2015 has drawn to a close and it is a good time to take a look at the real estate market on Maui and what to expect in the coming year.

2015 Statistics

The market stayed pretty stable over this year with the number of single family homes and condos sales increasing just slightly - 1% to 2%.  Conversely, the average sales price dropped slightly from the prior year for both condominiums and single family residences.  Vacant land sales for 2015 are just the opposite.  While the number of parcels sold decreased ten percent, the average price per sale went up over thirty percent.

Who is Buying on Maui

In November, statistics were released that showed that over 50% of the homes sold on Maui were sold to out of state and/or foreign buyers.  This coupled with the fact that over 35% of homes were purchased with cash means that the Maui market continues to be strong for investment and second home purchases.  It also may suggest that home prices are still out of reach for many local residents.

What Will 2016 Bring

My feeling is the market will continue to be strong through this year.  There continues to be strong demand and well priced, well-valued properties are being snatched up quickly.  Even with a somewhat limited inventory, properties can be sitting on the market for a long time.  The challenge is to find the value and have the price reflect that value.  Buyers are still looking for good deals.