Maui real estate professionals may know this all too well: Inventory is still tight for the island’s homes and condominiums.
According to statistics recently released by Realtors Association of Maui, inventory decreased nearly 16 percent for single-family homes and 33 percent for condominiums compared to last year. The analysis also found that new listings decreased 28 percent for single-family homes and 32 percent for condos.
“Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price,” the report said.
Another notable finding was the fact that the median sales price jumped nearly 20 percent to $515,000 for condominiums since this time last year. However, the median sales price for home dropped by just 1.7 percent to $727,500.
But despite the drop in inventory and the slight drop in sales prices for single-family homes, the report said the Maui real estate market could see another boost by the end of the summer.
“Inventory may be persistently lower in year-over-year comparisons, and home prices are still more likely to rise than not, but sales and new listings may finish the summer on the upswing,” the report said.
That’s partly because there appears to be a jump in new construction in several markets across the island. And instead of building overstocked rental units, some builders are shifting their focus to new developments for sale.
“These are encouraging signs in an already healthy marketplace,” the report said.