Based on a recent report from the Census Bureau, new single-family homes have spiked to their highest level in seven years. This is encouraging news, not only for the health of the real estate market, but for the construction industry, which is an important source of jobs here on Maui.
The seasonally adjusted annual rate of new home sales was 539,000 in February, which was up 500,000 in January. What’s more impressive is that this was a 25 percent increase compared to February of 2014. A 25 percent gain in the national average is no small feat. Unlike statistics based on Maui or the state of Hawaii, the sample size is large enough to provide steady, reliable information. As you’ve probably observed if you follow real estate statistics on the island, a few sales here and there can swing the percentages quite a bit, given our small market.
The report also revealed that the median sales price for new homes was $275,500 in February, whereas the average sales price was $341,000. The median is generally the preferred statistic for the Maui real estate market, just as it is elsewhere. That’s because averages can be strongly influenced by a relatively small number of luxury, multi-million dollar sales.
Again, this is a national report. The Maui real estate market is a different story, when it comes to prices. The Realtors Association of Maui provides our local statistics, but they don’t include new homes statistics in their monthly report. If you are interested, the median cost of a single-family home in Maui County was $558,625 in February.
As always, if you need assistance with your Maui home search, you’ll find our contact information at the bottom of the page. Mahalo!