The Maui real estate market statistics are in for the month of May, revealing an increase in the median price of single-family homes and a decline in the median condominium price, compared to the same month last year. The Realtors Association of Maui compiles and releases these reports every month so that we can all stay on top of market trends here in Maui County.
According to the report, the median sales price for a single-family home in Maui county was $620,000, up 2.1 percent from $607,098 in May of last year. In the midst of the price increase, the number of homes that sold also went up. There were 93 home sales in May, which was a 5.7 percent increase from the 88 that sold in May of 2015.
As for condos, the median sales price actually fell 7.8 percent to $423,500 from $459,500 in May of last year. At the same time, there was an unsurprising 7.3 percent increase in the number of condos sold, for a total of 118 units, compared to 110 units in May of last year.
The breakdown of sales included one home sold on Lanai and one condo sold on Molokai. Both of these islands are part of Maui County, although their share of the market is generally limited to a few sales in a given month at the most.
Considering home and condo sales are up, you can get an idea of the confidence that real estate investors have in the Maui market. That’s because a bigger share of Maui real estate sales goes to off-island buyers than to local residents. This is worth keeping in mind if you’re on the fence about buying a Maui home or condo. If you need assistance with any step of the process, you’ll find our contact information at the bottom of the page. Mahalo!