Maui’s buyer’s market is maintaining itself as sales increase while prices remain low. Last month, there were more condo and home sales on Maui than there were in the same month last year, however, median prices for both were lower, according to the Realtors Association of Maui (RAM).
In August of 2009, only 53 single-family homes sold. This past August, 67 sold. As for condos, there were 66 sold in August last year but 81 sold this past August. Also, year-to-date sales are now at 552 homes and 817 condos as opposed to the same period last year where there were only 408 homes and 551 condos sold. These increases are pretty striking.
The good news for prospective buyers is that although sales volume is climbing sharply, prices were much lower last month than in August last year. The median price of a single family home was $461,000, compared to $500,000. The median price of a condo was $310,000, compared to $371,250 last year.
Continuing foreclosures and a high volume of bank-owned properties are responsible for keeping prices low. This makes things tough for anyone trying to sell, but for buyers, Maui is a treasure trove of affordable real estate in paradise. If you are considering a Maui real estate purchase, keep in mind that there is considerable deviation in home prices from the median numbers reported by RAM. There are much more expensive and much more inexpensive homes on the market above and below that median.
If you are looking for Maui real estate within a specific price range, we have an online Maui real estate search tool where you can set not only your pricing criteria, but many other factors like location, number of bedrooms, etc. As far as good buys are concerned, we recommend a look at the Wailea Golf Estates, and as always, our Maui real estate listings. If you need any help with our website or your pursuit of great Maui real estate, please see our contact info at the bottom of the page. Mahalo!