The numbers are in from the Realtors Association of Maui, and now we just have one more month of data to look forward to before the year is complete. This should be interesting for anyone who wants to evaluate the long-term trends of the Maui real estate market for investment purposes. These trends paint a much clearer picture of the market than data from single months, especially in a small market like ours where a relatively small number of sales can skew the percentages.
November’s report revealed a double-digit increase in the number of homes sold in Maui County, while prices were mixed for both homes and condominiums. While there were 72 home sales in November of 2015, we saw no less than 91 homes sold this past November. The year-to-date statistics revealed 979 home sales, compared to 997 in the first 11 months of last year. This is just a 2 percent decline, but after such a strong performance last month, it will be interesting to see what happens this month.
As for condos, 111 units sold in November, which is a huge jump compared to the unusually low count of 74 sales in the same month last year. This is a good example of how the numbers can look dramatic when you’re only evaluating a single month. Year-to-date condo sales revealed 1187 sales, compared to 1088 during the same period last year. That’s a 9 percent increase, which is a much more stable figure.
Median price data revealed a 15.4 percent increase for homes, and a 20 percent decrease for condos. The median price of a Maui home was $635,000 in November, up from the $550,000 of November last year. The median price of a Maui condo was $380,000, down from $475,000 in the same month last year. The decline in condo prices may also help to explain the spike in sales, at least in part.
What will December bring as we finish out the year? We don’t have long to wait before we find out. The next report will be released soon after the start of a brand new year. Maybe you’ll have a Maui home of your own in 2017, if you don’t have one already. On that note, if you need assistance with your real estate search, you’ll find our contact information at the bottom of the page. We look forward to lending our expertise to your efforts! Mahalo!