Maui single-family home prices have soared almost 16 percent over the last year, mirroring a market where demand is high but inventory is limited.
The Realtors Association of Maui recently released data showing that median home prices surged to $774,000 in October — an increase of more than $105,000 from that same time the year before. The number of homes sold, however, dropped 21 percent, reflecting the tight inventory on island.
“Prices are still rising in most areas,” the report said. “And the number of homes for sale is still low.”
According to the report, inventory was down almost 14 percent for single-family homes and almost 25 percent for condominiums. Prices for condominiums, however, didn’t quite keep up with the uptick in single-family home prices — the median price hovered at $499,000, down 3.6 percent from the same time last year.
The report predicted that a “period of relative calm” can be expected during the last three months of the year. But so far, this year has been full of significant developments that could break sales records.
For example, two current of Island Sotheby’s International Realty’s listings would break sales records: a sprawling 10-acre oceanfront estate in Kapalua offered for $49 million and a condominium at Wailea Point offered for $25 million. Meanwhile, an exclusive beachfront estate in Makena was just listed for $29.98 million, in an area known for being home to some of the most extraordinary properties in Hawaii.