Presenting below is a snapshot of September 2017 Maui real estate market compared to September 2016 data.
There were 112 new listings for single-family homes which is an increase of 8.7% in comparison to 103 in 2016. For condos, 139 new listings were reported—a 13.9% increase from 122 last year.
Closed sales of single-family homes were at 81—a 2.4% decrease measured from 83 last year. There was a slight decline in the median sales price as well at $650,000. It’s a 2.3% decrease measured from $665,000 in 2016. The average Days on Market was 144 days.
Condos closed sales were strong at 124. That’s a 25.3% increase compared to 99 in 2016. Median sales price also looks good at $433,750—a 14.4% increase compared to $379,000 last year. The average Days on Market was 165 days.
“Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.”, according to REALTORS® Association of Maui.
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Data Source: REALTORS® Association of Maui