The latest Maui real estate statistics have been released by the Realtors Association of Maui (RAM), with some interesting numbers. Home and condo prices were down in July but sales were up compared to the same month last year.
In July of 2010, 61 single-family homes sold in Maui County. In July of this year, 65 sold. That’s a 6.55 percent increase, but when you are dealing with such a small market, fluctuations like these tend to be exaggerated if you are looking at percentages. Still, even a small increase in sales should be fuel for optimism.
As for condos, there were 97 units sold in July, which was a 40.5 percent increase compared with the 69 units sold in July last year. Small market or not, a change of that magnitude is very respectable.
The average price of a single-family home fell 17.9 percent from $500,000 to $410,001, while the price of a condo fell 16.6 percent from $390,000 to $325,000.
Remember that all these statistics are year over year, and if you are looking at the change in numbers from one month to the next, the fluctuation in prices is more gradual. The reason these things are analyzed year over year is because there are seasonal trends, or trends that occur in certain months.
As always, we’ll continue to watch these changes and see where things go from here. If you are interested in taking advantage of low Maui real estate prices, we would be happy to assist you in finding the right West Maui home or condo to meet your needs. We can also assist you with Maui time intervals if you prefer. You’ll find our contact information at the bottom of the page. Mahalo!