Although Maui real estate sales fell, the median selling prices for both homes and condos were on the rise in October compared to the same month last year. This information comes from the Realtors Association of Maui (RAM), which compiles and releases all of Maui County’s real estate data on a monthly basis, including year-to-date numbers so we can evaluate the bigger picture in the trends. Maui County includes the islands of Maui, Molokai and Lanai, but since the latter two islands make up such a small share of the data, we just say Maui for the sake of simplicity.
According to RAM’s report, the median selling price of a single-family Maui home was $632,500 in October, which is a 6.8 percent increase from the $592,000 of October, 2015. That’s a healthy price increase by any standards. Meanwhile, the median selling price of a Maui condo was $460,000, up a whopping 17.1 percent compared to the $392,900 median of October last year.
The number of Maui homes that sold in October came out to 82, compared with 106 in the same month last year, which is a 22.6 percent drop. As for condos, 97 units sold compared to 105 in the same month last year, which is a 7.6 percent decline. When it comes to fluctuations like these, it’s important to realize that Maui’s market is small, so just a handful of sales can make the statistics swing dramatically.
In any real estate market, but especially Maui’s small market, the clearest picture of the trends comes from year-to-date statistics. For example, in the first 10 months of 2016, we’ve seen 887 single-family home sales, compared with 925 a year ago, which is a 4.1 percent drop. But condominium sales tallied at 1,076 compared to 1,015 for a 6 percent increase.
The median price of a single-family Maui home in the first 10 months of this year was $635,000, a 9 percent increase from $585,000 in the first 10 months of last year. The median selling price of a Maui condo was $419,500, up 4 percent compared with $405,000 in the same period last year.
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