Our luxury Maui property realtors are here to report the latest in everything Hawaii luxury real estate. It’s January 2019 and time to look at the real estate market trends on Maui — where it’s been and where it’s heading.
Each month, we report on the monthly real estate statistics that are gathered by the Realtors Association of Maui, Inc. These statistics give a monthly overview of the real estate market on the island by comparing data from the same time the previous year. This month it looks as if it’s a good time to buy and also to sell, as homes are selling for more and the outlook seems positive.
According to the latest report, the median sales price for condominium homes increased by 32.3 percent to a total of $528,650. The median sales price for single family homes also saw an increase to $740,398 for single family homes on the island. Pending sales for single homes showed a slight decrease by 2.4 percent but increased by 2.5 percent for condominium homes. Days on the market increased by 2.3 percent for single family homes but decreased by 4.3 percent for condominium homes. Supply of inventory decreased by 8.3 percent for single family homes and 28.3 percent for condominium homes.
As the US economy improves, the housing market looks promising and an increase in buying is anticipated. That being said, experts say housing affordability could be a concern as Freddie Mac recently reported the 30-year fixed rate is at its highest average in seven years. The response to this news has caused somewhat of a slowdown in home price growth in other markets, while price reductions are becoming more common on the mainland, as well. However, the Bureau of Labor Statistics recently reported the national unemployment rate was at 3.7 percent and a low unemployment rate is a positive indicator for the year ahead.
Overall, it looks as if it’s going to be a great year for housing on Maui. Keep checking back with The Maui Luxury Real Estate Team for information about exclusive property listings for sale on Maui, like beachfront homes and condos and West Maui luxury real estate. Aloha!