Home sales were up in Maui County in the month of July, by a significant margin, while condo sales also rose, according to the latest report from the Realtors Association of Maui. If you’re considering an investment in Maui real estate, these numbers should paint a helpful picture of the current climate in the Maui real estate market.
According to the report, 128 single-family homes sold last month. Two were on the island of Lanai and four were on the island of Molokai, while the rest were on Maui. All three islands are part of Maui County. This many sales comprise a 28 percent increase compared to the 100 homes sold in July of last year. As for condos, there were 94 sales, with one of those on Molokai, compared to 83 sales in July of last year, which is a 13 percent increase.
Keep in mind that in a small market like ours, with equally small numbers, any change is going to seem very dramatic if you look at the percentages. Larger real estate markets tend to show steadier changes in terms of percentages, while small market percentages swing more widely. That’s not to say July’s percent gain isn’t noteworthy, because it is.
As for prices, single-family homes were an average of $590,000 in July, which is up 3 percent from $570,250 last year. Condos were at $394,000, up 5 percent from $375,000 in July of last year.
If you’re in the market, there are a few things to keep in mind. Getting pre-approved for a mortgage is the best way to shop realistically, be prepared for rising interest rates, and expect to compete with multiple offers on the property of your choice. If you need assistance within the Maui real estate market, you’ll find our contact information at the bottom of the page. Mahalo!