Sales of Maui condominiums soared by 31 percent last month, while prices of both condos and single-family homes in Maui County increased by double digits in March, according to statistics from the Realtors Association of Maui.
There were 127 condo units sold on the island of Maui alone last month, compared to 101 units sold in Maui County, including 97 on Maui, three on Lanai and one on Molokai. Condo sales for the county as a whole increased by 26 percent.
The median price of condo in Maui County was $420,000, a 12 percent increase from $375,000 in March 2013.
The median price for a single-family home in Maui County in March rose 17 percent to $596,000, from $509,500 during the same month last year.
As you can see, more homes, condos and parcels of land went under contract in February of 2014 as compared to February 2013. It will be interesting to see how the trends develop over an extended period of time. If we are going to meet or exceed last year’s sales totals, it will be due in part to stronger activity at higher price points. Limited data shows that the high end market is doing pretty well. There appears to be a connection between increased luxury sales and a bull stock market.
So you may be asking yourself what does all of this mean for buyers or sellers interested in Maui’s real estate market? Market conditions vary widely depending on the community, neighborhood and price range. The abundance or scarcity of inventory in any one area will have an effect on pricing and rates of appreciation. I welcome the opportunity to discuss the market that may fit your investment criteria. Please contact me for a free market consultation. Mahalo nui loa. Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties, Wailea. 808.298.8448, email: michelewhite@hawaii.rr.com
