Wonderful weather, sandy beaches, top-class amenities, and plenty of outdoor activities are just a few things that attract real estate investors to beautiful Maui. People who have already invested in West Maui real estate feel proud to call the island home. Have you been looking to buy a property here? Well, before you decide to invest in West Maui Real Estate, it’s good to know what is trending in the market. Here are the island’s real estate trends based on home and condo sales in January 2021.
Single Family Homes
According to the Realtors Association of Maui, January 2021 started with strong buyer demand for single family homes. The number of single family listings increased from 101 in November 2020 to 112 in December 2020. While the demand was high in the first week of January, high material costs and limited supply of buildable lots hampered the number of new units on the market.
Kapalua saw an increase in single family home sales. In January 2021, two single home units were sold in Kapalua at the median sales price of $2,700,000. The highest number of single family home sales was seen in Kihei, i.e., 23 units sold at the median price of $999,000.
In January 2021, there were 164 new condominium listings. Kapalua saw a rise in monthly condominiums sales when compared to January 2020. Though the number of condos sold in Kapalua during the first month of 2021 was less than what it was in December last year, it is a good time to invest in Kapalua real estate. The median sales price at which the condos were sold in Kapalua was $1,140,000, which is quite a good deal considering for this area of the island.
Other areas that saw an increase in condominium sales are Kihei (45 units at a median sales price of $495,000), followed by Napili/Kahana/Honokowai (17 units at a median sales price of $478,500), and Lahaina (15 units sold at a median sales price of $556,990).
Pending and Closed Sales
When it comes to single family homes, the number of closed sales decreased to 101 from 107 in December 2020. For condominiums, there were 115 closed sales, which is less than last year. Both single family and condominium pending sales saw an increase to 25.8% and 65% year-over-year.
Other Trends To Keep In Mind
Apart from these, some other real estate market trends to keep in mind are-
â— The median price for single family homes increased by 26% to $980,000; however, it decreased by 0.4% for condos.
â— Days on the market also increased for both condos and single family homes.
â— The percentage change in the number of homes for all properties decreased by 22%.
This overview of the West Maui real estate market trends shows that the market is likely to continue to follow a smiliar trend. While there is some uncertainty ahead, the single family market still continues to remain strong, and the condo market is improving, especially in Kapalua and Kihei.