As noted by the Real Estate Association of Maui, August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
New Listings decreased 2.8 percent for Single Family homes and 1.9% for Condominium homes. Pending Sales increased 19.1% for Single Family homes and 29.2% t for Condominium homes.
Inventory decreased 9.9% for Single Family homes and 21.9 percent for Condominium homes.
Median Sales Price increased 4.2% to $700,000 for Single Family homes but decreased 4.8 percent to $400,000 for Condominium homes.
Days on Market decreased 5.8% for Single Family homes and 26.7% for Condominium homes. Months Supply of Inventory decreased
19.7% for Single Family homes and 29.9 percent for Condominium homes.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect
housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole
of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which
may help lift the ongoing low inventory situation in 2018.
I am wondering what the affects of the recent hurricanes in the Gulf Coast, Florida and the Caribbean will have on Maui’s Real Estate Market.
For an indepth look at Maui’s real estate market, contact Michele Muir White R(S), 71240, ABR, SFR, Coldwell Banker Island Properties, Wailea 808.298.8448, MicheleWhite@hawaii.rr.com