The numbers are in for Maui real estate performance in November. Curious how sales and prices looked last month? Keeping track of market performance is an important part of making investment decisions. Past trends give us some idea what the future will look like, and in Hawaii, home appreciation is high.
According to the recent report from the Realtors Association of Maui (RAM), the median price of a single-family home was up 14.1 percent to $587,500, as opposed to $515,000 in November of 2013. There were 75 sales, which may seem like a tiny number, but remember, ours is a tiny market. One of the homes sold was on Lanai and two were on Molokai. The other 72 sales were on Maui. By comparison, there were 74 sales in November of last year, including two on Lanai, which is surprisingly consistent with last month’s performance.
As for Maui condos, the median price was up 4.6 percent to $355,250, compared to $350,000 in November of 2013. At the same time, there was a 29.2 percent drop in the number of sales. In November of last year, there were 96 units sold, while this past November only saw 68 units sold. It should be interesting to see how the drop in sales influences next month’s prices.
If you’re in the market for Maui real estate, whether as an investment or a permanent residence, current market conditions call for a realistic outlook and reasonable offers. This is important because many sellers are getting multiple offers on their properties. If you need expert assistance, you’ll find our contact information at the bottom of the page. Mahalo and good luck!