Updated: September 28, 2022
As the third month this year to set a record for Maui County single-family home median sales price, April marked a new all-time high at more than $1.2 million.
Meanwhile, inventory last month reached a new low and the existing units are selling “fairly quickly,” according to the Realtors Association of Maui report released Wednesday.
Maui County’s median sales price for single-family homes in April rose 27.4% from the previous year to $1,242,500. Prior to the new record, the median high was set in March at $1.18 million. Before that, January marked an all-time high at $1.16 million.
For condominium homes, median sales price records have been broken twice this year, but last month was not one of those times.
The median sales price for condos in April was $815,000, an 18% increase year over year. The all-time high remains at $820,000, which was set in March. Before that, the high was $730,500 set in February.
Median sales price, the point at which half of the sales sold for more and half sold for less in a given month, dates back to 1993 in RAM archives.
While prices continued to skyrocket, inventory for both single-family homes and for condos remained on a downward trend.
For single-family homes, inventory reached a record low at 176 units in April, which was a roughly 25% lower than the same timeframe last year. Prior to April, the record low for inventory was 188 units, set in March.
For condominiums, inventory plummeted 50% year over year to 158 units in April. Before that, the low of 154 units was set in September.
Still, Maui County’s high prices and few choices didn’t stop buyers last month, according to RAM.
“With the average Days on Market to closing at 107 days for single family and 65 days for condominiums, the existing inventory is selling fairly quickly,” the report said. “The current shortage in inventory gives limited choices to existing buyers.”
Days on the market until sale was flat at 107 for single-family homes and decreased nearly 55% year over year to 65 for condos.
New listings fell 25% to 88 for single-family homes and dropped 23% to 148 for condos.
There were 106 single-family home sales, a 21.5% drop from last year, and 176 condo sales, a 33% reduction from last year.
Single-family homes saw 98.8% of list price received, which is comparable to the same timeframe last year, and condos saw 100.4% of list price received, a 2.3% bump year over year.
Maui for the first time in history broke the $1 million threshold in May 2021 and has remained above that mark for many months. All counties but Hawaiʻi County were well above $1 million for single-family home median sales prices last month.
On Maui, the highest medians for single-family homes last month were found in Kapalua, where two homes sold with a median of $6,175,000, Lahaina, where five homes sold with a median of $5,000,000, and Spreckelsville/Pāʻia/Kuau, where three homes sold with a median of $4,895,000.
The lowest medians were on Molokaʻi, where five homes sold with a median of $688,000, and Wailuku, where 23 homes sold with a median of $887,000.
When it comes to volume, Wailuku, Kīhei and Kahului saw the most units move. Kīhei saw 14 units sell with a median of $1,547,500, and Kahului had 12 units sell with a median of $950,000.
For condos, the highest median sales prices were in Wailea/Mākena, where 19 homes sold with a median of $1,795,000, Kā’anapali, where 16 sold for $1,532,500, and Kapalua, where five sold for $1,215,000.
The lowest medians were in Kahului, where four sold for $189,000, Molokaʻi, where nine sold for $219,000, and Wailuku, where seven sold for $585,000.
When it comes to condo sales volume, Kīhei saw the most movement, with 60 selling at a median of $742,500, Nāpili/Kahana/Honokōwai had 32 sell at $740,000 and Wailea/Mākena had 19 sell at $1,795,000.
Coldwell Banker Island Properties principal broker Tom Muldoon in a news release today said that many people expected rising mortgage interest rates to soften the housing market — but a shift in prices or in demand hasn’t happened.
Mortage interest rates are now above 5%, the highest since 2009.
“While housing is more expensive today for those financing – especially first-time homebuyers – demand remains strong in one of the most desirable places to own a property,” he said. “Until the market sees more inventory, expect home prices to remain near current highs.”
Original source: https://mauinow.com/2022/05/05/maui-median-sales-price-breaks-record-at-1-2m-home-inventory-hits-new-low/