Maui’s median condo prices rose sharply in February, according to the Realtors Association of Maui (RAM). The sales included enough luxury Maui condos to raise the price by 38 percent. Meanwhile, Maui home prices were flat.
February’s median condo price hit $475,000, whereas that figure was $345,000 in the same month last year. A 37.7 percent increase like this is a dramatic change, but as always, we encourage buyers to be aware that in a small market like Maui County, percentages tend to swing more widely. As for sales, there was a 4 percent increase to 93 units, compared to 89 units in February of 2013. Two of these were on Lanai, and one on Molokai.
The influence of luxury condo sales was significant, with four of Maui County’s 12 regions contributing a median condo price of over $1 million to the overall figure. Those four regions included Kaanapali with $1.17 million, Kapalua with $1.3 million, Lanai with $1.06 million, and one sale in Upcountry Kula for $2.57 million.
As for single-family home sales, 60 sold last month, including one on Lanai and one on Molokai. The number of sales was unchanged year-over-year. The median price was $558,625, compared to $560,000 in the same month last year. That means the difference between median condo and home prices was only around $83,000 in February.
We hope you’ve found this information helpful to your Maui real estate search. If you need expert assistance, you’ll find our contact information at the bottom of the page. Mahalo!