In September, the average cost of a house on Maui exceeded $1.4 million according to the Realtors Association of Maui (RAM). Even though sales have dropped, the prices keep going up because there is a lot of demand.
September Report on Housing Trends
- Sales of houses decreased by 22% amounting to 51 units sold; however, the median price rose by 9% reaching $1,408,287.
- Sales of condominium units dropped by 25% with 50 units sold; however, prices saw an increase of 27% reaching $990k.
The affordability index for homes stayed consistent at 30; however, condos experienced a decline of 12%. Their index stood at 43 now; higher values signify increased affordability levels.
Market Analysis Update: There has been a shift in the market trends lately as the time taken to sell single-family homes has increased to an average of 118 days (a 12.1 % rise). Condos are now on the market for about 135 days (a 31 % increase). Furthermore, the number of listings has decreased significantly with a drop of 17.8% for single-family homes and a decrease of 6.8 % for condos.
