When it comes to Hawaii’s real estate marketplace, it sure is a good time to be a seller – especially in the luxury homes department!
To be sure, it’s been a whirlwind month for luxury sales in the Hawaiian real estate market in general – and not just here on Maui, where two homes recently sold for $38 million and a whopping $45 million (which, by the way, set a new record for sales price of a single-family home on the Valley Isle, as we discussed in our previous blog). Recently, the late Paul Allen’s estate on the Big Island sold for $43 million, and a home in the Lankai neighborhood of Oahu sold for $24 million.
Also, in case you were curious: the all-time watermark for a single-family home in the state of Hawaii was set in 2018, when a gorgeous property on Kauai changed hands for a cool $46.1 million in 2018. Not too shabby, if we do say so ourselves.
With the median sales price for Maui homes topping $1.1 million in June – not to mention the median condo price at $635,000 – it’s definitely a seller’s marketplace here on Maui and across the Aloha State, and will likely continue to be for the foreseeable future. The last report released by the REALTORS Association of Maui noted “an increase in sales prices comes with a slight decline in existing home sales nationwide…forcing some buyers to simply wait it out in hopes of more inventory and less competition.” What eye-popping numbers are waiting to be revealed in the July sales report, due to be released any day now? Stay tuned!
Don’t worry though – the benefits of Maui’s ongoing real estate renaissance aren’t limited to the lifestyles of the rich and the famous. If you’ve been curious about what your home might be able to fetch on the open market, check out this handy online tool to obtain a free estimate.
Better yet, why stop there? Do yourself a favor and give the experts at the GM Maui group a call and schedule a free consultation. We’ve helped clients from every neighborhood on Maui to make the most of their real estate transactions, buying or selling – and if you happen to be selling, there’s likely never been a better time! People the world over are lining up for their chance to grab two tickets to paradise, and the returns thus far in 2021 have been spectacular.
We’ve got the knowledge and the know-how to help you make your way through the entire process, whether you’re looking to maximize your returns or attempting to navigate the ultra-competitive sales market. Don’t delay, give us a call today. Aloha, a hui hou, and be well!