Maui condos hit record high $730,500; median for homes at $1.1M
Maui condominium sales spiked to a new record of $730,500 last month — and almost half sold above list price, recent reports show.
Meanwhile, February’s single-family home median sales price of $1.1 million rivaled the historic high of $1.16 million set in January, according to Realtors Association of Maui data published in a Coldwell Banker Island Properties report Wednesday.
Fueled by low inventory, 41% of condos in February were sold above list price. A total of 160 units sold.
Buyers in resort areas of Kīhei, Kapalua and Lahaina should move quickly because days on the market for the areas are below the island median, Coldwell’s report said. Year over year, nearly all market areas saw an increase in condo sales prices by 15% or more.
Maui County’s median for condos reached an all-time high in January 2009, when it hit $805,000, according to RAM archives. However, an anomaly that month impacted the median spike: Scores of Honua Kai luxury condos were sold, Coldwell’s media director Dan Richards told Maui Now.
Last month, 85 single-family homes sold with only 108 new listings. In recent months, market activity shifted from West Maui to Central Maui and the north shore. Sales dipped in South Maui, but prices rose 24% year over year, according to Coldwell’s report.
Maui County single-family median breached the $1 million mark for the first time last May and recorded six months last year at or over that threshold.
Despite rising mortgage interest rates, the local market remains competitive.
Properties are selling faster than ever with a median days on market of only 73 days, as months of remaining inventory dipped to 1.5 months, the Coldwell report said.