According to the Realtors Association of Maui Inc.’s latest statistics for March, Maui County continues to show resilience in the housing market despite a slow first quarter.
The latest Maui real estate statistics report shows that property for sale inventory is low and there appear to be fewer closed sales this year compared to the same time in 2017. However, while there may be fewer homes and condos up for sale, there’s been a steady demand from buyers to keep home prices increasing for the foreseeable future. This is great news!
According to the recent report, new listings for homes have decreased 33.3 percent for single-family homes but have increased to 5.8 percent for condominium homes. Pending sales have decreased by 2.3 percent for single family homes but have increased 31 percent for condominium homes during a year over year analysis. Meanwhile, inventory decreased by 19.8 percent for single-family homes and 25.5 percent for condominium homes.
So while inventory is down, prices remain steady and condominium homes are proving to be a good investment. The median sales prices did, however, decrease for single-family homes by a little more than 10 percent over a year analysis, but the price of condominium homes have increased by 15.4 percent to $450,000. The number of days on the market increased 15.3 percent for single family homes but decreased 11.5 percent for condominium homes. Months supply of inventory decreased 25 percent for single-family homes and 34.7 percent for condominium homes.
Another interesting find in the report is that experts believe borrowing money will be more expensive, particularly for home equity loans, credit cards, and adjustable rate mortgages. However, with wages expected to rise and the national unemployment relatively low, the market will be able to handle this change just fine.
So, if you’re planning on investing in your next home in South Maui or somewhere else, then let Mark and Lisa help you. As experts in all things real estate in Hawaii, we have a wide-selection of Maui homes and condos to choose from that will surely appeal to your needs. Whether you’re considering buying a home upcountry or are looking for a condo in Lahaina, we have plenty of options available for you that will help make your next Hawaii home purchase smooth and easy. Contact us today. We hope to see you soon and a hui hou!