What is the market doing? How are the current Maui real estate sales? Are we still seeing a positive momentum? These are just a handful of questions Kimberly receives on a weekly basis. It's optimal & mandatory she delivers current data through trusted sources.
With the release of 3rd Quarter Statistics through the Realtors Association of Maui, yes, we are moving in healthy & steady direction. Having knowledgeable & sophisticated purchasers, we are experiencing yet another a shift in the market.
Because Hawaii’s heaviest rental and travel months are approaching , Sellers are being advised to be aggressive with price and motivation, as well as conscious with their approach to selling a Maui condo or home.
When reviewing our year to date fee simple condos for 3rd quarter statistics, the entire island of Maui, Lanai , & Molokai has increased an average sales price of 7.9%. Narrowing down, Kaanapali’s average sales price decreased by -4.6%. However, Kaanapali sold over 50% more condos in 2018 compared to 2017. When you drop the price, more closings take place. Again, these Sellers are following the trend, while being competitive .
When looking at Wailea, they too are also experiencing a lower average sales price in 2018 compared to 2017. With the average condo sales price down -11.1%, their number of homes sold have increased over 70%. Yes, if you lower the price, more condominiums will close!
What are the single family home statistics for September 2018 compared to the previous year? The average sales price has declined -.09%. However, the number of homes sold increased steadily at 6.4% for the entire Maui County. Taking a closer look at Kapalua, the median sales price has increased 11.5%. However, in 2018, there were less residential homes sold.
As for Kihei, the average closing price for a home was $989,564. There average sales price increased 2.1% in 2018. With 466 closings thus far, going back to 2017, Kihei experienced 70 more homes sold which was a heavy 18% increase.
To chalk it up, we are heading into our busy Maui winter season. However, with rental rates up, limited inventory, and heavy rentals books, be prepared to gather a volume of insight & wisdom.
If you have any questions on a specific area or would like a synopsis for your location, please contact Kimberly Gurgone directly. She is ambitious to provide a market analysis, cost breakdown, and rental analysis while removing resistance & leading her clients to a successful Closing. Remember, her belief is exceeding your expectations. Kimberly relies on referrals and introductions, just as she helped you. Your neighbor is my neighbor!