Condominiums sales are quickly outpacing those for single-family homes, according to the Realtors Association of Maui.
Condominiums sales have soared recently on Oahu, the Big Island and Maui. On the Valley Isle, sales are up 7.3 percent compared to last year, while the median sales price rose 10 percent. Sales of single-family homes, on the other hand, only crept up by 1.6 percent.
“The condo market is definitely on an upward swing with sales,” said Ryan MacLaughlin, Broker at Island Sotheby’s International Realty. “The inventory is actively dropping and we are not even in our winter or busy market yet.”
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According to real estate data, there were 812 closed condominium sales during the first seven months of 2017, a 7.3 percent increase from that period in 2016. At the same time, The median price of those condominiums increased from $430,000 in 2016 to $475,000 this year.
The uptick in condominium sales came earlier than expected - it usually begins around Thanksgiving, MacLaughlin explained.
Those buyers are seeking both second homes and primary residences. Recently, Canadians, who buy the majority of elite Maui condominiums, are also starting to buy again with confidence, he said.
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“We expect the trend to continue as buyers are anxious for a condo, and more importantly something new,” said MacLaughlin. “Developers are starting to look at parcels to build out and sell, and we haven’t seen this in years.”
The South Maui region is the hottest market for condo sales, where there are 150 units in escrow - more than double the number of units on the island’s west side, MacLaughlin said.
“South Maui has always been desired by vacation home owners and primary residences due to the weather, beaches and proximity to town,” said MacLaughlin.