Interested in Maui real estate trends? The savvy buyer will keep track of the fluctuations in the market to choose the best investment at the best time. With that in mind, November’s statistics should be interesting, and when the data is released for December, we’ll have the full picture for 2015, which will help with decision making in 2016.
November revealed a 30 percent increase in median condo prices to $475,000 from $366,250, according to the Realtors Association of Maui. The number of sales was also up 8.8 percent to 74 units sold, compared to 68 in the same month last year.
Single-family home sales were down just 5.2 percent to 72 homes sold, compared to 76 in November of last year, while median home prices were also down 6.3 percent to $550,000 from $587,500 year-over-year.
In summary, condos sales and prices were up and home sales and prices were down in November. But what about the year-to-date statistics? Long-term trends provide a better understanding of the market than monthly fluctuations. The following statistics apply to the first eleven months of the year.
The median price of a Maui condo was down just one percent to $410,000, while sales were up 2 percent with 1,097 units sold. The median price of a single-family home was up 2 percent to $582,300, while sales were up an impressive 13 percent with 996 homes sold, compared to 881 during the same period last year.
The conclusion is that prices are relatively steady, but the demand for Maui homes this year is certainly noteworthy. If you need further assistance in the Maui real estate market, you’ll find our contact information at the bottom of the page. We will be happy to guide you through the nuances of this unique real estate market. Mahalo!