Maui Single Family Homes Overview
Year-to-date through September, there have been 879 single family home sales which was a 6.4 percent gain over the same period last year. Although sales increased, New Listings dropped by -12.4 and pending sales were down by -6.5 percent. At the end of September, the Inventory of Homes for Sale was down by -16.7 percent with 473 active home listings versus 568 last year at the same time.
Rising interest rates, slow wage growth and a lack of inventory have tempered price appreciation for single family homes on Maui. The Average Sales Price dropped slightly by -0.9 percent year-to-date and the Median Sales Price was flat at $700,000 year-over-year.
Maui Condominium Market Overview
The condominium market continues to be strong. There were 1,277 condominium sales year-to-date which was a 21.6 percent jump over last year. Pending Sales were also up 6.0 percent, but New Listings declined -6.5 percent. The Inventory of Condominiums for Sale dropped by -22.4 percent at the end of September versus September of last year with 523 active listings this year versus 674 last year at the same time.
Due to more affordable price points and the popularity of vacation rentals, condominium prices continued to appreciate for 2018. The Median Sales Price was up 11.4 percent at $499,000 and the Average Sales Price was up 8.7 percent at $736,330.