Whether you are looking for a multi million dollar property in Kapalua or an oceanfront property in West Maui, now is a great time to buy as mortgage rates are at a record low. That being said, the standards for lending are tightening and with unemployment at a record high, it would be wise to take advantage of this brief moment in time and strike while the iron is hot.
According to the latest statistics from the Maui Realtors Association, buyer activity continues to increase on the island with pending sales rising by 31.8 percent for single family homes but decreasing by 9.3 percent for single family homes. Inventory decreased for single family homes but increased for condominium homes and the median sales price increased by 9.1 percent to $785,000 for single family homes but decreased by 8.3 percent to $495,000 for condominium homes.
In Kaanapali in September there was one property that sold for almost $2 million, down from the two that sold the month before but up in price from that same time last year. As for Kaanapali condo sales, this area is hot right now as 10 condos sold, indicating a high demand.
Condo sales were looking good in Napili/Honokowai and Kahana with 17 sold, slightly down from the same time last year but on track from the month before where 13 units were sold.
Lahaina appeared to do well during the past couple months, with six homes and condos selling during the month of September.
Overall while our economy attempts to recover during one of the most unexpected events in history, it seems as if buyers and sellers are eager to keep the ball rolling and continue to participate in exchanges. And if this sounds like you then please trust that you are in good hands with me. Please spend some time looking at my listings for sale and let me know when you come across a property that appeals to you.
I look forward to learning more about you and informing you about the latest in real estate on Maui. Keep checking back to my blog to learn more. Learn more about me and what I can do for you via my about page. Give me a call when you’re ready. I look forward to hearing from you soon.