Maui Market Summary
The Maui Real Estate market has been on a recovery trend from its recent low in 2011. Since the low, the average annual growth (median price) for Single Family Residences has been 9.5%, with a high of 12.8% in 2013. For Condominiums, the average annual growth is 11.3% with a high of 15.8% in 2012. Land values have been more robust, with the average annual growth of 19.5% and a high of 31.6% in 2014.
Slow, but Steady, Growth
Some reasons for the slower growth in this current cycle could be the tighter lending requirements, increased government controls on lending, and a lack of consumer confidence. Given the current climate, there is good news for buyers and sellers.
Whether you are a buyer or a seller, now is a great time to buy or sell. For buyers, lenders are coming out with new programs for first time home buyers and self-employed individuals to help hard-to-qualify buyers get into their first homes. For sellers, the inventory is low and prices are going up, so now is a good time for a transition.