Houses are flying off the market in Maui as mortgage rates fall across the U.S. Year-over-year sales jumped by double digits for single-family homes and condos. Median prices dropped, though.
A Maui News report revealed that year-over-year single-family home sales were up 18.8% for February 2020, according to data from the Realtors Association of Maui. The median sales price dipped by 5.4% to $744,150, which helps boost buyer confidence.
"However, inventory proved challenging for Maui last month as homes and condos fell to their lowest mark in RAM recording history," according to Maui News.
There is a 14% decline in inventory for single-family homes which could even help sellers as buyers may be trapped in a bidding war for any remaining supply.
To learn more about the increase in home sales in Maui, click here.