Home sales on Maui skyrocketed last month, with more 50 percent more sold than the same month the year before.
According to recent data from the Realtors Association of Maui, 95 single-family homes were sold in Feb. 2018, up from 63 during the same month in 2017. February also saw a slight increase in sales prices with about a 2 percent rise.
“Markets are poised for increased supply so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base,” according to the realtor association.
Single-family homes aren’t the inventory that saw soaring sales on the island. Condominiums sales rose by nearly 9 percent with 122 units sold in February compared to 112 the year before. This comes as condominiums sales have strengthened over the last six months as the number of new units built has failed to keep up with demands.
The Realtors Association of Maui pointed to three national market trends in residential real estate, which are also seen on Maui. There is an ongoing lack of abundant inventory and rising home prices, which sometimes indicate higher demand leading to competitive bidding.