Kihei Real Estate Update - August 2018
Single Family Home sales were almost flat year-to-date for the first 8 months of 2018 in comparison to 2017. In 2017, there were 126 closed home transactions through August versus 125 this year. The Average Days on Market Until Sale crept up slightly by 8 days with the average home taking 130 days to sell or 4.3 months.
New Listings year-to-date dropped by -20.1 percent with 143 new listings going on market. Overall, Inventory of Homes for Sale dropped by -21.4 percent with 55 active single family home listings in Kihei at the end of August. In comparison, there were 70 homes on the market at the end of August 2017. With the drop in New Listings and Inventory, the Months Supply of Inventory dropped 25% with 3.6 months supply.
The Average Sales Price of a single family home in Kihei was $1,005,977 year-to-date, a 8.5 percent increase versus last year at the same time.
Condominium Sales have jumped 17.1 percent this year with 424 closed sales through August versus 362 at the same time last year. Just like single family homes though, inventory is getting tighter with a -6.8 percent drop in New Listings and a -31.1 percent drop in Inventory of Condominiums for Sale. At the end of August, there were 131 active condo listings in Kihei, South Maui.
Both the Median Sale and Average Sale Prices have increased year-to-date. The Median Sale Price grew by 6.3 percent to $407,000 and the Average Sale Price grew by 2.6 percent to $487,155.
If you are considering selling your condominium in Kihei, now is a good time to take advantage of a Sellerʻs market.
To see the August 2018 stats for Kihei, Click Here.