According to the Realtors Association of Maui, the Residential sales declined to 74 homes sold while Condominium sales declined to 96 units sold. The Residential home median price also declined slightly to $522,500, while the Condo median price was $350,000. Land median price came in at $538,686.
Though Maui real estate sales and prices showed a decline to the previous month, the year-to-date sales and median prices continue to increase. Residential home sales increased by 6%, with the average sold price at $771,028 or a 14% increase YTD. The median price is $530,250 YTD. Condominium unit sales increased by 10%, with an average sold price of $567,827, increasing 22% YTD. The median Condo price is $375,000 or a 6% increase YTD. The average “Days on Market” show Residential home at 112 days, Condominiums at 128 days, and Land at 273 days.
As our prices begin to rise in our market, so does our inventory. With interest rates still low, Buyers should take action now. For those looking to sell their properties, pricing your property is key. Well priced properties are moving quickly and often with multiple offers.