Maui May 2018 Real Estate Market Update
Single Family Homes
Homes sales were 13.6 percent on the Island of Maui through May of this year. There have been 485 closed single family home transactions though May versus 427 last year for the same period. New Listings Going on Market dropped by -15.2 percent and Pending Sales were down by -4.5 percent. With the increase in sales and decline of new listings, the Inventory of Homes for Sale dropped by -19.5 percent. At the end of May, there were 462 homes active in the Multiple Listing Service; a year ago, that number was 574. The Months Supply of Inventory dropped -22.2 percent and was at 4.9 months reflecting a Sellerʻs Market.
The Average and Median Sales Prices both held pretty much steady from last year. The Average Sales Price was up 2.9 percent at $1,061,563 and the Median Sales Price was flat at $690,000. Housing Affordability dropped -3.9 percent at the end of May to 49.
Condominiums sales on Maui have been doing very well. The Average Sales Price was up 7.4 percent year-to-date ending in May. The average sales price for a condo was $720,563.
New Listings dropped by -1.1 percent and Pending Sales were up 11.4 percent. Closed Sales were up 22.1 percent with 719 closed transaction year-to-date versus 589 last year for the same period. Inventory of Homes for Sale dropped by -20.3 percent with 574 active condo listings on the MLS at the end of May this year versus 720 listings last year at the same time. The Months Supply of Inventory drop from 6.1 months last year to 4.3 months this year. This was a -29.5 percent drop and definitely moves the needle from a neutral market to a Sellerʻs market.
The Affordability Index dropped by -4.0 percent to 72.
The sale of vacant land in Maui County was up 44.3 percent year-to-date through May with 101 closed transactions versus 70 closed transaction last year at the same time. The Kula / Ulupalakua / Kanaio market experienced a 250.0 percent increase in land sales followed by Wailea/Makena which saw a 200.0 percent increase in sales.
The Average Sale Price rose 67.4 percent year-over-year with the average price being $841,102. The highest priced area was the Wailea/Makena market with an average of $7,750,000! The Median Sales Price of vacant land in Maui County rose by 20.8 percent from $397,500 in May 2017 to $480,150 through May of 2018.
Total Dollar Volume in land sales year-to-date through May was up 141.5 percent with a dollar volume of $84,951,300.