The Realtor’s Association of Maui has recently released its Maui real estate statistics for August 2016, revealing a jump in prices for both single-family homes and condominiums. The number of home sales were flat, while the number of condos sold increased by a substantial margin.
The report calculated the median price of a single-family Maui home at $669,125, which was up no less than 21.7 percent compared to the August median, which was $550,000. The median price of a condo was up by almost exactly the same margin, which was a 21.6 percent increase from $345,500 to $420,000, year over year.
As for the number of sales, there were 124 condos sold, up 24 percent from the 100 condos that sold in August of 2015. Home sales dropped a mere one percent from 96 homes sold to 95, year over year.
Although monthly statistics can help Maui real estate buyers make informed decisions, it is always beneficial to look at long term trends to get a clearer picture of the market, especially a market as small as Maui’s. For that, the report includes YTD (year to date) statistics.
In the first eight months of the year, home sales remained flat with no percent change. Condos saw a 10 percent increase in sales in the same period. Median home prices were up 7 percent to $630,000, while median condo prices were up 5 percent at $429,000.
If you would like to explore more details of this thorough collection of data, you can visit www.ramaui.com. If you need assistance with your Maui real estate search or purchase, you’ll find our contact information at the bottom of the page. We look forward to assisting you in making the right investment for your needs. Mahalo!