How high is too high?
Ah! The median and the average. Would you believe that I just checked the Maui MLS and the average detached residential single family home asking price on November 25, 2015 was over two million dollars? Don’t get too excited. The median sold price for October 2015 was only $585,000. The average sold price was $757,000. And the median list price on November 25, 2015 was only $1,095,000. So apparently there are still a lot of dreamers out there hoping to get more than they will probably get if they really want to sell. The message is that list price doesn’t equal the final sold price. But still, $2,000,000 is a big number.
More of the big numbers. There are 27 homes on Maui that are selling for more than 5 million dollars. There are 59 homes over 3 million dollars. 98 want more than 2 million. And 199 want more than 1 million. That’s out of 386 Listings.
Fee simple condos are similar. Maui has 695 condo listings for this date. The average list price is $939,000. The average sold price in October was $619,000. The median sold price in October was $393,000. I can remember about ten years ago when the average list price went over $1,000,000 for the first time and everyone got excited. We aren’t even back to that number, but surely will be by the end of the tourist season in April. There are 14 Maui condos available for over 4 million dollars and 181 priced over 1 million dollars.