According to a recent report by the Realtors Association of Maui, the median sales price of single-family homes and condos increased in July compared to the same time last year while experts tackle whether prices will remain steady this year.
According to the latest report that assesses the housing market on Maui every month compared to the same time last year, median sales price increased by 9.7 percent to $769,000 for single family homes and 16.6 percent to $513,163 for condominium homes.
For South Maui real estate, it looks like sales were up from last month. In Maui Meadows, for instance, there were seven units sold with a dollar volume of $9,267,100 and a median sale of $1,395,000 for single-family homes. That is up from last month in the same area but steady from the same time last year with a median sale of $1,350,000 with four units on the market and a dollar value of $8,039,000. Condos in Kihei were up from last month too with 17 units sold as opposed to 10 in June.
Other findings in the report include new listings increased by almost 13 percent for single-family homes but decreased 2.7 percent for condominium homes. Pending sales increased almost 16 percent for single-family homes and almost 8 percent for condominium homes. Inventory decreased by around 14 percent for single-family homes and almost 23 percent for condominium homes. Days on market increased by around 24 percent for single-family homes and by 10.5 percent for condominium homes. A months supply of inventory decreased by almost 13 percent for single-family homes and by about 33 percent for condominium homes on Maui.
According to the report, there has been some talk about a housing price bubble but it is still too soon to tell. There are indicators such as increased wages that are not matching home prices that call into question affordability concerns that may result in fewer sales at lower prices. That being said, the report says demand is still outpacing what is available in various markets and with a growing economy, solid lending practices and the potential for more inventory from new listings and builders, indicate a balance in the marketplace may be more likely than a bubble.
If you are someone who loves all things real estate on Maui then take some time to look at what we have available on Maui. View our real estate map to get an idea of what’s selling on the island or search our new listings to see if any catch your eye. We greatly enjoy getting to help investors such as yourself find your next piece of paradise on Maui so if you have any questions or want to talk story about the real estate market on Maui then make sure to contact us. We also publish the latest real estate statistics on our website as well. Enjoy!