October 2017 Maui County Sales Results
The real estate market continues to be strong on Maui. There has been a 37 percent increase in year-over-year Closed Sales for all property types. The Median Sales Price is up 9.5 percent and Inventory Levels have dropped 17.3 percent year-over-year. Currently, there is 6 months worth of combined inventory on the market for Maui.
Sales in Maui County continue to climb! The REALTOR Association of Maui released the October 2017 results and the average price for single family homes rose 17.7 percent to $936,729 versus $796,059 in October 2016. On a year-to-date basis, the average is up 8.7 percent at $1,018,999 versus $937,848 for last year. The median price for 2017 is up 9.4 percent at $695,000.
To date, there have been 1,397 new listings put on the market which is a 9.1 percent increase over 2016. Pending Sales have also risen 10.6 percent from 911 in 2016 to 1,008 through October 2017. Overall, closed sales are up 5.6 percent year-to-date with 937 closed transaction. October was a strong month this year with a 35.4 percent increase in closed transactions for the month versus October 2016. There were 111 closed sales this October versus 82 last year.
Days on Market for Single Family Homes actually rose 12.6 percent on a month to month comparison in October versus last October. Year-to-date though, days on market has dropped 7.5 percent from 159 days to 147 days or roughly 4.9 months.
Condominium sales in Maui County have also gone up on a month-to-month and year-to-date comparison. In October 2016, the average price for a condominium was $680,081. This October, the aveage sales price is $770,432 which is a 13.3 percent increase. On a year-to-date basis, the average sales price now stands at $687,923 which is a 7.9 percent increase over the year-to-date October 2016 figure. The median sales price has also risen to $450,000 through October 2017, a 7.1 percent increase.
New condominium listings are still declining. Year-to-date, there have been 4.5 percent less new listings coming on market. In contrast though, pending sales have gone up significantly with a 14.4 percent incease year-to-date and closed sales are also up 9.9 percent year-to-date. With less inventory coming on market, but rising pending and actual sales, prices should continue to appreciate. Days on market for condominiums is also dropping which follows the declining inventories and increased sales. The average days on market for condominiums now stands at 151 days or roughly 5 months versus 161 days last year at this time. This is a 6.2 percent decline for days on market for condominiums.
Land sales are up dramatically on Maui. Year-to-date, there have been 187 closed land sales which is a 40.6 percent increase over the same period in 2016 when there were only 133 closed transaction. Pukalani has seen a dramatic increase in land transactions. Year-to-date, there have been 47 closed sales in Pukalani versus only 3 last year for the same period.
The average sale price for land is currently at $468,571 versus last year at $670,373. This is a 30.1 percent drop. The median price now stands at $370,000 versus $470,000 last year; a 21.3 percent decline. Through October of this year, the dollar volume of land sales is at $87,622,291 versus $89,159,626 for 2016. Dollar volume is only off by 1.7 percent from the 2016 figures.
The 3 areas with the highest averages are Spreckelsville/Paia/Kaua at $1,300,000, Olowalu at $1,100,000 and Kapalua at $1,000,800.