According to the Realtors Association of Maui (RAM), the numbers of single-family homes and condominiums available for sale are the lowest they have been for the last five years. Association President P. Denise La Costa, “There are multiple offers on properties. The buyers understand the steals are gone. There aren’t any steals.”
Right now the market has finally shifted to a sellers market and it is based off simple supply and demand. A lower supply increases the number of potential buyers per property and produces higher prices. Comparing the first five months of this year to the same period in 2012, median price of single family homes for sale on Maui County jumped 22 percent from $435,000 to $530,000. Condo median prices went up 7 percent from $347,333 to $371,750.
With prices on the rise, “people need to get off the fence,” La Costa said. If they are thinking of buying property, they “need to do it now.”
“Sellers know that their homes will be sought after because there are so few on the market,” she said. “Prices are rising because there just isn’t anything to buy.”
The statistics dictate that for the first five months of the year and comparing those to the same period in 2012, Central Maui has seen the most sales with 117, an 18 percent increase over the 99 sold the previous year. . The second most active market is in Kihei, where 64 homes sold, although that was three fewer than last year for a 4 percent decline in volume. Although the homes for sale in Kihei
The third busiest area was Haiku, where 33 homes sold, three more – or 10 percent more – than last year. The area with the fourth highest sales volume was Pukalani, with 29 units sold, a 107 percent increase over the 14 homes sold last year. And the fifth most active area was Kula-Ulupalakua-Kanaio with 24 homes sold, which was two fewer, or 8 percent less, than a year ago.
The homes for sale in Central Maui median home prices rose 13 percent to $407,938. Homes for sale in Kihei went up 12 percent to $498,300. Homes for sale in Haiku sold for 11 percent less, down to a median price of $600,000. Homes for sale in Pukalani grew 6 percent to a median of $508,000, and median prices in Kula-Ulupalakua-Kanaio dropped 7 percent to $565,000.
Median sales prices were up in all five top-selling areas, however. Kihei condos for sale were up 31 percent to $320,000. Condos for sale in Napili-Kahana-Honokowai prices gained 10 percent to $347,500. Kaanapali prices jumped 49 percent to $687,450. Central Maui condo prices were up 38 percent to $244,250, and Wailea-Makena condo prices increased 15 percent to $877,000.
The median price represents the midpoint where half of sales are higher, and half are lower. Please click here to view the full article from today’s Maui News.
For more information on the best deals currently on the market, please contact me to schedule an appointment.
Anthony Sayles R(S)