If you’ve been considering a South Maui real estate purchase, but you’re unsure about the timing, you will probably be interested to know that the median price of Maui homes sold in January fell by 17 percent. Of course this is largely due to fewer luxury homes being sold that month, but there are more details to be aware of.
According to the latest statistics from the Realtors Association of Maui (RAM), the median price of a single-fam ily Maui home fell from 695K in January of 2014 to $577K last month. The trend wasn’t just in home sales. Median condo prices also fell by 14 percent, from 441K to $378K year-over-year in January. Seeing as demand influences prices, you should keep your eyes open for new opportunities.
Influencing the statistics are the Wailea/Makena sales here in South Maui, where there were only two single-family home sales at a median of $1.2 million, compared to January of 2014 when there were six sales at a median of $2.3 million. Meanwhile, over in Central Maui, 23 single-family homes sold with a median of $507,500, while there were 14 sales in January of 2014, with a median of $405,698. These are pretty good examples of demand for cheaper homes, and also for the availability of such homes. Condos have followed a similar pattern.
Interestingly, the number of single-family home sales in Maui County was up 15 percent from 65 to 75, year-over-year. Meanwhile, condo sales fell 12 percent from 94 to 83.
The conclusion is to be diligent in your search for the right property, then get pre-approved for a home loan and be prepared to make a reasonable offer. If living on Maui is worth as much to you as it is to so many others, you will be glad of the choice you made. If you need assistance, you’ll find our contact information at the bottom of the page. Mahalo for reading this week, and have a wonderful Valentine’s Day!