For those of you who have been following Maui real estate trends, the recent report from the Realtors Association of Maui (RAM) shouldn’t be surprising. Evidently, the Maui County median price of a single-family home was $545,000. That’s a 12 percent increase compared to the $485,000 of October in 2012.
This is great news for those who opted to take advantage of low real estate prices over the past several years and purchase a Maui home. Whether these savvy individuals plan to live in their home permanently, or use it as an investment property, they can rest easy knowing that their property value is on the rise. As for buyers, there are still some good deals out there if your offer is reasonable.
Despite the increasing value of a Maui home, the number of sales were down to 81 last month, compared to 99 during the same month last year. Of course, in a market as small as ours, a 22 percent change like this one is based on a difference of only 18 sales. In a bigger market, 18 sales would comprise a much smaller piece of the total percentage.
As for condos, the median sale price in Maui County was $360,000, which was up just 3 percent from $349,995 in October of 2012. Sales were up 6 percent with 102 units sold, compared with 96 units sold at the same time last year.
If you are in the market for a South Maui home or condo, and you would like expert assistance, you will find our contact information at the bottom of the page. In the meantime, we suggest that you try our Maui real estate search tool and explore the many listings on the market. Mahalo for reading this week!
RealEstateMauiHawaii.com – By Mark Harbison