The housing real estate market continues to show some steadfast improvement on the island of Maui. It appears as if the last few months of the year are relatively calm here on the island, but according to the latest Maui real estate market trends, there are a few reasons for sellers of residential homes to celebrate and here’s why.
According to the latest report for October, the median sales price for single-family homes for sale on Maui increased by 15.8 percent to $774,223 compared to the same time last year. That’s great news for those looking to sell on Maui. That being said, condominium home sales prices dropped 3.6 percent to $499,000 last month so condo home owners should keep their eyes on the market. Don’t wait to sell because it’s going to be an interesting year ahead for real estate in Hawaii and on Maui in general.
Other statistics found from the latest report include that overall new listings decreased by 3.3 percent for single family homes and 17.2 percent for condominium homes. Pending sales increased by 15.2 percent for single Family homes but decreased by 12.9 percent for condominium homes. Month's supply of inventory decreased by 13.6 percent for single family homes on the island and by 24.5 percent for condominium homes.
Residential Home Sales for a Few of Our Favorite West Maui Areas
Kaanapali homes for sale saw over a 63% increase in the number of sales year-to-date over 2017 but only a 3.4% increase in average price. Homes for sale in Lahaina saw a 14% drop in overall sales and an almost 3% increase in average sale price.
Other findings include that stock markets overall had a setback in the month of October, but there’s still reason to be optimistic for the real estate market on Maui. The good news is that the unemployment rate has been below 4 percent for three consecutive months so that may contribute to home builder and buyer confidence.
There’s certainly plenty of real estate for sale at a decent price right now on Maui. If you’re researching homes for sale in Hawaii and have been considering the island of Maui for a potential place to buy then you came to the right website. Here at KW Island Living, we have a group of certified specialists who know all-things real estate on the islands. Our agents are always ready to assist you with your real estate journey so you don’t have to do it alone. If you’re interested in seeing what’s for sale on the island or simply would like some advice before buying, then contact us today. We can’t wait to hear from you and have a wonderful week everyone.
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Our latest West Maui statistics summary.
October's Sales Unit Volume
Residential sales declined to 5 homes sold (September had 10 sales)
Condominium sales increased to 51 units sold compared to 40 in September
October's Median SALES prices:
The Residential median price held steady at $1,350,000 (September was $1,349,600)
The… Continue Reading
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