Maui is buzzing with real estate sales activity this year compared to the first half of last year. As long as there is such a high inventory of bank owned and short sale properties, however, prices are not expected to jump with this high sales activity.
It really is an incredible buyer’s market right now, and buyers know it. So far this year we’ve seen 422 single-family home sales close as opposed to 296 during the same period last year. This is an improvement of 42.6 percent. As for condos, there have been 666 sales as opposed to 407 last year, which is a 63.6 percent increase. When you can own a home in paradise at an incredibly affordable price, it’s no wonder sales are this high.
The cost of single-family homes eked up by just 2 percent year-over-year to an average of $768,866. Condo prices on the other hand fell by 11 percent to $756,119. The tax credit is likely responsible for a great deal of sales this year, which explains some of the differences compared to last year.
Condos in Kihei are the most affordable housing on the island now with prices around half the average cost of a single-family home. Areas where sales are especially high are Maui Meadows and Haiku. Wailea-Makena is doing well and so is Makawao, Olinda and Haliimaile. The West Side is seeing a lot of activity as well, despite the fact that prices are higher on average than other parts of the island.
Planning to move to Maui? Our friendly and experienced agents will help you find your Maui dream home. Browse our listings of Kaanapali condos, Lahaina homes, or land for sale at the Kaanapali Golf Estates, and the boundless choices in Maui real estate that you will find on our website. Prefer more specific results? Try our search tool which allows you to narrow your results to your preferred criteria. If you need any help, just let us know. If you need any assistance, you’ll find our contact information at the bottom of the page.