The residential real estate market in Maui, Hawaii is showing new signs of development as demand for luxury homes and other high end properties are increasing. Maui real estate professionals are said to record high sales for luxury homes with serious offers and quick escrows.
Since June 2010, about 20 luxury homes were sold with more than $2,500,000 close escrow. Two highest recorded sales for luxury homes were located at Keawakapu Beach at $8,600,000 and $9,650,000 escrows.
In West Maui, the highest luxury homes sales were at $7,000,000 and $7,250,000. Currently, there are about seven additional residential sales that are still imminent, which are worth over $2.5 million.
The figures show an increase in sales compared to last year, an upswing since 2009.
Luxury condominiums in Maui that are worth more than $2.5 million are not sold rapidly compared to luxury homes, but, about ten recorded sales for luxury condos over $2.5 million, and about seven additional pending deals.
The current life in the residential real estate market is said to be because more and more home buyers and investors making a move to acquire luxury properties. The low interest and mortgage rates, as well as motivated home sellers are encouraging buyers to purchase and invest.
Maui residential real estate consumers are seeing the value of the current real estate market, but prices for luxury homes will not remain as it is, stability and confidence in the real estate market will encourage more sales, while interest rates goes up as inventory for available properties is decreasing.