With the release of Maui real estate‘s September statistics, we can evaluate the market’s performance in the first three quarters of the year to the same period last year. Analyzing data on a monthly basis can be revealing, but looking at a longer period is more reliable, especially given our small market.
The report’s year-to-date comparisons showed that the median price of a single-family home was up 3 percent to $585,000 in the first three quarters of the year, while median Maui condo prices were down by the same margin to $405,600. These slight price shifts are more interesting when you look at the number of sales.
Exactly 915 condos sold in the first three quarters of 2014 and 2015, which is quite the coincidence, but home sales were more interesting. In 2014, there were 721 homes sold during this period, compared to 817 homes sold in the same period this year, which was a substantial 13 percent increase.
Being that we only have three months left in the year, double-digit gains are especially significant. When we see a change like this during a single month, we have to consider that it might be an irregularity that doesn’t necessarily reflect the larger trends that are at work. However, a 13 percent increase in home sales over a nine month period paints a much clearer picture of our market trends.
Central Maui had the most home sales, while Kihei had the most condo sales, but the second-highest was Napili-Kahana-Honokowai here in West Maui. Despite this rank, the number of sales fell by 11 percent compared to the first three quarters of 2014.
The highest median home sale price in the county was in Kapalua at $2.8 million, which was down 25 percent compared to the first nine months of 2014. Wailea-Makena came in second with a median of $2.7 million, and that was up 28 percent. Kaanapali was next in line with a median of $1.9 million after a 16 percent increase. The lowest median prices were on the islands of Molokai and Lanai, along with Nahiku, Maui. The latter is located in the remote East Maui area. Those prices were $255,500, $342,500 and $316,250, respectively.
If you’d like more assistance navigating the Maui real estate market, we would be happy to lend you our expertise. You’ll find our contact information at the bottom of the page if you need us. Mahalo!