It’s been a good year for real estate on Maui and signs of improvement are showing for 2019. It appears as if Maui homes for sale are selling faster and for more, according to the latest monthly report from the Realtors Association of Maui.
Every month, the Realtors Association of Maui reports the latest real estate statistics for the island. This extensive report reviews data collected on the real estate market on Maui and compares data over a year to year period.
The January report shows that Maui’s market continues to remain strong despite a national trend of what appears to be a slowing down of the market. According to the report, home sales started to slow down last year, and experts pointed towards a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve as potential reasons for the diminishing of sales. As a result, this year the Fed did not increase rates during January. And while the question of how home affordability will affect the market this year still lingers, people are optimistic that with more inventory slated to unveil in the coming year consumer confidence and affordability may improve.
On the island as a whole, new listings for both single family homes and condominium homes decreased, as well as pending sales and overall inventory for both areas. That being said, median sales prices increased by 3.5 percent for single-family homes and by 4.4 percent for condominium homes.
On Maui’s west side, prices and sales looked positive overall. Single-family homes in Kaanapali saw an increase in sales compared to the same time last year. There were four units sold for a total of $6,119,000 with a median sales price of $1,484,500. Last year in January there were two units sold for $5,355,000 for a median sales price of $2,677,500. In Lahaina, there were four units sold for a total of $7,363,000 at a median sales price of $746,500. There were six units sold during the same time last year for a median sales price of $855,000. As for condos on the west side, prices seem to be up in some areas. Condos in Kaanapali, saw 15 units sold for a total of $15,745,500 at a median sales price of $774,000. During the same time last year, there were 10 units sold at a median sales price of $773,500. In Lahaina, there were 16 units sold at $6,697,232 for a median sales price of $385,500. During the same time last year, there were five units sold for $1,693,626 at a median sales price of $335,000. In Honokowai/Napili/Kahana, there were 24 units sold for $12,899,234 at a median sales price of $489,500. During January of 2018, there were 18 units sold at a median sales price of $460,000.
It looks like times are right on Maui and even better for real estate. Keep checking my website to see what’s for sale in terms of luxury homes on Maui. Contact me if you have any questions and let’s chat.