The beautiful island of Maui is home to some of the most spectacular properties in Hawaii. Oceanfront tropical estates, vacation condos, single-family homes in subdivisions, and sprawling ranches are just a handful of the diverse property types found on the popular travel destination.
Today, Maui enjoys steep competition for choice real estate listings. In this robust marketplace, property buyers benefit by paying close attention to three important issues. Considering this information sometimes helps astute shoppers save thousands of dollars when they invest in housing on Maui.
One: Study Median And Average Home Prices Carefully
One helpful step for Maui County realty buyers proves very basic: consider evaluating median and average realty prices with care. During January, 2021, the median sales price of single family homes here reached a record-setting level of $980,000.
This figure reflects the exact median sale (the one midway between the total spectrum of sales extending from the most expensive to the least expensive sales transaction in the single family home category). The current average sales price stands at an impressive $1,508,568 figure. By studying both statistics, shoppers appreciate this vibrant market includes many listings of well over $1 million, but also features available properties priced below seven figures.
What do these sales figures imply for buyers in Maui County? Overall, many luxurious homes in this location have retained solid value. The average price of a single family dwelling suggests a competitive market for housing. Coupled with declining inventory levels, buyers won’t likely obtain discounts for offers well below listing prices. Savvy purchasers may compete more effectively for properties by analyzing these statistics.
Two: Recognize Unique Realty Market Conditions
Maui real estate buyers gain advantages by recognizing distinctions between the market for single family dwellings and investment condominiums. The median price of a condo on Maui currently stands well below that of most standalone single family dwellings, like the homes in Kehalani, for example. The median sales price of a condominium did not change by more than $2,000 between January, 2020 and January, 2021. By contrast, the median price of standalone single family homes in Maui County has risen sharply this year to reach a record high (since the collection of in-depth statistics commenced in 1993).
Studying the distinctions between the markets for different types of realty offers advantages for both buyers and sellers. For instance, today strong demand for luxury housing on Maui causes some analysts to consider the current period excellent for listing homes for sale. While average days on the market have risen slightly compared with the same period in 2020, strong demand continues to depress the available supply of housing.
Three: Obtain Lender Pre-Approvals, if Possible
The process of obtaining a lender pre-approval frequently expedites a buyer’s property search. Taking this step does not equate to obtaining formal loan approval, of course. Yet frequently, it does assist buyers who anticipate the need for financing to narrow their search efforts more effectively. Securing a pre-approval often helps identify specific listings of most interest to a home seeker or an investor.
During recent months, some lenders have significantly tightened their pre-approval criteria. This change may impact self-employed borrowers significantly, for example. It typically makes sense to undertake the pre-approval process as soon as possible.
The Enduring Appeal of Wailea Homes
Wailea offers a great quality of daily life. Many property owners maintain second homes in this locale. The resort encompasses three premiere golf courses, plus a well-equipped Tennis Center. Its generally sunny weather contributes to the satisfaction of pursuing outdoor leisure activities here.
Residents enjoy access to spectacular fine sandy beachfronts (such as Ulua Beach and Wailea Beach) and eye-catching tropical scenery. They also have fun visiting trendy boutiques and restaurants, like those at The Shops at Wailea. The superb vacation activities available in the Wailea Resort contribute to the community’s allure as a popular holiday destination. Upscale Wailea condos potentially supply a powerful investment vehicle today.
Wailea Condos Provide Luxurious Vacation Havens
The lovely community of Wailea remains a popular destination for vacationers. Owning a home in Wailea appeals to numerous buyers and investors. Recent realty market reports indicate the Wailea/Makena region enjoys strong marketplace pricing for luxury homes and condos this year.
In fact, the area currently commands the highest average listing prices for condos on Maui. Given the limited stock of available inventory in this bustling marketplace, Maui realty buyers usually discover advantages in evaluating listings promptly. By searching diligently, purchasers improve the chance of finding a home or a condo meeting their unique specifications.
Explore The Maui Real Estate Market Soon
Have you given serious consideration to entering the dynamic Maui real estate market? Paying close attention to median home prices, disparities between house and condo selections, and pre-approval opportunities greatly assists real estate purchasers and sellers today. Some buyers discover outstanding properties in this vibrant location. The Wailea Resort alone supplies an exceptional place for astute investors to discover appealing values.
As you launch a search for property in this unique vacation center, consider working closely with an experienced real estate industry professional. Careful Maui real estate buyers (and sellers) appreciate the convenience offered by a knowledgeable local agent. Discover the joy of realty ownership in this beautiful region of the Aloha State this year!