According to the latest report from the Realtors Association of Maui (RAM), the average cost of a Maui home was $470K in April of 2013, but in April of 2014, that figure was up to $583K. That’s a 24 percent jump, and it should tell you a lot about the Maui real estate climate.
Given the rising cost of homes, some owners are becoming sellers, so there are still some good opportunities, but only for realistic offers. Of course it helps if you are buying with cash, as you’ll have a strong negotiating position to start from. Interest rates are still low, but edging up slowly, and if you need a mortgage loan, it’s a good idea to get pre-approved to avoid any disappointments, and to help you shop within the right price range.
Single-family home sales were up 6.3 percent to 84 homes sold this past April, compared to 79 in April of 2013. Slow and steady progress is the most reliable, so that’s good news for Maui’s real estate market.
As for condos, median prices rose from $370K in April of 2013 to $403K this past April. That’s an 8.9 percent increase. Meanwhile, sales fell 5.6 percent from 144 units to 136 units sold.
If you need assistance with any part of your Maui real estate decision making process, you’ll find our contact information at the bottom of the page. We’d be happy to lend our expert assistance. Hopefully this blog entry has helped you get a sense of the general market conditions. Mahalo for reading!
mauiluxuryrealestateteam.com – By Robert J. Cartwright, Principal Broker