decreased to 27.3% for single-family homes and 16.1% for condominium properties.
- There is a 60.4% decrease in the month’s supply of inventory for single-family homes and an 81.0% decrease for condominium properties.
These real estate market trends in South Maui for June 2021 are proof that investing now is a smart choice. As you can see, the prices of South Maui real estate properties are increasing, so if you invest now, you will have a significant advantage over those who wait.
You don’t need to be in a rush, but it is best to be ready. That way, when the right opportunity comes along, you will be confident and ready to buy. If you need more information, feel free to send us a message.