Maui Home Prices Up and Condo Prices Down for MarchNikki Schenfeld · April 17, 2017, 1:47 PM HST (Updated April 17, 2017, 3:11 PM) · 7 Comments
Home sales on Maui were up, and prices were up in March from month before levels with a total of 101 homes sold for a median price of $769,000, according to new data released by the Realtors Association of Maui.
That’s 38 units more than what was sold in the previous month, and two units more than the 99 units that were sold at the same time last year.
The median price of homes sold on Maui was up $96,425 (+14.3%) from February, and up $157,500 (+25.8%) from the same time last year, according to the report.
The greatest number of homes sold in March was in Central Maui where 24 homes sold for a median price of $593,000 (up $23,000 from last month), followed by Kīhei where 14 homes sold for a median of $801,850 (up $36,850 from last month), according to RAM data.
According to the RAM, “Residential and Condo Prices continue trending upward while inventory has increased for High Season (Dec. – March) and is now declining a bit.” The RAM also reports that “Canadian investors have been big participants in Maui’s real estate market in years past, however the current Canadian Dollar exchange rate (.75 US $) may motivate Canadian investors to sell, rather than buy OR sell and reinvest in other Maui properties.”
The Realtors Association of Maui reported an increase in condo sales from month and year before levels with 131 units sold in March–that’s up 18 units from the previous month, and up 27 units from the same time last year.
The median price for a condo in March was $390,000, down $75,000 (-16%) from the February median of $465,000, and down from the $494,000 (-21%) price tag at the same time last year, according to the RAM.
The greatest number of condos sold in February was in Kīhei where 42 condos sold for a median price of $357,000, followed by Nāpili/Kahana/Honokōwai where 25 condos sold for a median of $325,000, according to RAM data.
The full report is available at the following direct LINK.