February in Maui County saw the median sales price of homes and cones spike, while sales numbers and inventory totals continued their downward trajectory.
Looking at median numbers are preferred by real estate professionals they can lend a more accurate picture of the market; whereas, averages can be heavily skewed by large transactions
Via the the latest stats released earlier this month by the Realtors Association of Maui (RAM), the median sales price for a single family home shot up double digit figures by 15.4% to $790,000, compared to the $684,350 in February 2018. Condos also saw a double digit gain from the same time last year and increased by 11.8% to $524,500, up from $469,250.
The sharp increase in price can be attributed to stiff competition in the market as a result of the lack of inventory. February saw 79 single family homes sold, down almost 20%. Condos on the other hand didn’t see as big of a dip with 120 units sold, down only 3.2%.
The market is letting off mixed signals as to whether it is in a cooling off period or not. Homes are taken a little longer to sell in February 2019 with an average days on market of 172 vs the 134 in the same time last year. Condo average days on market picked up last month with an average of 141 days, compared to the 154 from the year before.
Single Family Home Sales Rankings In February
- Kihei: 14 homes sold at a median sales price of $910,000
- Wailuku: 12 homes sold for a median sales price of $662,500
- Kahului: 10 homes sold for a median sales price of $652,500
- Makawao/Olinda/Haliimaile: 9 homes sold for a median sales price of $850,00
Unsurprisingly, the resort areas of Kapalua and Kaanapali came out on top as Maui’s priciest area to purchase with a median price of $2.6 million
Condo Sales Rankings In February
- Kihei: 57 units sold for a median sales price of $488,000
- Napili/Kahana/Honokowa: 15 units sold for a median sales price of $280,000
- Wailuku: 11 units sold for a median sales price of $541,475
Just like the single family home market, it is another resort area of Wailea/Makena that takes the crown for the most expensive region to purchase a condo at a median sold price of $1.2 million.
Wailea Condos For Sale (as of 3/10/19)
- Number of Wailea condos for sale: 89
- Average asking price: $2,588,374
- Median list price: $1,498,000
- Highest priced listing: $19,995,000 million
- Lowest priced listing: $619,000
197 HOLOKAHIKI LN #102 (8B)
44 KAI MALU PL #7-A
3800 WAILEA ALANUI DR #404
43 WAILEA GATEWAY PL #1-201
155 WAILEA IKE PL #138
See a complete list of Wailea Condos For Sale
Contact a Maui Real Estate Specialist
Amazing ocean views from Ho’olei at Grand Wailea
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