Real Estate

Maui February Home Prices Up 13% From Last Year

March 14, 2017, 2:39 PM HST
* Updated March 14, 3:57 PM
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Island home sales. Maui Now image.

Home sales on Maui were down, and prices were up in February from month before levels with a total of 63 homes sold for a median price of $672,575, according to new data released by the Realtors Association of Maui.

That’s 3 units less than what was sold in the previous month, and 6 units less than the 69 units that were sold at the same time last year.

The median price of homes sold on Maui was up $12,575 (+1.9%) from January, and up $77,575 (+13%) from the same time last year, according to the report.

The greatest number of homes sold in February was in Central Maui where 23 homes sold for a median price of $570,000, followed by Kīhei where 13 homes sold for a median of $765,000, according to RAM data.

According to the RAM, “Residential and Condo Prices continue trending upward,” while, “Inventory has increased for High Season (Dec. – April).”  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 (.74 US $) may motivate Canadian investors to sell, rather than buy OR sell and reinvest in othe r Maui properties.”

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The Realtors Association of Maui reported a increase in condo sales from month and year before levels with 113 units sold in February–that’s up 16 units from the previous month, and up 9 units from the same time last year.

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The median price for a condo in February was $465,000, down $60,000 (-11.4%) from the January median of $525,000, and up from the $431,950 (+7.65%) price tag at the same time last year, according to the RAM.

The greatest number of condos sold in February was in Kīhei where 45 condos sold for a median price of $403,900, followed by Nāpili/Kahana/Honokōwai where 19 condos sold for a median of $340,000, according to RAM data.

The full report is available at the following direct LINK.

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