June was a terrific month for the Maui real estate market, which was reflected clearly in the monthly report released by the Realtors Association of Maui (RAM). Sales and median prices were up for both homes and condos, contributing to the continual market growth that year-to-date statistics reveal. Slow and steady growth makes for good investment conditions, whether you plan to buy a Maui home to live in full-time or you want a Maui condo for part-time residence and short-term rentals, or any number of other unique plans.
When it comes to single-family Maui homes, RAM reports that median prices increased by 12.3% to $740,000 this past June, compared to $659,000 during the same month last year. Despite the boost in prices, the market still saw a 21.2% increase in June sales to 120 homes sold, compared with 99 homes sold in June of 2016.
This growth of sales and median prices is fairly dramatic, but they can often appear that way in a small market like ours, where just a few sales can have a big impact on the overall data. That’s why we always want to look at year-to-date information for the clearest picture of the overall trends. In the first six months of 2017, single-family Maui home prices rose 11.5% to $705,000, compared to $632,500 during the same period last year. Meanwhile sales are up 2.4% to 546 sales, compared with 533 sales in the same period last year. This is the most significant and reliable data if you’re interested in buying a Maui home.
As for Maui condos, the median price was $435,000 in June, which is a 13.3% increase from $384,000 in June of 2016. As in the case of Maui homes, rising prices didn’t stall condo sales. In fact, there were a total of 123 sales, which was an increase of 11.8% compared to the 110 sales of last year.
Looking at the year-to-date statistics for Maui condos reveals percentage increases that nearly match June. In the first six months of 2017, condos reached a median price of $475,000, up 12.4% compared to $422,500 year-over-year. There were also 712 sales, a 10.2% increase compared to 682 sales in the same period last year.
If you’d like to go over the report yourself, just visit www.ramaui.com. Their latest monthly report is always at the top of the page. If you need assistance with your Maui real estate search, that’s where we can help you. If you need us, you’ll find our contact information at the bottom of the page. Mahalo!