Real estate trends for Maui can be summarized as a steady climb in home values over the last year. With beautiful scenery that cannot be found anywhere else in the world, it is no wonder that many people are purchasing Maui real estate.
It has been reported that in June 2015 the median price of real estate sold in Maui was $650,000. That is a 23% increase from last year and it looks like more people are in the market to buy this year. Condos are up as well as more people see them as a slightly more affordable option. Those prices have increased almost 19% as well since last year. There is some speculation whether this is a true increase in home value, or just simply less on the market.
Less Land Development
This year there has been less land parcels sold, down 28% from last year. This may just be unavailability in the market for land. Maui’s development has slowed due to space restrictions and the lush landscape makes it prime real estate. The last lingering parcels are being purchased and developed into residential and commercial real estate. If you are in the market for a land parcel, and find one, you better snatch it up quickly!
REO Sales Steady
REO sales have remained about the same from last year, with slightly less short sales than 2014. This is maybe a sign that the real estate recovery has plateaued a bit. It will be interesting to see where the market is trending over the next half year.
If you have questions about trends in Maui real estate, or are looking to purchase a home in Maui, contact Hawaii Moves at 1-800-735-2100. We would be happy to assist you in finding the perfect home for you and your family. Contact us to speak with one of our experienced real estate agents.