When it comes to real estate in West Maui, there are two types of condominium home buyers. Perhaps you fit into the category of someone who has been dreaming of purchasing a condo in somewhere like Lahaina or Kapalua and are finally ready to move the family and/or the dog with you to this tropical paradise. Or, maybe you fall more into the category of a luxury property investment connoisseur, and you see the value in purchasing inventory in one the world’s top travel destinations. Whatever your interest in the real estate market in West Maui may be, we are glad you came to us to see what is happening here and to learn more so you can properly position yourself to find the right condo for sale, for the right price, at exactly the right time. And that is why today we want you to know there has never been a better time than NOW to invest while mortgage rates are low and before prices increase in 2020.
According to market researchers, mortgage rates are expected to remain low for the rest of the year, and that means buyer demand is steadily increasing. As a result, home prices are increasing on the island and that is why we are encouraging you to scroll through some of our listings to see what condos are available in West Maui so you don’t find yourself paying more when you don’t really have to or need to.
A recent year-over-year assessment found condo prices are already increasing in this remote archipelago. In Kaanapali, for instance, there were 17 condos sold during the month of October last year, matching the total number of sales for September of this year. And while the amount of inventory sold did not change, the price certainly did. The median sales price last year in October for 17 homes sold was $540,000. Fast-forward to this year, and in September 2019 the median sales price for the same number of condos purchased in the exact same part of the island jumped to $830,000. That, our loyal blog readers, is an increase of $290,000. Read that number again.
And according to the latest statistics for the realtor’s association on Maui, prices are on the rise for condos and homes for sale on the entire island, with the median sales price increasing by 3 percent overall during October 2019. And that is why we decided to focus this week’s topic on why you should take advantage of the market right now before prices jump yet again. We encourage you to take a moment and ask yourself, what is the benefit of securing a low mortgage rate now before the end of the year hits? What would you have to lose, or, more importantly, what is there to gain by buying now instead of later? How would it make you feel knowing you didn’t pay more for your dream Maui condo? Probably pretty good, right? We hope so.
In life, timing is everything and that is why we strongly encourage you to contact us and let us help you find your little piece of paradise. Thank you for reading our blog and for your interest in being a part of our greater Maui community.