prices remained relatively flat in April, according to the Realtors Association of Maui (RAM). Compared to April of last year, median prices fell by one percent for single-family homes and rose one percent for condominiums. We may not be seeing a lot of growth now, but stability is preferable to dramatic changes.
As for sales, RAM’s report revealed that 85 single-family homes sold in April, as opposed to 84 in that month last year. Condo sales fell steeply by 23 percent with 104 units sold, compared to 136 sold in April of 2014. RAM Chief Staff Executive Terry Tolman pointed out that Canadian investors have been influential in the market, but that exchange rates may prompt them to sell rather than buy at this time. This may be a factor in the increase of inventory that we saw in the winter.
If you’re interested in the specifics of Maui real estate prices, the median price of a single-family home was $575,000, compared to $583,000 in April of 2014. The median price of condos was up one percent to $407,500 from $403,500 in April of last year.
For the first four months of the year, the report revealed an 8 percent increase in the median sales price of condos, up to $439,238 from $404,375 in that same period last year. Meanwhile, sales declined by 9 percent to 404 units sold, from 446 units sold in that period of 2014.
Year-to-date single-family home sales rose by 9 percent to 305 homes sold from 279 homes sold. Prices were $586,000, compared with $585,000.
Hopefully, this information will be helpful to you as you evaluate the current real estate market and its trends. If you need assistance with your real estate purchase, you’ll find our contact information at the bottom of the page. Mahalo!