As real estate and economic analysts expected, Maui County real estate prices rose in June, thanks to the lack of foreclosure properties left on the market and the subsequent shrinking of inventory available.
According to the Realtors Association of Maui, the median price of Maui condos for sale rose by 4.5 percent from $372,990 to $390,000. There were 124 sales, including three on Lanai, which was a slightly higher volume than were sold the month before.
Maui home prices rose even more substantially, with a 7 percent gain, while the number of sales rose by 6 percent compared to the same month last year.
The median price of a single-family home in Maui County in June was $615,000, compared to $575,500 last year. That was based on 91 sales, including two on Lanai, compared to 86 homes sold during the same month last year.
If you are in the market, you are likely better off buying now rather than later, as mortgage interest rates are low, but slowly climbing. You are more likely to get a good deal now with the reasonably priced properties on the market, although the super cheap bank-owned properties are now few and far between. We also recommend that you get pre-approved for a loan so you can save yourself any last minute disappointments. It’s important to know with certainty how much you can afford when shopping for a home.
If you need any assistance with your search, you’ll find our contact information at the bottom of the page. Mahalo!