statistics have been interesting so far this year, and even more so as of October, when home sales jumped by 25 percent compared to that month last year. Yes, our market is small, so the percentages are prone to swing, but even for Maui, this is a dramatic jump. Median home prices showed a more modest gain, increasing by just 3 percent to $585,000.
The data comes from the Realtors Association of Maui, in their helpful monthly report of the island’s real estate market performance. This information goes a long way in keeping realtors up to date on the trends and helping investors get the information they need.
The report revealed that Maui County had a total of 105 single-family homes sold in October, with one sale on Lanai and one on Molokai. By contrast, there were 84 home sales in October of 2014. Prices were up 3.3 percent to $585,000, from $566,000 in October 2014.
As for condominiums, sales were up an impressive 10.5 percent with 105 units sold, one of which was on Molokai. By comparison, there were 95 condo sales in October of 2014, including 4 units on Molokai. Median sales prices fell by 6.2 percent to $392,900, compared to $419,000 in October 2014.
Year-to-date statistics for homes show a 15 percent increase to 923 homes sold, compared to 805 in the same period last year. The median sales price is $585,000, up 3 percent from $570,000 in the same period last year. Meanwhile, condo sales are up by 1 percent based on 1,022 sales, compared to 1,010 sales in the same period last year. Median prices are down 3 to $405,000, compared to $419,000 in that period last year.
All useful trends to keep an eye on, so you can make informed decisions about your Maui real estate investments. If you need assistance, you’ll find our contact information at the bottom of the page. Mahalo!