It’s not even into the busy winter season for Maui’s real estate agents, but sales prices are rising and demand is growing.
Compared to last year, the median sales price for all properties is up 9.5 percent, according to recent data from the Realtors Association of Maui. At the same time, homes for sale are down 17.3 percent compared to last year.
“We have limited inventory, even the new developments are selling out,” said Island Sotheby’s International Realty agent Volker Weiss.
Live beachfront at Maluhia at Wailea.
The busiest time of year for agents usually starts in January when visitors flock to the islands to avoid chilly temperatures. But even a month before the busy season kicks off, new developments are almost sold out, said Weiss. In Wailea, the luxury townhomes at Makali’i were nearly 72 percent sold out as of Dec. 1, while there are only 5 units left at Keala O Wailea.
“That means inventory is pretty much back to anything that's listed at this point,” said Weiss.
Wailea Elua is one of South Maui's most premier resort communities.
The report from the Realtors Association of Maui said 2017 has been a promising year for Maui real estate. Months have passed since news organizations have run sensationalist headlines, which were commonplace during the boom-and-bust atmosphere found a decade ago.
“For residential real estate in 2017, fewer headlines have meant mostly good news,” according to the report.
Over the last decade, boom and bust housing markets have given way to a period of healing and recovery, according to the report. Although inventory is low in many markets including Maui, there have been enough listings and building activities to keep prices from skyrocketing toward another bubble.