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Maui Real Estate Prices Still Tough For Local Buyers

June Maui Real Estate

The Maui real estate market for local buyers is not the easiest market to buy into as the latest stats released by the Realtors Association of Maui (RAM) do not indicate a low barrier to entry, especially for those earning the median income.

Median Maui Home Sales Stats

705 Papua Street listed by the Sayles Team

  • Median June 2018 single-family home price: $727,500, down 1.7% from the $740,000 in June 2017

Compared to last year, in 2018 (January-June) the median home price has top $700k 5 times, while in 2017 it top $700k 4 times in the same time period. From an annual perspective, the 12 month median home price average is up 2.1% to $689,000.

During the 1st 2 quarters of the year, median home prices slumped 2.1% to $690,000. However, overall sales volume is up 5.1% to 575 homes sold from January 2018 to June 2018.

Median Maui Condo Sales Stats

Grand Champions 29 listed by the Sayles Team

  • Median June 2018 condo price: $515,000, a surge of 19.8% compared to June 2017

From an equity appreciation perspective, the 12 month average median condo price was $465,000, an increase of just under 7%. Transaction sales volume also saw a whopping 22% increase to 870 units.

The 12-month average median condo price was $465,000, up 6.9 percent. Sales volume was up 22 percent to 870 units.

What Are the 2018 Sales Stats Telling Us So Far?

RAM’s analysis addressed the concern over the low supply that is increasing sales price, but overall took a positive spin on their outlook. The most noticeable piece to pay attention to is the new development home and condos beginning to come to market:

“Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing. The housing supply outlook in several markets is beginning to show an increase in new construction and a move by builders away from overstocked rental units to new developments for sale. These are encouraging signs in an already healthy marketplace.”

Maui’s Affordability Index

227 Laniloa in Haiku listed by the Sayles Team

The housing affordability index decreased 4.2% to 46 for single-family homes; condos also fell by 20.7% to 65. In other words, Maui homes are becoming less and less affordable.

For example, an index of 120 indicates the median household income for an area is 120% of what is necessary to qualify to buy a median-priced home. A higher number means greater affordability.

The Inventory Shortage

Basic economics tells us, low supply and high demand will allow sellers to drive up prices.

  • June single family home inventory: 478 homes for sale, down just under 20% from the previous year.
  • June condo inventory: 561 condos up for grabs, a decrease of 24.3% from the year prior.

New listings for homes were down 28& in June to 113 while condos were down 32.3% to 126 for the month. The 12-month average of new listings was 128 for homes (down 5.9%) and 163 for condos (down 8.9%).

1st & 2nd Quarter 2018 Maui Real Estate Sales Stats

3 Regions Dominated Home Sales So Far in 2018

A little more than 50% of all home sales through June were in the following regions:

  1. Wailuku: 119, up 21.4%
  2. Kihei: 88, down 9.3%
  3. Kahului: 82, up 13.9%
  4. Haiku: 48, up 9.1%
  5. Lahaina: 35, up 16.7%

2018 Median Home Sales Price by Top 5 Regions:

  1. Wailuku: $635,600, up 5.3%
  2. Kihei: $670,000, down 8.8%
  3. Kahului: $676,193: up 15%
  4. Haiku: $763,750, up 2.6%
  5.  Lahaina: $850,000, down 39.9%

2018 Condo Sales Data

2018 Top 5 Condo Regions by Transactions:

  1. Kihei 321, up 14.2%
  2. Wailea-Makena: 128, up 56.1%
  3. Napili-Kahana-Honokowai: 122, up 13%
  4. Kaanapali: 90, up 45.2%
  5. Wailuku: 88, up 44.3%

2018 Median Condo Sales Price by Top 5 Regions:

  1. Kihei: $407,000, up 5.7%
  2. Wailea-Makena: $1.13 million, up 11.3%
  3. Napili-Kahana-Honokowai: $442,500, up 9.9%
  4. Kaanapali: $808,000, down 5.2%
  5. Wailuku: $386,784, down 5.7%

Contact a Maui Real Estate and Lifestyle Specialist

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One of the very last cane fires on Maui ever back in late 2016 

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)
Anthony@Danosayles.com 
808-280-6532

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