Maui’s Real Estate market is steady and remains competitive this summer. That’s according to the latest statistics from the Realtors Association of Maui, Inc.
According to the latest Maui real estate statistics for June 2018, buyer competition is at an all time high this summer and sales are going off on Maui and elsewhere! This has been especially the case for condominium property, as sales for condos on Maui have increased by nearly 20 percent compared to the same time last year.
According to the latest stats, new listings for homes on Maui decreased by 28 percent for single family homes and around 32 percent for new condo listings. And while inventory may be down, the median sales price for a condo on the island increased to about $515,000 in June making it a good time to sell or buy as prices will probably rise throughout the summer. While the sales price for condominiums have increased, the median sales price for single family homes decreased by 1.7 percent compared to the same time last year. Months supply inventory for both single family homes and condos/townhomes also decreased. Single family inventory decreased by nearly 16 percent compared to the same time last year and by 33 percent for condominium homes. According to the report, inventory may be lower throughout the summer but prices are more likely to rise than not and sales should finish on an upswing by the end of summer.
Other findings in the latest report include that pending sales decreased by nearly 23 percent for single family homes but increased by around 9 percent for condominium homes. Days on the market decreased by 4.7 percent for single family homes but increased by nearly 10 percent for condominium homes.
So if you’re ready to invest in your next real estate property on Maui, then now may be the best time to buy before prices increase too much this summer. If you’re interested in seeing what’s available to buy on Maui, then please take a moment to explore our latest listings. Check out some of our luxury listings or some of our new real estate listings today. The Maui Luxury Real Estate Team specializes in prestigious properties and exclusive homes that you can’t find anywhere else. Stay up to date on the real estate market on Maui by continuing to read our blog and make sure to contact us if you’re ready to invest in more real estate on Maui.