Via the latest monthly analysis compiled by the Realtors Association of Maui (RAM) for the month of May, the data indicates inventory for both homes and condos are at its lowest in the last decade.
Not only did inventory numbers sag for Maui homes for sale, the median sales price did not perform anywhere near the record breaking month of April 2019 (median sold price of $819,500). April decreased by more than $100,000, with May seeing a median sold price of $705,000; however, the May median sales price was still up 2.2% year over year.
In contrast, the condo market had a strong month with a median sold price of $518,500, up 9.7% from 2018.
May 2019 Single Family Home Inventory Numbers
- Total number of active homes for sale: 445, down 13% from May 2018
- Number of newly listed homes for sale: 111, down 8.3%
May 2019 Condo Inventory Numbers
- Number of active condos for sale: 487, down 21.5% from May 2018
- Number of newly listed condos for sale: 139, down 24%
For buyers looking for homes, they flocked to some of Maui’s more popular areas like Wailuku, Kahului and Kihei. These homes are synonymous with high demand because of their convenience and low barrier to entry. The report showed 27 homes sold in Wailuku with a median price of $655,000; Kahului, 18 homes, $652,750; and Kihei, 18 homes, $762,500.
It is not surprising that the resort area of Wailea/Makena saw both of the priciest median sold price of homes and condos a median price of $6,575,000 and $1,065,000.
Contact a Maui Real Estate 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.
Anthony Sayles R(S)