Overall, West Maui’s market continues to do well. According to the latest statistics from the Realtors Association of Maui, home prices increased during 2019 in most markets and West Maui was no exception.
In Lahaina, condo home prices increased as well as the total number of sales. The same happened with single-family homes, where there were three homes sold for a median sales price of $1,000,000. This is up compared to November, where the median sales price for a home was listed at $846,500 and during the same time last year the median sales price for three homes sold was $800,000.
The same could be said for the Napili/Kahana/Honokowai area where three homes were sold for a median sales price of $1,225,000. Four sold during the same time last year for a median sales price of $825,000. That’s a $400,000 difference.
Here’s a look at the overall market prices and sales numbers for December 2019 in other parts of West Maui by area.
- Kaanapali- Home sales in Kaanapali were up compared to the month before but the price was down some compared to December 2018. As for condos, there was a substantial drop in the total number of sales. There were 9 condos sold for a median sales price of $955,000, that’s down from 27 the month before. In December 2018, there were 14 condos sold for a median sales price of $973,500.
- In Kapalua there were 6 condos sold for a median sales price of $1,155,000. That’s up from three the month before at a median sales price of $1,075,000. There were three sold last December at a median sales price of $1,500,000. No homes sold in Kapalua in December, 1 sold in November and it seems like this area remains steady compared to last year where zero homes sold.
- One home sold in Olowalu for a median sales price of $2,800,000.
According to the report, mortgage rate for the end of the year closed at three-quarters of a percent lower than compared to a year ago, helping to improve affordability and offset rising home prices.
Throughout the island, new listings increased by .8 percent for single family homes but decreased by 25.4 percent for condominium homes. Pending sales increased slightly by 1.3 percent for single family homes but remained flat for condominium homes. A problem that seems to be occurring across the board is a lack of new inventory to meet buyer demand. That apparently happened on Maui where inventory decreased by 13.6 percent for single family homes and by 14.8 percent for condominium homes. Meanwhile, median sales prices are increasing for both single family homes and condos.
That’s a look at the latest real estate market statistics. Contact me if you have any questions. Aloha!