Maui


Maui is a very scenic island and home to the world’s largest dormant volcano in Haleakala National Park in southern Maui. The road to Hana is a scenic highway that winds through rainforest and waterfalls on its 55-mile journey from Maui’s main city, Kahului. Once you reach Hana, you can visit the interesting and exotic red sand Kaihalulu beach, which is a clothing-optional beach with a somewhat treacherous slippery approach down to the beach. The red sand comes from the eroding volcanic cinders that are surrounding the shore. Also not to be missed on a vacation to Maui is the Old Lahaina Luau held nightly.

Maui is a significantly less expensive island to buy property on as opposed to the island of Oahu. With a median home sales price of $531,000 in September of 2013 as reported by the Hawaii Association of Realtors, homes cost nearly $150,000 less on average than on Oahu currently. This is a significant savings and therefore Maui should be considered for your new Hawaii home or investment property purchase.

While Maui’s housing market is rising in general as far as price and number of home sales compared to 2012, September of 2013 saw fewer home sales than August of 2013 at a lower price.  There were 81 single family home sales in September of 2013 with a median sale price of $470,000 which represents a 19% decrease in price from the month prior and a modest 3% increase in price over 2012. The number of sales for single family homes increased by 1% in September of 2013 as compared to August of 2013 and 11% as compared to September of 2012.

Condo sales on Maui are particularly booming, especially the luxury condo market. Although condos in September of 2013 also sold for a lower average price than in August of 2013, the number of sales was 62% greater when compared to 2012. There were 105 condo sales on the island of Maui in September of 2013 at a median sale price of $327,500, which represents a 22% price; decrease over August of 2013 and a small 1% increase over 2012. On average, it took a median of 27 days for a single-family home to sell and a median of 43 days for a condo to sell.

It is a bit easier for buyers to get into a new single-family home, condo, or townhouse on the island of Maui as opposed to the island of Oahu due to Maui’s lower median home sale price and a bit longer period of time for homes to sell gives buyers more opportunity to enter the market. Short sales are also an excellent opportunity for new homebuyers in Maui. Right now is an excellent time to buy as prices are not going up extremely fast and you can lock in a low interest rate.