If you’re looking into the Maui real estate market for your next investment, now may be the time to act as real estate sales in the Valley Isle are increasing.
The Realtors Association of Maui’s (RAM) Maui Real Estate Market Report from November details that homes are staying on the market for less time while prices are increasing. According to the report, this has been the trend on Maui over the past year and while new listings for single as well as condominium homes have decreased compared to 2016, pending sales have increased in both categories while days on the market has decreased as well.
According to the report, new listings decreased by 0.7 percent for single family homes and condominium homes saw a greater decrease of 40.1 percent in year-over-year comparisons. However, pending sales increased by 20.8 percent for single family homes and 7.3 percent for condominium homes, while inventory decreased by 10.3 percent for single family homes and by 29.6 percent for condominium homes. Median sales prices increased by 8.5 percent to $689,000 for single family homes and 4.6 percent to $400,000 for condominium homes.
In summary, if you’re in the market for a new home, act now! Take a look at our inventory and see what’s out there. Check out some of our condo listings or meet with Mark or Lisa and let them help you find the best home in your price range.
While the report did not make a conclusion on what this may mean for 2018 home sales, it did state that new tax legislation could impact housing. The White House believes that the proposed tax reform bill will have a small impact on home prices, lowering them by 4 percent and in return could boost home ownership. The National Association of REALTORS (NAR); however, believes that eliminating the mortgage interest deduction could hurt housing and may reduce the desire for people to take out a mortgage. Find more information about the NAR’s stance here.