The numbers are in for Maui’s real estate market in the month of March, and the level of activity has been dynamic, with rising home and condo prices, as well as a substantial increase in condo sales.
While single-family Maui home sales fell by 14 percent from 80 to 69, year over year, condo sales were a different story. There were a total of 127 sales on the island of Maui, with none on the islands of Molokai and Lanai. Compare that to the 101 units that sold in all of Maui County during the same month last year, which included 97 sales on Maui, three on Lanai and one on Molokai. That’s a 26 percent increase in condo sales for the county as a whole, and a 31 percent increase in Maui condo sales.
Despite that dip in home sales, home prices rose along with condo prices. The median price of a condo in Maui County was $420,000, which was up 12 percent from $375,000 in March of 2013. The median price of a single family home was up 17 percent from 509,500 to $596,000, year over year.
These statistics come from the Realtors Association of Maui (RAM), and you should visit their website if you’re interested in the wealth of data they’ve collected over the years. As always, we advise that you take monthly numbers with a grain of salt and look at long-term real estate trends for a more complete and reliable picture of our real estate activity. In a market as small as Maui County’s, a few sales can make a huge difference when you’re looking at percentages.
We hope this blog has shed some light on your Maui real estate search and investment interests. You’ll find our contact information at the bottom of the page if you need our expert assistance in helping you find and purchase the right property for your needs. Mahalo!
mauiluxuryrealestateteam.com – By Robert J. Cartwright, Principal Broker