New real estate listings and pending sales for single family residential homes and condominiums on Maui decreased during the month of September when compared to the same time last year.
According to the latest Maui real estate market trends and statistics, new listings on Maui decreased 18.7 percent for single-family homes and a little more than 25 percent for condominium homes. Pending sales also decreased for both single family homes and condos. Single-family homes experienced a 12.8 percent decrease and 8.3 percent decrease was found for condominium homes.
Conversely, one of our favorite areas, Kaanapali real estate, saw more home sales in Kaanapali over the previous month and the previous year. Although condo sales in Kaanapali did not reach the high volume of the previous month, it did do better than the previous year.
Inventory on the market also experienced a decrease. Single-family homes decreased by 16.7 percent and inventory for condos on Maui decreased by a little more than 22 percent. While inventory and new listings are down median sales prices did show an increase last month compared to the same time last year. The median sales price increased by 16 percent to $754,248 for single-family homes and by a little more than 18 percent to $501,000 for condominium homes. Overall days on the market saw a bit of a jump for single family homes, increasing to about 7.6 percent. Days on the market for condo homes remained steady. The month’s supply of inventory decreased 13.3 percent for single-family homes and by almost 28 percent for Maui condos.
According to the latest report, the Maui housing market remains strong despite concerns that rising prices and interest rates matched by salary stagnation and delayed home purchases could impact pending sales. According to officials, 2018 should end on a strong note and there’s reason to be optimistic that the housing market on Maui will remain strong and balanced.
If you’re interested in learning more about the housing market on Maui or are looking to explore various investment opportunities on Maui then keep following our website for the latest in Maui real estate news. You can also see what some homes and condos are selling for here on Maui by searching our latest listings. Here at the Maui Luxury Real Estate Team, we have plenty of knowledgeable specialists who can help you with your next investment property on Maui. Our Realtors are always ready, willing, and able to assist you with any questions you may have. We look forward to finishing the year strong and hope you consider making your next luxury home purchase with us. Aloha and a hui hou.