Maui’s real estate prices see continued growth in spite of end of summer slow down.
Competition is expected to remain fierce for available listings with total inventory of active listings down 9.9% for single family homes and down 21.6% for condos. Inventory tends to go back up later in the fall in anticipation of the winter selling season here on Maui.
Month over month Median Sales Price increased 11.1% to $702,000 for Single Family homes and decreased by 4.9% to $450,000 for Condominium homes. Days on Market decreased 5.8% for Single Family homes and decreased by 26.7% for Condominium homes. Months Supply of Inventory decreased 19.7% for Single Family homes and 29.9% for Condominium homes.
In a nutshell is it a good time to buy? Yes it is. If you are planning on buying in the next 12 months and can find what you are looking for, now is a good time to buy. Prices are continuing to rise and anticipated to do so for the near future. If you find the property you want you should considering buying it now rather than waiting until next year as prices will be higher. Interest rates are still at historically low levels.
Quick Facts: (data courtesy Realtors Association of Maui
6.4%: Year-Over-Year Change in Closed Sales (for all properties)
– 0.8%: Year-Over-Year Change in Median Sales Price (for all properties)
7.0%: Year-Over-Year Change in Homes for Sale (for all properties)