For those of you keeping an eye on Maui real estate prices, you will be interested to know that the median price of a single-family home increased by 4 percent, according to a recent report from the Realtors Association of Maui. If you want reliable statistics, RAM is where you get them. Of course our contact information is at the bottom of the page if you’d like our expert assistance finding Maui real estate, but in the meantime, you can always visit the RAM website and learn whatever you want to know about the market.
According to RAM, our home prices were up, but our condo prices were down by just as many percentage points as the home price increase. Affordable condos open up a lot of opportunities for the discerning buyer, whether the intent is to live there full time or part time, and maybe rent it out as a vacation rental or a long-term rental. There are many ways to earn some extra income off your investment, if that’s your preference, or if you want to live in a condo, you have plenty of choices all over the island.
As for those prices, the median condo price in February was $345,000, compared with $360,000 in February of last year. Four percent may not sound like much, but when you look at the actual cost, who wouldn’t want to spend $15K less? As for single-family homes, the median price in February was $560,000 compared to $537,500 in February of last year.
Now remember, these are just the medians, meaning half of the properties sold cost more than this figure, and half cost less. Inventory is low, but there are still plenty of good options if you know where to look, and we can help you with that. If you prefer to do your own research, try our Maui real estate search tool, which allows you to use your own highly specific search criteria to find the right real estate for your needs.
Sales dropped a bit for both homes and condos in February. There were 9 percent fewer home sales with 60 total, compared with 66 in the same month last year. Condo sales fell 13 percent to 87 compared with 101 sales during the same month last year.
According to the report by RAM, inventory is nudging up because of the high cost of real estate, but so are mortgage interest rates, so if you’re in the market, you’ll benefit from doing your homework, getting pre-approved for a loan so you can shop with an accurate budget, and moving quickly. Again, if you need our assistance with this process, you’ll find our contact information at the bottom of the page. Mahalo for reading this week, and good luck!
RealEstateMauiHawaii.com – By Mark Harbison