Living in South Maui is truly a blessing! The stunning views of the beach, weather like nowhere else, year-round island adventure activities, soothing environment away from the hustle and bustle of city, luxurious, high-quality lifestyle, and what not! This island paradise is a perfect place to invest in real estate or make a home purchase.
But, before you plan your major investment, it is wise to research the latest trends in real estate in South Maui. Whether you are looking for a home in Kihei, or to invest in a villa in the Wailea Makena area, know the real estate statistics of South Maui for April 2021.
Single Family Monthly Sales
The Realtor Association of Maui says that there is a decrease in the demand and sale of single-family units in Kihei compared to the last year. In April 2020, 15 units were sold, which decreased to 14 in April 2021. Also, the single-family unit sales saw a huge decline from 23 to 14 in April 2021 compared to March this year. However, the median sales price increased from $899,000 in March 2021 to $1,137,500 in April 2021.
The trend is somewhat different in Kaanapali and Wailuku. In Kaanapali, 10 single-family units were sold this month, while only 2 were sold last year during the same time. The number of sales is also 3 more than the last month, i.e., from 7 in March 2021 to 10 in April 2021.
Wailuku saw the highest number of single-family unit sales, i.e., 18. This number is 3 more than the units sold in March 2021 and 2 more than the units sold in April 2020.
The condominium sales in Kihei dominated the condo sales in South Maui with 81 from the median sales price of $535,000. The number of condo units sold in March this year was 78. Kihei condo sales have seen a sudden increase compared to April 2020, when only 30 units were sold.
After Kihei, the luxury condominium sales in Wailea and Makena also saw a spike compared to the last year. The sales increased from 7 to 39 in April 2021. However, the sales are much less compared to March 2021, i.e., 45. Along with these areas, Kaanapali is another place with an increase in condo sales, i.e., from 21 in April 2020 to 38 in April 2021.
Some Other Statistics To Consider
In addition to the single-family and condominium sales, below are some other significant statistics to consider-
- Overall, the new listings increased to 33.8% for single-family units and 33.9% for condo units.
- Pending sales also increased to 144.4% for single-family units and 536.4% for condominiums.
- The median sales price for condos saw an increase to $695,000 (15.4%). Also, the median sales price for single-family units increased to $983,500 (30.3%).
Thus, April was a strong month for home sales in South Maui. Such a busy market will continue to see situations that will drive sales price above the asking price. If you want to know more about the latest real estate trends in South Maui, reach out to us!