On New Year 2019 I made a goal to deliver a Monthly Real Estate Update via Wailea Realty Maui Blog. My first post published in January was the Maui Market Update, 2018 Year End Statistics, 2019 Forecast.
The Maui Real Estate Update posts will be uploaded on the second week of each month. That will give Real Estate Association of Maui enough time to gather their data and upload their report. Their website ramaui.com will be my primary source of information for Maui Real Estate statistics. In addition, I will also occasionally share the statistics compiled by escrow companies such as Fidelity National Title, Title Guaranty & Escrow Services and Old Republic Title. The statistic reports will be that of the previous month. A link to Maui Real Estate’s New Listings as well as Wailea Realty’s current listings will always be included in the post to present to you what’s current on Maui Real Estate on the month I am uploading the post.
Now that you know the background story, here is our February 2019 Real Estate Update:
January 2019 Maui Real Estate Statistics
Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.
New Listings decreased 7.7 percent for Single Family homes and 10.8 percent for Condominium homes. Pending Sales decreased 3.7 percent for Single Family homes and 5.1 percent for Condominium homes. Inventory decreased 15.4 percent for Single Family homes and 19.7 percent for Condominium homes.
Median Sales Price increased 3.5 percent to $730,000 for Single Family homes and 4.4 percent to $528,450 for Condominium homes. Days on Market decreased 8.7 percent for Single Family homes and 14.3 percent for Condominium homes. Months Supply of Inventory decreased 8.3 percent for Single Family homes and 21.8 percent for Condominium homes.
While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year – over year percentage increases.
As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.
To see the new listings on Maui with details, click here: Maui Real Estate New Listings
For Wailea Realty listings, click here: Wailea Realty Maui Real Estate Listings
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