March was a super month for real estate. It is traditionally a strong month and with increases in sales and prices almost across the board, it may be seen as the peak! The median residential sales price was $769,000! A few months back everyone was talking about being over $700k for first time since 2007. The average price was over $1.1 million. There tends to be occasional peaks but 8 of 12 months the average residential price has been over a million. We haven’t seen more than 2 months over a million since I started collecting data in 2008.
March Condo Analysis
There is not quite as much strength in the condo market but sales are strong and prices are relatively stable. Number of units sold last month was 130, the highest since April 2014. Average price was $619.6k and median was $407.5k. Comparing to March of 2008, when sales were 91, average price was $975k (Hoolei and Kai Malu were 20 of the sales!) and median price was $527,000.
I suspect we will have a strong April, then start seeing activity slow a bit. But everything will stay on an upward path for awhile as long as a world crisis doesn’t happen. When will the peak happen and we’ll start seeing declines? I don’t know but it will happen. My best guess is in a year. But we will not see the declines of 2008! Expect some correction of 10-15% max.
Hey, did you hear MECO is opening the grid again? If you want solar connected to grid, now is the time!
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View the Detailed Maui Real Estate Market Reports for March 2017
Click on the report and it will be brought up in a new window.