As the economy continues to improve and more people are looking into investing in Hawaii real estate, now more than ever is the best time to explore homes for sale in Maui. According to the latest statistics report from the Realtors Association of Maui, the housing market is expected to remain competitive as an increase in paying jobs and an ever-improving economy are anticipated to be influencing factors in the already tense and tight Maui real estate market.
The latest findings for May that assessed this island-based market with a year-to-year overview has revealed that this summer is expected to reflect last year’s numbers as the mortgage rates should rise and overall demand remains strong. This may translate into buyers having a sense of urgency to make offers before it costs them more later. Now would be an excellent time to act and purchase a home considering there will be more homebuyers looking to invest.
The May report also shows that new listings decreased by 17.9 percent for single family homes and 2.5 percent for Maui condominiums. Meanwhile, pending sales for homes on the island during the same period showed a decrease of 2.9 percent for single family homes and 3.1 percent for condominium homes compared to last year. The market has also seen an inventory decreased overall by almost 20 percent of Hawaii condos and homes for sale.
As new listings and sales are decreasing, the price is also decreasing slightly for median sales prices for single family homes but remained steady for condominium homes. For sellers, the report shows that the number of days on the market has increased to about 15.9 percent for single family homes and increased 3.4 percent for condominium homes. However, months supply of inventory decreased around 22 percent for single family homes and about 30 percent for condominium homes. While these numbers may show that home sales have dropped some, it has less to do with a lack of buyer interest and more with a lower amount of inventory available to purchase. Experts are anticipating a summer of sustainable real estate sales as home loan approvals continue to improve.
If you’re curious about what might be available to purchase here in Hawaii and are interested in seeing what luxury homes for sale then please contact us today! Our special team of Maui real estate agents are here to help you navigate your next real estate investment. As experts in the field, you can expect all the information you need to know about what and when to purchase here on the island. We look forward to seeing you soon and encourage you to stay up to date by following our latest blog posts online. Aloha!