The Realtors Association of Maui (RAM) released their first statistics of 2020 with the January Maui Real Estate Update. Early numbers indicate a strong start to the year with median sold prices for homes and condos increasing by more than 7%. Sales figures were mainly boosted by a whopping 30% surge in the number of homes sold. However, the number of new listings dropped by 19%.
January Maui Real Estate Fast Facts
- Change in Number of Closed Sales All Properties: 4.2%
- Change in Number of Median Sales Price All Properties: 18.5%
- Change in Number of Homes for Sale All Properties: -13.7%
Quick 2020 Market Outlook
In the same report, Lawrence Yun, National Association of REALTORS Chief Economist, believes 2020 will be another strong year for real estate, “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%.”
Yun also went on to state the new construction market continues to be positive and expects a 10% increase in sales production for this segment. While 10% seems high, a number of new construction projects are slated to come online through 2020.
January Maui Real Estate Update
January 2020 saw 84 homes sold, an increase of 33.3% increase in comparison to the 63 homes sold in January 2019. The sharp rise in homes sold also led to a median price of $782,438, which is up 7.2% from $730,000.
The median price of a condo in January was $569,000, which was an increase of 7.7% from $528,450 during the same time last year. Although the number of condo sales decreased by 2.3% to 127 condos sold.
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)