Maui Real Estate Market October

October median sales price for Homes increased to $564,000 and Condos increased 13% to $407,000. Year-to-date median  are up 7% for Homes and 11% for condos. October volume was down -2% for homes and -13% for condos with the year to date volume down -4% for homes and -10% for condos.
There is a continuing trend of low inventory which has affected sales volume. Prices continue to steadily increase while inventory remains low. With the upcoming winter season new listings are starting to hit the market.

How does the current Maui real estate market affect Buyers and Sellers?

The busy winter selling season goes into full swing in just about a month. We should see more inventory as the season approaches. Properties priced well are receiving multiple offers. Overpriced homes are sitting on the market. Buyer’s should have their financial house in order to have the best negotiating position by getting a loan pre-approval if they are not paying cash. Seller’s should price their homes using recent comparable sales. Buyer’s are not willing to pay more than recent comparable sales in this market.