We are happy to share with you the latest in Maui real estate trends. Each month we publish information about the newest real estate statistics and this month is no different. The island’s property sales continue to look great here in Maui, Hawaii and here are some highlights.
For December 2018, home sale prices were consistently up again in most markets during the year by at reduced levels compared to the past few years. There is a high demand for fewer homes for sale, but there is evidence that there will be more homes for sale and inventory will improve this year. This may add some downward pressure on prices so that’s good news for home buyers. The Fed Reserve has stated the number of rate increases in 2019 will be halved, which may be of little comfort for the tight consumer.
As for Maui as a whole, during the month of December, new listings decreased by 16.1 percent for single family homes and 1.7 percent for condominium homes. Pending sales decreased 3.8 percent for single-family homes but increased by 5.6 percent for condominium homes. Inventory decreased 13.2 percent for single family homes and 21.6 percent for condominium homes. Median sales price increased by 3.4 percent to $708,750 for single family homes and 14.1 percent to $493,500 for condominium homes. Days on market decreased 21.1 percent for single family homes and 24.5 percent for condominium homes. A months supply of inventory decreased by 8.1 percent for single family homes and 22.6 percent for condominium homes.
The South Maui real estate market looks great so far. In December, there were 44 units sold in Kihei real estate for a total of $21,359,080 at a median sales price of $426,000. In Wailea, 10 condo units sold for a total of $12,878,000 and a median sales price of $1,357,500. Last year during the same time there were 64 condos sold at a total of $27,867,059 at a median sales price of $387,000.
In Wailea real estate last year there were 15 units sold at a median sales price of $1,329,000. As for homes, there were 12 units sold in Kihei at $13,478,500 with a median sales price of $838,000. During the same time last year, there were 21 homes sold with a median sales price of $670,000. In Wailea and the Makena area, there were 2 homes sold for $3,960,000 at a median sales price of $1,980,000. Only one home was sold during the month of December last year for $2,092,000.
Feeling a little overwhelmed? Contact our professional Maui real estate agents! As resident experts, Mark and Lisa will help you find your piece of paradise and guide you through the Hawaii home buying process.