Maui is one of the most spectacular islands in the world. It is among the top sought-after resort communities and an ideal place where people want to live after retirement. The terrific climate year-round, fine dining options, best beaches in the world, and luxury lifestyle are handfuls of things that make South Maui real estate worth investing in. There are many more!
It is a beautiful place to live and an amazing community to be a part of. If you are planning to invest in South Maui real estate, it’s good to have a look at the latest market trends. Whether you want an oceanfront condominium or a beachfront home, here are the most important Maui real estate statistics to keep in mind. Let’s get started!
Single Family Monthly Sales
In South Maui, the number of single-family homes for sale in Kihei increased to 23 from 12 sold in the last year during the same time. However, the median sales price decreased from $962,500 to $899,000.
Similarly, Kaanapali, Kahului, and Wailuku also saw a slight spike in single-family real estate sales. In other resort areas, like Napili/Kahana/Honokowai, six units were sold in March this year, which is one more than the units sold last year.
Kihei condo sales dominated the majority of the condominium sales in South Maui with 77 from the median sales price of $550,000. The number of condos sold in February this year was 48.
Following Kihei, the luxury condos for sale in Wailea & Makena are areas that experienced a sudden spike in sales. This year, 44 condos were sold in March 2021 compared to March 2020, i.e., 19. So, you can think about investing in real estate there.
Other Statistics To Remember
Below are a few more insights to keep in mind-
- New listings increased to 48% for the single-family residence sales but decreased 4.5% for condos.
- The median sales price increased by 17.4% ($980,000) for residential homes and 15.3% (640,000) for condominiums.
- The monthly supply of inventory decreased for both residential homes and condos, i.e., 60.4% and 43.5%, respectively.
These are some of the top real estate market trends in South Maui for March 2021. These trends show that the housing market will follow the same trend in the coming months. Have any queries about South Maui real estate stats, reach out to us!