97 Homes, 116 Condos Sold on Maui in AprilMay 11, 2017, 8:17 AM HST · Updated May 11, 10:49 AM Wendy Osher · 3 Comments
Home sales and prices on Maui were down in April from month before levels with a total of 97 homes sold for a median price of $671,000, according to new data released by the Realtors Association of Maui.
That’s six units less than what was sold in the previous month, and three units less than the 100 units that were sold at the same time last year.
The median price of homes sold on Maui was down $85,000 (-11.24%) from March, and up $77,575 (+0.9%) from the same time last year, according to the report.
The greatest number of homes sold in April was in Central Maui where 31 homes sold for a median price of $570,000, followed by Kīhei where 25 homes sold for a median of $835,850, according to RAM data.
According to the RAM, “Residential and Condo Prices continue trending upward. Inventory increased for High Season (Dec. – March) and is now declining a bit in Condos.” 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 (.73 US $) may motivate Canadian investors to sell, rather than buy OR sell and reinvest in other Maui properties.”
The Realtors Association of Maui reported a decrease in condo sales from month and year before levels with 116 units sold in April–that’s down 16 units from the previous month, and down 10 units from the same time last year.
The median price for a condo in April was $490,563, up $100,563 (+25.78%) from the March median of $390,000, and up from the $444,500 (+10.36%) price tag at the same time last year, according to the RAM.
The greatest number of condos sold in April was in Kīhei where 40 condos sold for a median price of $378,500, followed by Nāpili/Kahana/Honokōwai where 18 condos sold for a median of $441,000, according to RAM data.
The RAM states that with “Increased showings and sales, multiple offers on ‘well priced’ listings, hesitant buyers may become onlookers.” According to the RAM, the “window of opportunity is quickly closing for first-time homebuyers,” noting that “Cash is King” when making an offer. The RAM reports that for several months approximately 37% of all sales were made in cash.
The full report is available at the following direct LINK.
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