Condominium sale prices have reached a new high at a median price of $552,000 for June 2019. Active status Inventory for sale has reached an all time low and may indicate a seller’s market.
June inventory numbers dropped 14.6 percent for single family homes and 21.3 percent for condos compared to June 2018.
Median home sale prices rose 3.4 percent to $750,000 in June. The majority of homes sold were located in Wailuku. Majority of condos sold were found in Kihei with a median price of $550,000. Highest priced home sold was located in Kaanapali at $3.1 million. Highest priced condo was sold in Kapalua at $2,147,500.
If your interested in possibly buying or selling your home or condominium, call us today! We would be happy to assist you!
Median prices for both homes and condominiums rose for the month of February while inventory and sales declined. Median home prices increased 15.4% to $790,000 and median condo prices rose 11.8 percent to $524,500. These stats were released by Realtors Association of Maui.
Closed sales for February homes were down 19.4% to 79 homes. Closed condo sales were down 3.2% to 120. Kihei was the city with the most homes sold, with Wailuku and Kahului close behind. Closed condo sales also saw Kihei with the most units sold with Napili/Kahana/Honokowai and Wailuku next.
Maui’s market was on trend with the rest of the nation showing a decrease in closed sales. Potential homeowners will likely take advantage the remainder of the year with interest rates being more stable then 2018’s unreliable changing rates.
As always, contact the Hansen Ohana with any and all of your real estate needs!
Spring has sprung and the first quarter of 2013 is complete. We’ve had a very busy first quarter experiencing the real estate upsurge so widely discussed, As a participant in the Sales end of the real estate market it is clear that there are increased showings, pendings and sales including multiple offers on “well priced” listings. Hesitant buyers are now becoming Purchasers. Well priced properties are attracting multiple offers making for a quick sale. Inventories have declined 14-16% over the past 12 months in Residential and Condo classes. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are still near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify for a loan. Here’s the link to the Board of Realtors statistics report: http://www.ramaui.com/UserFiles/File/Stats/All-March2013.pdf For the next few days we will discuss the different areas of the island and how these statistics point to certain directions.