2017 Maui Real Estate Trends Continue Into 2018
Maui’s hot real estate market continues into 2018 as confirmed by the January Maui real estate report released by the Realtors Association of Maui (RAM). The same trends prevail from 2017 to 2018 as the shortage of inventory continues to drive prices higher.
In the 1st month of 2018, single family homes saw a median price of $707,000 with 86 homes finding new buyers; a 7% increase in median sales price and a 30% bump in total number of transaction from the previous year. Condos on the other hand experienced a 23.7% increase in the number of condos sold to 120, but sale prices dipped slightly by 3.7% to $505,563..
Maui Sales Activity
On the condo front, Kihei sales activity reflected the most activity in January with 35 units; although, it was a 16.6% drop in production from the same time list year. The decreased production resulted in a 13.7 drop in median sales price to $410,000 compared to the same time last year.
The Wailea and Makena area also did do well in January 2018 with a total of 16 units sold which was a staggering 85.7% increase from the same time last year. Median condo prices for Wailea and Makena did not match the surge in sales and fell 12.2% to $943,741.
Among the residential market, Wailuku and Kahului were in a two way tie for the most transactions at 16 a piece. The median price rose 19.7% to $610,000 in Wailuku; it grew 8.9% to $659,500 in Kahului.
January 2018 Maui Real Estate Data
- Number of new listings in January: 131
- Number of homes in escrow: 115
- Closed transactions: 86
- Days on market average: 151
- Percent of listing price received: 96.9%
- Number of new listings in January: 193
- Number of condos in escrow: 158
- Closed transactions: 120
- Days on market average: 175
- Percent of listing price received: 97.2%
The Buyer vs Seller Battle Continues
According to RAM’s outlook from the January 2018 report:
“Last year, U.S. consumers seemed to be operating with a renewed but cautious optimism. The stock market was strong; wages were edging upwards; and home-buying activity was extremely competitive. Not much has changed in 2018 in terms of those measures. Yet there is a sort of seasoned prudence mixed into the high emotions that go with a major expense like a home purchase. We are now several years deep into a period of rising prices and low inventory. Those in the market to buy a home have caught on. As sellers attempt to take advantage of rising prices, expect buyers to be more selective.”
Contact a South Maui Real Estate and Lifestyle Specialist
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Aloha,Anthony Sayles R(S) 808-280-6532 Anthony@DanoSayles.com