It’s another month, and that means another opportunity to review how Maui’s real estate market is holding up in this new year. So far, homes for sale in Maui remain steady, and it appears as if the property sales are on track to have a good year despite concerns about housing affordability on the mainland.
According to the March statistics report from the Realtors Association of Maui, South Maui real estate market continues to remain consistent. In single family homes of Kihei real estate, there were 17 homes sold in March for a total of $15,249,000 at a median sales price of $798,000. During the same time last year, there were 18 homes sold at a median sales price of $615,000. Sales are up from last month where there were 14 homes sold.
In Wailea & Makena real estate, there were three homes sold in March 2019 for a total of $9,419,950 at a median sales price of $1,550,000. Last year in this area there were five homes sold for a total of $20,855,000 at a median sales price of $3,720,000.
As for the island as a whole, new listings increased by 24.6 percent for single-family homes. Pending sales increased by 2.6 percent and the median sales price increased by 4.8 percent to $712,718. Inventory decreased by 9.6 percent for single-family homes.
Looking at Maui condos for sale, there were 61 condos sold for a total of $32,791,148 at a median sales price of $429,000. During the same time last month, there were 56 condos sold for a total of $28,463,000 at a median sales price of $416,000. In the Wailea and Makena area, there were 17 condo units sold during March for a total of $30,770,000 at a median sales price of $1,500,000. Last March, there were 16 units sold for a total of $31,145,788 at a median sales price of $1,620,000.
As for an overview on condo sales on Maui, new listings for condos decreased by 25 percent during March 2019. The median sales price increased by 13 percent to $508,500 for condominium homes. Days on the market decreased by 15.1 percent and months supply of inventory decreased by 12.2 percent.
That’s a look at the real estate market in South Maui. If you’re interested in seeing what’s for sale on this part of the island, check out our hottest picks and contact us when you see a property that you like. We hope to hear from you soon. Aloha.