Maui Home Prices Remain Steady at $700K in August
Home sales on Maui increased 9.3% from last year and 15% from month before levels according to new data released by the Realtors Association of Maui.
There were 105 homes sold in August for a median price of $700K. In July, 92 homes sold for a median price of $701K.
The greatest activity again was in Central Maui where 29 homes sold for a median price of $650,000. In July, 28 homes sold in the Central area for a median price of $616,425.
Haʻikuū, Kīhei and Kula/ʻUlupalakua/Kanaio area each had 10 homes sold for a median price of $652,500; $694,750; and $702K respectively.
There were 110 condominium units sold on Maui for a median price of $400K, down from the 124 condos sold at the same time last year and down from the median price of $420K. There were 45 sold in Kīhei for median price of $378K, up from the 30 the month before, followed by Nāpili/Kahana/Honokōwai with 19 at $400K, down from the 24 sold in July.
New Listings decreased 2.8% for Single Family homes and 1.9% for Condominium homes. RAM states that competition is expected to remain fierce for available listings. The new data shows that inventory decreased 9.9% for Single Family homes and 21.9% for Condominium homes.
In regards to the lack of inventory, RAM states, “Although Canadian investors have been big participants in Maui’s real estate market in years past, the current Canadian Dollar exchange rate (.82 US$), while improving somewhat, may motivate Canadian investors to sell, rather than buy or sell and reinvest in other Maui properties.”
The RAM report says “Cash is King,” and that for several months approximately 37% of all sales were cash. The report states “well priced properties are attracting multiple offers making for a quick sale. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market.”
The report says, “rising sales prices motivate some “Owners” to become “Sellers,” putting their homes on the market.”
The RAM reports that recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
Quick Facts: (data courtesy Realtors Association of Maui)
- YTD – Residential unit sales increased somewhat compared to 2016 (743 homes sold / +20 units / +3% change YTD)
- Average sold price = $1,035,636 (+9% change YTD),
- Median price = $702,000 (+11% change YTD) and
- Total dollar volume sold = $769,477,370 (+12%YTD)
- YTD – Condo unit sales increased (925 units sold / +44 units sold/ +5% change YTD),
- Average sold price = $681,780 (+8% change YTD),
- Median price = $450,000 (+5%YTD),
- Total Condo dollar volume sold = $630,646,735 (+13% change YTD)
+ 6.4%: Year-Over-Year Change in Closed Sales (for all properties)
– 0.8%: Year-Over-Year Change in Median Sales Price (for all properties)
+ 7.0%: Year-Over-Year Change in Homes for Sale (for all properties)