High home appreciation throughout the state of Hawaii has been in the news for some time, and the data released by the Realtors Association of Maui for the month of September reflects that in substantial home price increases.
Compared with September of 2013, Maui County saw double digit increases on home pricing last month. The median price of a single-family home was $570K, which was 21 percent higher than the $470K of September, 2013. Those who bought Maui real estate last year are in an excellent position, whether they plan to sell or hold on to their investment.
As far as sales, 95 homes sold last month, which was also up 12 percent from the 85 homes that sold in September of 2013. Despite higher prices, there are more buyers, which may be due to a mix of factors, including improvements in confidence and financial stability.
Maui condo prices soared 35 percent higher year-over-year, with a median price of $465K, compared to $345K in September of 2013. However, sales dropped 35 percent from 121 units in September of 2013 to 79 units last month.
For those of you who are in the market for Maui real estate, it’s a time to carefully weigh out property values compared with pricing. If you need assistance from those who are skilled in that regard, you’ll find our contact information at the bottom of the page. We’d be happy to help you find the right investment to suit your needs. Mahalo for reading this week!