The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
Single-Family Home Transactions
August 2021 vs. Percent Change Over Last Year
For the 4th month in a row, the median price for single-family homes on Maui remained over $1 million, an incredible milestone as the median sales price of a single-family home was $772,000 just one year ago in August 2020. Coming off one of its best months in recent history, the luxury market saw only 13 sales above $2 million for single-family homes compared to 30 in July 2021.
Condo Transactions
August 2021 vs. Percent Change Over Last Year
With just one month of remaining inventory, the condo market is seeing some relief as there were 30% more listings on the market in August compared to last month. That said, condos are still selling at a blistering pace of 114 days, a full 100 days faster compared to this time last year, and with a median price of $650,000.
Luxury Market Update
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.
We are also on-site real estate team at the Ho’olei villas, we are open from 9AM-5PM daily, so feel free to stop by anytime. Also, see a full list of Wailea condos for sale and Makena condos for sale.
Aloha,
Anthony Sayles R(S)
Anthony@Danosayles.com
808-280-6532