MAUI CONDO PRICES RISE 30% WHILE SINGLE FAMILY HOME SALES DECREASE 6%
The median sales price of a condominium unit on Maui rose by 30 percent in November to $475,000 on slightly higher sales, compared to the same month last year, according to Multiple Listing Service data compiled by the Realtors Association of Maui.
Condominium unit sales rose slightly by 8.8 percent in November, when 74 were sold, compared to the 68 that were sold during the same month last year. Meanwhile, the median sales price of those condominium units sold rose sharply by 29.6 percent last month to $475,000, from $366,250 in November 2014.
Sales of single-family homes, however, fell by 5.2 percent last month, when 72 homes were sold, compared to the 76 homes sold in November 2014. The median sales price of single-family homes also declined by 6.3 percent in November to $550,000 from $587,500 during the same time last year.
The year-over-year median sales price of a condominium on Maui so far this year was $410,000, a 1 percent decline from $415,000 during the same 11-month period last year. Condominium sales, however, are up 2 percent this year, with 1,097 sold between January and November, compared to the 1,078 that were sold during the same time last year.
By comparison, year-over-year single-family home sales on Maui were up 13 percent this year, with 996 sold between January and November, compared to the 881 sold during the same 11-month period last year. The year-to-date median sales price of those single-family homes sold was also up 2 percent at $582,300 from $570,000 during the same time in 2014.
Well priced properties are seeing multiple offers. Sellers need to sharpen their pencils as overpriced properties are lingering in our market. Need an expert to guide you through Maui’s real estate market, call Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties at 808.298.8448, email: MicheleWhite@hawaii.rr.com to discuss your Maui real estate needs.