Upcountry Maui Real Estate Market Update September 2017
Here are the market updates for the 3 main areas comprising Upcountry on Maui from the REALTOR Association of Maui (RAM). The areas are comprised of:
Both the median and average sale prices are up through September this year versus September 2016. The median is currently at $634,500 which is a 5.5% increase and the average is up 17.9% at $802,288. Pending sales are up slightly year-to-date, but closed sales are off 20% with only 40 sales at this time versus 50 sales last year for the same period. Looking at just September, there was a 900% increase in new listings for the month with 10 new listings going on the market versus 1 in September 2016. Pending Sales this September also saw a significant increase with 7 pending sales versus only 3 in September 2016. Pending sales are up for September 133.3%. If the September activity continues into October then the year-to-date figures will most likely improve and hopefully have a positive impact on the year-to-date closed sales. Time will tell.
Pukalani has also seen itʻs median and average prices rise through September 2017, but the market activity is down dramatically both on a month and year-to-date comparison. The current median price is up 9.8% at $675,000 and the average is up 22.3% at $753,115. Year-to-date, there has been a decline of 5.5% for new listings. Pending sales are off 33.3% and closed sales are down 26%.
The average sale price in this region has dropped 5.3% from $1,096,162 to $1,037,542, but the median price made a small gain of 3.6% from $820,000 to $849,500. New listings have declined year-to-date by 3.5%, but there has been a significant increase in pending sales of 25.5%. Closed sales are also up 25.5% with 64 closed transactions this year versus 51 last year at this time.
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