In our recent blog entries, we covered falling unemployment rates and rising personal income within Maui County, and now the Maui real estate numbers are in for November. They don’t buck the trend of economic growth.
According to the Realtors Association of Maui, both home and condo sales increased by large margins compared to the same month last year. There was a 10 percent jump in single family home sales and a 24 percent jump in condo purchases. It was an excellent month for the market.
A total of 84 single-family homes sold in November, compared to 76 in the same month last year. Median prices were up 10 percent to $467,500, compared with $422,500 in November of 2011. As for condos, there were 96 sales compared to 77 in the same month last year, while median prices were up 47 percent at $390,945 compared to $265,000 year over year.
That 47 percent increase in condo prices really is extraordinary, but because Maui County is such a small market, a small number of sales will have a more significant impact on the median than they would in a larger market. As always, we encourage those who are looking for their Maui dream home to consider the long term trends more carefully than extreme spikes or drops that may appear in any given month.
If you are on the hunt for a South Maui condo or home, you’ve found our specialty. We’d be happy to assist you with every step of the process. Mahalo for reading, and good luck with your search!