As West Maui real estate specialists, we find that data collection on sales statistics helps us to keep a firm grasp of the big picture concerning how the market is changing in our area. As a prospective buyer, we’d like to share our findings with you, so you can benefit from the trends that our data has revealed. The following information is based on the first ten months of this year, in comparison with the same period last year.
Condos: When we looked at all our sales for Maui as a whole, we saw a 10 percent drop in the number of sales, but an average price increase of 18 percent, and a median price increase of 11 percent. When we looked at our West Maui statistics, we found a 9 percent drop, but with a 47 percent average price increase and a 17 percent median price increase. What stands out is the area with the least change within the West Maui area. The Napili/Kahana/Honokowai area involved just a one percent drop in sales, while the median price only increased by 11 percent, and the median only increased by six percent. It’s also has the highest sales volume in West Maui.
Land: Our Maui land sales saw a 15 percent drop in volume, but the average price was up by nine percent, while the median price was up 28 percent. West Maui land actually revealed a 15 percent increase in the number of sales, with a 61 percent average price increase and a 72 percent median price increase. The one place where we saw a big increase in the number of units sold within the West Maui area was Kaanapali. We saw 75 percent more land units sold. The average price was up 86 percent, but the median price was down four percent.
Homes: Our island-wide home sales were down by just 4 percent, with an average price increase of 16 percent and a median price increase of seven percent. West Maui sales were down by only one percent, while average prices were up 17 percent and median prices were up 22 percent. Kaanapali stands out again with a 64 percent increase in the number of homes sold, along with an average price increase of 27 percent and a median price increase of 44 percent.
We hope this data will help you to make an informed decision if you’re considering a Maui real estate investment. If you need expert assistance with this process, you’ll find our contact information at the bottom of the page. Mahalo for reading this week!