The Realtor’s Association of Maui has recently released their compiled data for the Maui real estate market, including home, land and condominium sales and prices in December, and throughout all of 2016. The data for the whole year is the most reliable when getting a sense of the market trends, but it’s still worth it to take a look at December’s statistics.
In December, Maui County home sales were up 4.3 percent to 97 sales, compared to 93 in December of 2015. The real splash was made by the median price of a single-family home in Maui County in December, which spiked to the highest point since before the recession. Prices rose no less than 27.3 percent from $550,000 in December of 2015 to $700,000 in December of 2016. If that’s outside your budget for a home, keep in mind that this is just the average price of homes that were purchased in December. There are homes on Maui that are on the market at higher and lower prices. It’s just a matter of exploring the listings to see if there is a property on the market that’s suitable for your needs.
As for condominiums, prices rose just 1.1 percent in December, from $410,000 in 2015 to $414,500 this past December. In the case of condos, it was the number of sales that stood out. December of 2016 saw a 20.8 percent jump to 122 sales, compared to 101 sales in the same month in 2015.
Looking at 2016 as a whole, we see a steadier picture, which is important in a small market like ours where the numbers can swing widely based on just a few sales. Single-family home sales were down just by 1 percent to 1,076 sales, while median home prices rose 10 percent to $636,750. Condominium sales were up 10 percent to 1,310 units sold, while median condo prices were up 1 percent to $415,000. So, oddly enough, home sales were flat, while prices were up 10 percent, but condo sales were up 10 percent, while prices were flat.
To learn more and see the data for yourself, you can visit www.ramaui.com. The report includes comprehensive charts and graphs to clarify the trends, along with a summary by RAM Chief Staff Executive Terry Tolman. In the summary, Terry points out that interest rates are increasing, so first-time home buyers would benefit from buying real estate sooner rather than later.
If you need assistance with your Maui real estate purchase, we would be happy to put our expertise to work for you. You’ll find our contact information at the bottom of the page if you need us. In the meantime, we’ve provided plenty of helpful information on our website, along with access to the market listings, which are available to browse by category or by search. Mahalo!