The statistics are in for Maui’s real estate market performance in the month of August. This is the time of year when sales tend to slow down as families prepare for a new school year, which makes it the least convenient time of year for parents to uproot and move their kids. Interestingly, both home and condo sales were higher in August than in July, but June unsurprisingly saw the most sales of the three. As for how August of 2017 compared to the same month last year, condo prices and sales dipped, while single-family home sales and prices increased.
The number of single-family home sales in August tallied up to 105, which was a 9.4 percent increase in comparison to the same month last year. Prices rose 4.2 percent from $672,063 to $702,000. If you’re in the market to buy a Maui home, competition is pretty fierce, so making a good offer is key.
The report revealed that condominium sales fell 11.3 percent to 110 units in August. Prices were down 4.8 percent to $400,000 from $420,000 in August of last year. When it comes to condos, it’s important to have a clear plan in terms of what you want to use it for, whether as a full-time residence or as a vacation rental property. Not all condos are permitted for short-term rental, and as for full-time residence, you might be tempted to buy a unit with an affordable listing price without really investigating the monthly fees. We can help you evaluate the viability of any Maui condo for your plans, so you get the best possible outcome.
Lastly, and most importantly, the year-to-date statistics of the report always paint a more reliable picture than the monthly data, especially in a small market like ours. For the first eight months of the year, condo sales are up 4.9 percent to 924 and median prices are up 4.9 percent to $450,000. Single-family home sales are up 2.9 percent to 743, while prices are up 11.1 percent to $702,000.
As you become familiar with the Maui real estate market, you’ll discover that there are a number of unique factors that you won’t find in Mainland markets. Although no two markets are exactly the same, Hawaii takes that uniqueness a step further with regard to terminology, types of ownership, permits, and other factors. That’s why it’s so vital to work with an experienced Maui realtor in your search for the right property. If you need our assistance, you’ll find our contact information at the bottom of the page. Mahalo!