Double-Digit Increases for Maui Home Sales, Prices in June
Home sales and prices experienced double digit increases on Maui in June.
The median price for a single-family home on Maui was up 12.3% to $740,000 from last year, according to new data released by the Realtors Association of Maui. Home sales also shot up 21% with 120 homes sold in June, up 21 units from year before levels.
There was also a double digit increase in the median price of condos, up 13.3% to $435,000. A total of 123 condos sold in June, up nearly 12% from the same time last year.
With job creation increasing and mortgage rates remaining low, the Realtors Association of Maui says a pull toward home ownership is expected to continue.
The greatest number of homes sold in June was in Central Maui where 39 homes sold for a median price of $633,990, followed by Haiku where 13 homes sold for a median of $760,000, according to RAM data.
The greatest number of condos sold in June was in Kīhei where 47 condos sold for a median price of $335,000, followed by Nāpili/Kahana/Honokōwai where 21 condos sold for a median of $475,000, according to RAM data.
According to the RAM report, “housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being.”