Maui Home Market Cool Off
Via the latest monthly stats released by the Realtors Association of Maui (RAM), the number of homes sold in January 2019 decreased double digit figures, while inventory numbers also dipped. To look at some actual stats:
- Single family home sales dropped by 27.6% compared to the same time last year.
- Inventory fell by 15.4% to 495 homes for sale.
Although the number of transactions and the amount of inventory on the market sagged, median sales prices remained as 1 bright spot. January 2019 saw a 3.5% increase from last where the median sold price reached $730,000, compared to $705,000 in January 2018.
The Maui real estate community and the industry in general tend to prefer to look at median price as a better gauge of the market. Median sold prices are less likely to be skewed because they represent the point where half the sales for a given month are higher and half lower. Average sold prices can be misleading and highly influenced by large sales.
Wailuku has been the busiest single family home market with 14 homes sold at a median price of $607,500. The Makena-Wailea market represent the county’s most priciest region with a median sales price of $1.7 million.
Maui Condo Market: January 2018
Kamaole Sands villa sold by the Sayles team in early February
Although the inventory in the condominium market fell 19.7 percent to 566 condos for sale, the January 2019 median sales price rebounded with a 4.4% increased to $528,450. In January 2018, the median sales price was $506,000 for condos.
January condo unit sales were highest on the West side of Maui in the resort area of Kaanapali, it saw 15 condos sold for a median sales price of $774,000. As expected, the ultra luxury resort areas of Kapalua and Wailea-Makena were pegged as the most pricey with a median sales price of more than $1 million.
Slowing home sales locally coincide with national numbers. The Federal Reserve responded to worsening affordability with a “patient approach” that kept interest rates the same last month, according to the association.
Contact a South Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born in South Maui 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