Being a second generation REALTOR, I have witnessed our market go through several major cycles since the early 1980s, but have never seen anything like this current market over the past few months,
Maui’s single family home average sales price eclipsed $1M dollars for 3 consecutive months this summer, and is continuing to gain momentum.
While there are less transactions being done now compared to the Springtime, this is simply because there are so few homes for sale at the moment.
July’s official median price, according to the Realtors Association of Maui, came in at $1.050M compared to June’s all-time high of $1.170M. This is an increase of about 35% year over year compared to June of 2020. With May’s median sales price of $1.010M, this summer’s 3 consecutive historic highs are the highest 3 on record since our local association started keeping track in the early 1990s.
With all the recent record setting prices in Hawaii, it’s prudent to remember that timing any market is pretty much impossible. That goes for the stock and equities markets as well as the real estate market. While Maui has many secure factors going for it that will likely prevent a major market correction, you just never know what the future has in store. All of the recent wildfires on the west coast US are driving many buyers to the Hawaiian Islands seeking better air quality and overall security for their families. If I had to guess, I think our overall inventory of total properties for sale will continue to decrease, and prices will continue to increase over the next 18 months before eventually plateauing. Time will tell.
If you are thinking about selling your home in today’s market, please give our team a call. We will guide you through all of the steps needed to get your home ready to sell so that you can get the best price possible with the least amount of hassles. If you need help with furnishings, staging, repairs, property inspections, and remodeling, please feel free to reach out to us at your convenience. Our team would be happy to help you with getting estimates from local professionals that we know and who trust with our collective years of experience.
The Sayles team is a group of real estate professionals who are committed to delivering a higher level of customer service to exceed the demands of our clients. Our extensive market knowledge, negotiating skills, and hyper local expertise on Maui have earned us the reputation of being industry leaders, and the #1 team for Coldwell Banker in the state of Hawaii.
With over $125M in closed transactions YTD in 2021, our energy and 150 years of collective experience gets results. Hope you have a wonderful day, and please let us know if you are interested in buying or selling. Our entire team is here to support you and advocate for your family.
Anthony Sayles R(S)