The Maui Realtors Association recently released the January 2019 real estate statistics and as usual, the Maui market trends remain strong with Hawaii home sales steady.
According to the report, Maui home sales are beginning to slow in America right now despite lower unemployment and steady wage growth. Experts say it is a combination of high prices for homes and a steady stream of interest rate hikes from the Federal Reserve. That being said, the fed responded to the growing affordability problem and did not increase rates during January 2019. And while affordability may be an issue this year, it seems as if Maui’s real estate market trend will continue to show improvement as inventory increases over the next few months.
As for January, the Maui real estate market saw new property listings decreased by 7.7 percent for single family homes for sale and 10.8 percent for condos for sale. Pending sales fell by 3.7 percent for residential homes and 5.1 percent for condominium homes. Inventory decreased by 15.4 percent for Maui houses for sale and 19.7 percent for condos. Property median sales prices increased by 3.5 percent to $730,000 for single family homes and 4.4 percent to $528,450 for condominium homes. Days on the market decreased by 8.7 percent for single family homes and 14.3 percent for condominium homes. A months supply of inventory dropped 8.3 percent for single family homes and 21.8 percent for condominium homes.
For real estate in South Maui, 38 Kihei condos for sale sold for a total of $21,579,499 at a median sales price of $492,000. This compares to last year when 37 condos were sold for a total of $16,585,000 at a median sales price of $410,000. In Maalaea, there were three condos sold at $1,571,000 at a median sales price of $460,000. Last year during the same time there were four condos sold for a total of $$1,398,000 at a median sales price of $384,000. In Wailea properties, there were 12 units sold for $18,694,100 at a median sales price of $1,344,550. There were 26 units sold during the same time last year for a total of $30,945,946 and a median sales price of $968,572.
As for home sales in Kihei, there were eight units sold for a total of $7,417,850 at a median sales price of $806,425. There were nine sold during January 2018 for a total of $7,527,920 and a median sales price of $673,000. In Wailea, there were three units sold for a total of $5,231,000 at a median sales price of $1,700,000. There were four units sold during the same time last year for $16,275,000 at a median sales price of $2,900,000.
Feeling a little overwhelmed? With all the different numbers and property options, making the right real estate investment can be a stressful experience. If you are searching for the perfect piece of paradise on the Maui MLS search, get in touch with us today! Specializing in Maui real estate, Mark and Lisa can help guide you through the process.